What is my Liability if HOA goes bankrupt?

[mrgonzo]

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..

 

[You Are Guilty]

...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 )

 

[mrgonzo]

Yes, yes and one million? (That last one is just a guess )

Wow, that sounds terrible! Maybe Ill just rent..

 

[HomeGuru]

OP, one should never buy in a condo project that has a poor financial situation.