Community associations get some financial relief

Among the flurry of bills passed in the waning days of the General Assembly's session was one long hoped-for by community associations across the state to help deal with the foreclosure crisis. The new law will give the homeowner and condominium associations four months' worth of dues up to $1,200 over a bank's lien in the ...

One comment

  1. Great. So the mortgage lender winds up subsidizing the homeowner associations.

    Another misguided law in Maryland that will mean higher interest rates for anyone seeking to buy a condominium or home subject to a homeowner’s association. And since a good portion of these people are first-time home buyers, it will discourage them from buying, further depressing a market that is desperate for more buyers.

    Here is an easy prediction: sales of condos will plummet even further, further depressing prices, wiping out any equity that owners thought they had, and causing more defaults, more vacancies, higher condo association fees and higher interest rates all around.

    Great work, General Assembly.

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