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HOA Software
By CondoAssociation.com • December 31, 2021

Should we pay off the mortgage the developer holds on our clubhouse?

The developer of our community has a mortgage on the community clubhouse. It's a 30 year mortgage with 15 years left. The board is considering the possibility of passing a special assessment to all homeowners in order to pay off the mortgage over 2 years instead of 15. Any suggestions on whether this is a wise business move for the board to make?

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.
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