Yes, however if you have lost your source of income and have no savings or other assets to rely upon, you will need to contact your board and notify them of your situation, intent, and discuss a deferred payment plan. With diminished funds, the Association may be forced to discontinue essential services, such as janitorial, waste disposal, security, etc. Besides inconvenience, this would ultimately result in a negative impact on the value of your investment. It’s critical for those who are able to pay their HOA fees to do so, which will greatly increase the likelihood of surviving the current situation without substantial deterioration to the quality of life or the financial stability of the community.
The association can eventually retrieve the deferred assessments – from those owners returning to work, via special assessments, or if necessary, via liens / foreclosure. Boards are required by statutes to pursue the interests of the entire community, which, unfortunately means they sometimes must force the sale of a unit to collect the monies owed. Bottom line: Not paying your assessments without a payment plan in place rarely works out well for the unit owner.