Look no further the your Government.
This is the single reason foreclosure are not happening. Take the property get the bill from the association. Until that time the 80 percent that are paying are having to make up the difference with a Special Assessment or your trash wont be picked up or have insurance that is actually is full replacement value. Let alone reserves, or simple repairs.
Reminds me of a real funny story how a storm destroys your asset and insurance is not enough or community didn't pay it and you now have no home, no assets, your mortgage, you assessment and now a special assessment which is consider debt to you. Game Over. BTW these communities get no FEMA Aid to stick the final nail in their collective eye.
These community are in fact private non-stock corporations where condo, coop townhouse of single family homes. And, they are a company that is broke and they are not going to get a loan from any bank cuz the GOV is bankrupting them by not paying their share while in ownership of property and acts of omission and some times Fraud. Do you think they are giving the correct documents, budgets, and financial statements of these communities that they are unloading now back on home buyers. What's your State's laws say about disclosure?
Read the Article at HuffingtonPost
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