 Condo Homeowner Assn Bankruptcy
I have lived in my condominium now for 18 years in the State of California. We are now being informed that the Homeowners Assn is facing bankruptcy and they want to eliminate Earthquake insurance in order to eliminate the expense and are planning to use the money not put out for insurance to put into the now failing reserve.
What happens to homeowners when a HOA goes bankrupt and what impact does this have on the property values and ability to sell your home. The place has so many repairs that need to be done that the money extracted from the earthquake insurance will never add up to the millions that are needed for the repairs.
The president of the HOA has been paying himself to do contractor work here and has done cheap work which all is needing replacement in less than 5 years.
I would appreciate any help from any of you who have knowledge in this area. Should I sue if my life investment turns in to a puddle of nothing.
vcmenagerie |