Is it possible for a condo development to go bankrupt? I don't understand the situation. I live in an over 55 condo development with a few hundred units. We are getting more and more
assessments because the units are being vacated and not sold. What happens if the owners cannot afford to keep paying the increased fees, etc. because of all the empties, or the
condo association no longer has enough money to pay for water & electric? I honestly mean this next question, even if it sounds silly: what happens if there are only 20 owners left out of 200 and they cannot afford to keep up the payments to carry the development? (Boy am I sorry I fell for the condo hype, should have stayed a renter)