FL Condo Mess - Options?

[NPAFL]

What is the name of your state? FL

So back in December 05 I bought a condo in FL for $125k.
I still own $100k on it. The local property tax assessor’s office says it’s worth $99K.

This was a condo conversion from apartments. Currently 80% of owners are not living in the units (all speculators like me) however; unlike me 75% of the unit owners (112 total units) are NOT paying their COA dues. The association is near bankrupt; (only bringing in 10k per month with 30k bills per month) we were hit with a one time $1000 special assessment to pay vendors but only about 10 people paid. (I was one).

We were just informed via mail that the association has lost its master insurance policy which makes it impossible to sell as the banks will not close in an association that does not have insurance. The insurance for the COA is $60k. The current board on the association will not assess the unit owners for the insurance because they say nobody would pay, and those that would are foolish to do so as the association is so far behind they will never make it up. Monthly services such as the pool service, lawn care, etc. have all stopped. Soon it’s going to start looking really bad.

I am current on the mortgage and there are no other liens. I continue to pay the COA monthly fees which at this point are manageable but not going to help much since the COA is so in debt.

At this point, I just want out, as most people probably do. However FL is a deficiency judgment state and I don’t want to be sued for the balance of a sale. I am married, however the condo loan is only in my name as is the title. However, our current home is in both our names so I’m afraid that if the bank wants to come after me personally my primary home would be a target

I want to approach the bank, as that is the responsible thing to do, but I have a feeling that they won’t even listen until I start missing my mortgage payments.

I don’t rent the unit, my sister is living there now and she is our nanny so it works out as a great trade for services, but she is moving out of state in a couple of months. I don’t really want to hold onto this turkey of an investment by getting a renter, and I couldn’t rent it for anything near what we pay monthly on it, plus I don’t really want to be a landlord, and given that the condo association does not have insurance a tenant would appear to be a big liability.

Sorry this got a little winded but its kind of a complex issue, and as I’ll admit in hindsight it was a misguided investment on my part, but up to this time I have been doing everything required and I’m still getting hammered.

Thoughts?

[HuAi]

Step 1) Get on the condo board
Step 2) Use whatever available funds to hire a lawyer to file liens on the apts which dont pay their bill
Step 3) Forced sale of apts or they pay up.

[NPAFL]

Thanks for the ideas...I really dont want to be on this board...there was a time i perhaps would have entertained that, but I have no ambition to be the capt. of this sinking ship.

as to the liens, the currunt COA has been doing just that, they have 60 liens on the non-paying units, and guess what, they still are not paying. Not sure what else we can do...the process just takes so long.

The COA has 0$ basically, they are in hole about $270K and every month fall bout $20k more...

big key items are no master insurance policy which will cost $60k in FL, and $30k water bill to the city. If the city shuts off the water they will condem the entire complex, basically bankrupting 112 units.

sounds like a board you want to be on?

[HuAi]

Skip straight to step 3 then!