What is the name of your state (only U.S. law)? FL
I am trying to purchase a condo in Florida and I am concern for future of the HOA. Currently in this complex 25% of the units are foreclosed, owned by banks. Including the unit I am wanting purchase. I have a contract, but I'm not sure about going through with it. It seems when these units go into foreclosure, the HOA fees are not paid. Which means this association is now working with 25% less income than a couple of years ago. There has been a slight increase in the monthly fee, but I'm afraid of a greater increase as the market gets worse. With no credit the foreclosed units will not be sold. It doesn't help that this complex was converted in 2004, at the height of the boom. Everyone paid way too much. I guess my question is this. Is there any pending legislation that would make it easier for the HOA's to collect fees from banks?