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Old 07-27-2009, 12:22 AM
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What is my Liability if HOA goes bankrupt?

Florida

I am looking at buying a condo, but the place I like has a HOA which is in debt and having emergency meetings to cut services; possibly they will go bankrupt.

I have a contract on a condo there; what would be my liability if the HOA goes bankrupt, could a lean ever be placed on the condo? Could HOA fees skyrocket? What is my overall liability in dollars here?

Thanks so much for ANY HELP..
  #2  
Old 07-27-2009, 10:37 AM
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Originally Posted by mrgonzo View Post
...could a lean ever be placed on the condo? Could HOA fees skyrocket? What is my overall liability in dollars here?
Yes, yes and one million? (That last one is just a guess )
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Old 07-27-2009, 11:31 AM
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Originally Posted by You Are Guilty View Post
Yes, yes and one million? (That last one is just a guess )
Wow, that sounds terrible! Maybe Ill just rent..
  #4  
Old 07-27-2009, 06:05 PM
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OP, one should never buy in a condo project that has a poor financial situation.
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