Friday, 8 February 2013

Are there any defaulting owners in your homeowners association?

SPAIN It is a constant problem with urbanizations all over the country. It applies, too, to buildings in large cities as well as on the coasts, and even to smaller communal entities in remote villages. In Spanish, they are morosos (‘doubtful debtor’ in one dictionary, but you get the drift); in English, they have defaulted on their homeowners association payments. And it is one of the most difficult debts to recover. To make matters worse, a convergence of circumstances, including fluctuating exchange rates, the financial crisis and so many properties in legal limbo, means that the association payments that makes things run often present red numbers that cause considerable concern. Not to mention anger from those who do pay. But there are ways to recover the debt, although to do so can be expensive and take quite a lot of time. A debate about its viability will probably be in order at the next meeting. (A fuller article on this subject, and a step-by-step guide, will soon be available on

No comments: