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I really need some help. Our developer left town and the legal battle has begun as he said units were sold as is and we are challenging. (apparently he left the country had no money and is hiding behind many shell companies). We have a great HOA board and a great team of lawyer.
The major problem is we now have 3 million dollars worth of bills. Experts have told use we have "catastrophic" water damage in common area and the homeowners are OBLIGATED to fix and pay for this. My question is there is no way a lot of people can afford this special assessment. It works out to 30K per homeowner, which is insane. Even if we could get an HOA loan to fix the property what happens if half of us pay and the other half do not? Also what if repairs stop half way through because of this?
It sounds like we need it but honestly what if people can pay this and we can't do the work. I just got stuck paying a mortgage where my condo is worth nothing. Plus I was told that I absolutely have to tell our mortgage company about this. I have awesome credit no credit card debt and pay bills on time. How will this impact my credit? I feel so powerless. Even if this is the worst situation to be in is there a way I can protect myself or put myself in a good position to weather this storm.
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