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Condo association in a financial hole. Should I abandon ship?

| Budgets & Finance |   Fees, Foreclosures, Delinquencies & Collections |  


Question:

I have a condo in Brunswick GA. The property management company says that 16% of the condos are not paying their condo fees and therefore it is impossible to sell my unit because the banks will not lend anyone to purchase a condo in this complex of 48 units.

The HOA's fees went up 17% this year. We are paying a large amount of money for condo association insurance. I am considering the possibility of abandoning the property since it has been empty for almost one year. Any help with this matter?


Answers (4)

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