Condo Q&A

Condo association is weighed down with financial burden

Written by stephen polinsky | Fri, Dec 24, 2010 @ 01:44 PM
Florida condo association with 182 units and 59 are in arrears 90 days plus. Our bylaws state any owner 30 days past due voter rights are suspended until such a time as they become current in their payments. We are struggling to maintain the expenses and now have 40 year re-certification violations mandated by the county. Our owners are maxed out with trying to pay of the last special assessment and our bank wants a personal guarantor in order to apply for a condo association loan, which we can not and not be willing to do. Any advise on where to go from here?