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Can condo association get loan without putting lien on owner's units?

Our condo board is trying to require a loan to make major repairs in our building, but I am afraid that the bank will put a lien on all the co-owners property. Can they get a loan with putting a lien on all the co-owners' unit until the loan is paid? I am very worried because my property is free and clear from debt!

Problem with condo association loan documents?

Condo trustee signed a document stating that 75% of the membership voted to allow a loan to be sought by the trustees. It clearly states that: "Pursuant to the terms of the Trust AND after a vote of approval of at least seventy-five (75%) percent in interest of the Unit Owners of the Condominium, the undersigned Trustees are authorized and empowered 
to execute a note in the principal amount of Collateral 
Assignment of Condominium Fees and Assessments, Security 
Agreement, UCC Financing Statement to (?) bank, as well as any other documents required to obtain the loan."  We are now being told by the Trustees that was a "TYPO" error and they have contacted the bank to correct the "TYPO." Obviously, we are all suspicious of what they are stating. Please advise how we legally proceed.

Does HOA loan effect condo owner's financials?

What happens if a 10 year HOA loan is taken out by an association and is allocated to all its unit owners, and one of owners sells his/her unit?  Does that loan have to get paid off at settlement or does the purchaser of that unit have to undertake the balance of that loan?

Incidentally, I've just calculated that with a 10-year loan at 6.25 %, it costs 2.8 times as much as raising monthly assessments to accumulate money in reserves to pay for large expenditures!

HOA loan balance does not show up on financial statements

Our BOD has three new members with two of us being in accounting, yet we can’t figure out why a loan balance shows up on the financials from the management company but is nowhere on the reviewed financials that are reviewed by our accountant each year. Shouldn’t this liability be showing on reviewed statements too? We are only now being exposed to fund accounting – but it seems odd.


Can condo association or HOA loan be paid off early?

Our association recently obtained a loan from a bank to perform roofing needs to all units in the Association. If a member wishes to pay in full, their part of the loan, will they be exempt from any future default of that loan by the rest of the members in the association? Who would provide that authorization if it is acceptable?

Condo association did not disclose $300K loan to new owner

I recently moved into a condo association which did not disclose on its financials a loan of over $300,000. We are not a large association and it was frightening to discover that I was responsible for this 10 year debt payment. On top of that the monthly dues were increased for the year and this was also not disclosed to me. I was wondering if anyone could comment on whether or not this is fraudulent on the part of the management company we are paying money to for financials, etc. I am shocked they can get away with this. Should I call a state agency ?

Is an HOA required to keep a fidelity bond for loan?

I am trying to help someone buy a condominium unit in Texas and the lender is stating they need proof of Fidelity Bond insurance to be able to fund the transaction. The HOA is stating they do not have the fidelity bond insurance and will not purchase the insurance but do have a master insurance policy. I have spoke to several lenders and it seems they all require this insurance. Is the HOA required to keep the fidelity bond insurance? Also, the condominium has more than 20 units and built in 1983. Thank you for your help with any advice you can give.

Can HOA community get a loan for vinyl siding?

We have a small condo community (25 units, 5 buildings). These units were built in the mid 1970's, all with exterior wood construction.


Should VA HOA consider a loan to make repairs?

The board of my condo association is saying they don't have enough funds to make the necessary repairs across the neighborhood.

This is growing into a long list of repairs. They said they had some legal issues in the past years ,and bad debts they are dealing with.


Florida owners stop board from taking out an HOA loan

Our condo board wants to take a ten year loan for improvements.


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