What usually happens
Unpaid assessments typically lead to late fees and interest, then a lien on your home. In many states the association can eventually foreclose on that lien. Collection costs and legal fees can be added to what you owe.
What to do before the due date
Ask the board in writing for a payment plan. Many boards agree, because collections are slow and expensive for them too. Get the terms on paper, including any interest and fees.
Compare borrowing options. A home equity loan or line of credit usually costs less per month than a personal loan. Our checker shows the monthly cost of each on your amount.
Check your own insurance for loss-assessment coverage if the assessment is for damage.
If you're thinking of selling
Buyers will usually ask you to pay or credit the assessment. In some buildings, lenders won't lend until big repairs are funded, which can shrink your pool of buyers. Talk to a local agent early.
General information, not legal advice. Rules vary by state and by your governing documents.