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Payback loan interest

Joyce Kovich

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Good morning:

I live in a condo complex which was renovated in 2003. We were given the option of paying the assessment up front or becoming part of a loan. I paid my share up front and did not sign onto any loan agreement which about 60% did. Now we are being told that there is a shortage of over one hundred thousand dollars on the loan interest and the Board of Directors have sent out notice that we would all be assessed for these outstanding monies. What I want to know is can they hold you responsible for paying a loan that you did not sign up for - in other words, I feel that since I pain my assessment up front in 2003 I cannot understand how they can assess me again for this interest.

Thanks a lot


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