---
title: Condo associations and debt burden
description: A condo association is in a lot of debt. This is concerning.  Do most association carry much debt burden?
image: https://www.condoassociation.com/hs-fs/file-13172781-jpg/images/hoa_loan-resized-600.jpg
---

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# Condo associations and debt burden

| [Budgets & Finance](https://www.condoassociation.com/blog/topic/budgets-finance) |  

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## What do you think? Question:

****I was in the process of closing on a condo in Florida. Two days before the cl![hoa loan](https://www.condoassociation.com/hs-fs/file-13172781-jpg/images/hoa_loan-resized-600.jpg?width=138&height=147&name=hoa_loan-resized-600.jpg)osing we found out that there was 7 [liens](http://en.wikipedia.org/wiki/Lien) against the condo for a roofing job that was done 3 years ago. The job was $2.2 million and they have a balance of $206,000. The only way for the liens to be removed would be from the contractor. The only thing is that come June a reassessment is going to be done and the balance owed would be spread out again among the 115 condo owners that are there. They have an overdue balance for HOA fees for $126,000 and over due roof job of $208,000. The condo association will not sign a SFA form stating the association does not have the money to cover this amount. Is this normal for a condo association to be like this? (in this much debt).

Learn about [HOA loans ](https://www.condoassociation.com/condo-association-loans/tabid/81563/Default.aspx)

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## What do you think? Answers (9)

#### What are your thoughts on this topic?

***Comments and postings are not legal advice**, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other. *  
  

## Related Posts

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### [What is the statute of limitations on condo unit debt in Florida?](https://www.condoassociation.com/blog/tabid/19257/bid/109005/What-is-the-statute-of-limitations-on-condo-unit-debt-in-Florida.aspx)

### [Definition of a Condo Association or Homeowner Association (Video)](https://www.condoassociation.com/blog/tabid/19257/bid/8247/Definition-of-a-Condo-Association-or-Homeowner-Association-Video.aspx)

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