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COVID presents extraordinary financial challenges to condo associations (FL)

Q:  I live in a condominium for older persons. In March 2020, the board of directors for our condominium association approved the replacement of all wood fences in 2020. Currently there are not enough funds in our reserves to cover the replacement costs, so the board is assessing each unit nearly a thousand dollars.  The first payment was due April 15, the 2nd payment is due June 15 and the final payment is due Aug. 15.    Read the Q&A…………………………….

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Rates posted assumes 25% down payment, and an ARM rate first mortgage on a Florida condotel, primary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions
 
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