homeowner associations: Follow up: What happens when your Condo Association or HOA goes Bankrupt.
- 12/17/08 01:31 AM
Sadly I fear that I was right. The stories are just beginning. Many Condo Associations are teetering on Bankrupcy and the same is for many HOA's. The following article was published in the local news Paper. Foreclosures burden owners at Coral Lakes Home and condo owners at the Cape Coral gated community Coral Lakes may have to pay $650 by year's end to offset expenses the association owes because of the number of foreclosed homes.A meeting to decide if homeowners would have to pay the assessment ended without a decision Tuesday when the head of the association's board declared the meeting … (3 comments)
homeowner associations: Follow up: What happens when your Condo Association or HOA goes Bankrupt.
- 12/17/08 01:06 AM
Sadly I fear that I was right. The stories are just beginning. Many Condo Associations are teetering on Bankrupcy and the same is for many HOA's. The following article was published in the local news Paper. Foreclosures burden owners at Coral Lakes Home and condo owners at the Cape Coral gated community Coral Lakes may have to pay $650 by year's end to offset expenses the association owes because of the number of foreclosed homes.A meeting to decide if homeowners would have to pay the assessment ended without a decision Tuesday when the head of the association's board declared the meeting … (3 comments)
homeowner associations: What will happen if your condo association goes bankrupt?
- 09/25/08 03:05 AM
What is going to happen to the values of condominiums when the homeowners association goes bankrupt? We hear about foreclosures, but those are just the tip of the iceberg. As developers begin to walk away from unfinished communities, or refuse to continue to contribute to the HOA many condo owners are going to be facing enormous costs to continue to maintain their common elements. Is your appraiser examining the condominium budgets or doing the research necessary to determine if there is any pending or ongoing litigation? Make sure your buyers are getting a sound investment and look carefully at not only … (3 comments)
Sadly I fear that I was right. The stories are just beginning. Many Condo Associations are teetering on Bankrupcy and the same is for many HOA's. 
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