Desperate for help with condo! Please help!

**bhalf31** · 05-24-2010, 04:50 AM

Hello,

I am desperately in need of help! My boyfriend and I purchased a condo three years ago. At the time, the condo fees were $200 a month which was reasonable. Since then they have sky rocketed to almost $400 a month! The association is very clearly corrupt, as the president owns more than half the units in the complex. No work ever gets done on the units and upon asking to see the books, he refuses to return my calls. I also have a whole in my bathroom ceiling from a leaky bathtub in the unit above mine and the president of the condo association is the owner of this unit! We had pretty much given up on the situation and were lookiing to sell when we found out that another unit was also in the process of selling. They have had a few potential buyers but when trying to take out a mortgage were denied because the condo fees are more expensive than the monthly mortgage payments! What are our options? Would we need to do a short sale? We have never had a missed or late mortgage payment and we don't want to kill our credit. What do we do?!?

Thank you,

Brittany

**Hollywood Landlord** · 05-24-2010, 05:31 PM

You need to get hold of the Condo Asso by-laws and if necessary, sue him to see the books. It is perfectly within your rights to see them.

And you may have to pay the full amount of the asso fees until you sell the condo.

**Greg** · 05-25-2010, 09:49 AM

Originally Posted by bhalf31

We had pretty much given up on the situation and were lookiing to sell when we found out that another unit was also in the process of selling. They have had a few potential buyers but when trying to take out a mortgage were denied because the condo fees are more expensive than the monthly mortgage payments!

There is always more to a story than what you hear. I doubt the bank turned down the buyer because of the amount of the HOA fee. Most likely the loan was turned down because the potential buyer could not afford the loan and the HOA fees together.

Interview agents and put your condo up for sale and find a buyer who can afford to own your condo..