Quick Answers
Common questions answered instantly
9 answers found in financial
When are HOA assessments due?
Monthly assessments are due on the 1st of each month. Accounts become past due after 1 day and delinquent after 15 days.
What are the late fees for missed payments?
Late fees escalate: $50 (1 month past due), $150 (2 months), $250 (3+ months). Interest of 8% annually begins 15 days after due date.
Can I set up a payment plan?
Yes, the HOA must offer payment plans with a minimum term of 18 months before proceeding with collections. Contact the property manager to arrange.
What is the interest rate on late assessments?
Interest accrues at 8% annually on delinquent amounts starting 15 days after the due date. This is the maximum allowed under Colorado law.
Can the HOA foreclose on my unit?
The HOA can file liens for unpaid assessments but must offer an 18-month payment plan before foreclosure. Colorado HB25-1043 provides additional homeowner protections.
When does the HOA file a lien?
The HOA may file a lien after 90 days of delinquency. Liens include unpaid assessments, late fees, interest, and collection costs. The lien can affect your ability to sell or refinance.
What are special assessments?
Special assessments are additional charges for major repairs or improvements not covered by regular assessments. They require board approval and owner notice. Payment plans may be available.
How is the HOA budget determined?
The Board prepares an annual budget including operating expenses, reserves, and insurance. Owners receive notice before the fiscal year and can attend budget meetings.
When is my account referred to an attorney?
Accounts may be referred to collections after 90 days of delinquency. However, you must first be offered an 18-month payment plan under Colorado law. Attorney fees become your responsibility once referred.