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The New York Observer

Stat of The Day: More Condo Owners Fall Behind on Common Charges

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April 3, 2008 | 1:20 p.m

The Real Deal reports that more New York condo owners are falling behind on paying their buildings' common charges:

Bruce Cholst, a partner at Rosen & Livingston who specializes in co-op and condo law, said he has seen an increase in the volume and frequency of warning letters sent to condo owners for fee delinquency over the past six months. He said many of those owners heed the warnings, but end up back in arrears a couple months later.

Others interviewed said some condos are asking for common charges several months in advance as delinquent owners refinance. They also warned that more condo owners could fall behind as adjustable-rate mortgages reset to higher rates.
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