---
title: Condo association is financially decimated.  Owner in peril.
description: Approximately 35 condo units out of 192 are empty where owners have walked away. We currently have a 40 percent delinquency rate for paying condo fees and lost our FHA status 7 years ago.
---

[Condo Q&A ](https://www.condoassociation.com/blog)

# [Condo association is financially decimated. Owner in peril.](https://www.condoassociation.com/blog/condo-association-is-financially-decimated.-owner-in-peril)

 Written by [CondoAssociation.com](https://www.condoassociation.com/blog/author/condoassociationcom) | Mon, Jun 15, 2015 @ 11:53 AM

Approximately 35 condo units out of 192 are empty where owners have walked away. We currently have a 40 percent delinquency rate for paying condo fees and lost our FHA status 7 years ago. Our insurance was dropped at the end of last year and new insurance cost the association all most double old rate. A reserve study was completed 6 years ago and nothing has been done, in fact I moved in 8 years ago and no capital work has been done (development is 25 years old). I am currently upside down about $70,000 dollars. The board is clueless and the homeowners even more so...What options do I have besides chapter 7 and running as fast as I can?  New Jersey.

[View full post](https://www.condoassociation.com/blog/condo-association-is-financially-decimated.-owner-in-peril)

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