ElissaJ (Illinois)
Posts: 1
Posts: 1
Posted:
After 9/11, when the mortgage interest rates dropped dramatically, I decided to buy into this 4-unit condo building. I am the condo president - the only person on the board. I have been president for the entire 12 years I have lived here. No one else will serve on the board.
One owner is an investor who lives in Milwaukee; I have never seen him, but have spoken to him on the phone a few times. He pays the assessment, and rents the unit to his relatives. The next owners, a husband and wife in their 60’s, only speak Chinese. I have to speak to their grown daughter, who does not live here. The bank-owned third unit has tenants who are squatting until they are evicted by the bank, as it has just been foreclosed upon. This foreclosure took three years to be finalized (in 11/2013).
We have not been meeting 4x per year as per the bylaws, since I am the only one on the board. The grown daughter of the Chinese owners must always be present to interpret for her mother. The mother gets angry and screams about not wanting to pay assessments. The father does not participate at all. Notices sent out are generally ignored.
Due to plumbing issues, painting and legal fees that were not recouped after settlements with the owners, we have a grand total of $3,000 right now. Luckily, we had a small fire from an owner’s dryer in the basement in 2008, and received an insurance payment. I looked online and bought a pressure washer, had the restoration work done by a handyman and we saved a lot of money. That’s the only reason we have any savings at all.
For 2014, I had no choice but to raise the assessment from $170 to $250 per month, to cover the possibility of legal expenses, repeated snow removals and long-neglected repairs. No one showed up for the meeting, but they received the proposed and adopted budget. I am certain that the Chinese owners will not pay it(they have said so in the past) and I will have to file suit. The bank has been paying the previous rate and probably the new one, but I don’t know if the Milwaukee owner will pay the new rate.
The building needs new $9K for new vinyl siding; ¼ of the rear of the building does not have any siding on it at all. Apparently, one of three owners would not pay, so only ¾ was done. A new roof will be needed ($14,000+) in the next few years.
At this point, I am the only one paying a full mortgage and full assessment, and doing all of the work to run the building. I have gotten tired and extremely depressed about this situation, but would either have to rent out my unit or try a short sale, as I am underwater by about $30K, maybe more. Recently, I contacted a short sale expert and he said that if I stopped paying the mortgage, it would increase my chances of it going through. Yet, my credit rating is superb and I want to keep it that way.
Any suggestions on:
1. Raising money for major repairs,
2. Getting someone else to help out,
3. Trying to get out of here,
4. Advice in general.
One owner is an investor who lives in Milwaukee; I have never seen him, but have spoken to him on the phone a few times. He pays the assessment, and rents the unit to his relatives. The next owners, a husband and wife in their 60’s, only speak Chinese. I have to speak to their grown daughter, who does not live here. The bank-owned third unit has tenants who are squatting until they are evicted by the bank, as it has just been foreclosed upon. This foreclosure took three years to be finalized (in 11/2013).
We have not been meeting 4x per year as per the bylaws, since I am the only one on the board. The grown daughter of the Chinese owners must always be present to interpret for her mother. The mother gets angry and screams about not wanting to pay assessments. The father does not participate at all. Notices sent out are generally ignored.
Due to plumbing issues, painting and legal fees that were not recouped after settlements with the owners, we have a grand total of $3,000 right now. Luckily, we had a small fire from an owner’s dryer in the basement in 2008, and received an insurance payment. I looked online and bought a pressure washer, had the restoration work done by a handyman and we saved a lot of money. That’s the only reason we have any savings at all.
For 2014, I had no choice but to raise the assessment from $170 to $250 per month, to cover the possibility of legal expenses, repeated snow removals and long-neglected repairs. No one showed up for the meeting, but they received the proposed and adopted budget. I am certain that the Chinese owners will not pay it(they have said so in the past) and I will have to file suit. The bank has been paying the previous rate and probably the new one, but I don’t know if the Milwaukee owner will pay the new rate.
The building needs new $9K for new vinyl siding; ¼ of the rear of the building does not have any siding on it at all. Apparently, one of three owners would not pay, so only ¾ was done. A new roof will be needed ($14,000+) in the next few years.
At this point, I am the only one paying a full mortgage and full assessment, and doing all of the work to run the building. I have gotten tired and extremely depressed about this situation, but would either have to rent out my unit or try a short sale, as I am underwater by about $30K, maybe more. Recently, I contacted a short sale expert and he said that if I stopped paying the mortgage, it would increase my chances of it going through. Yet, my credit rating is superb and I want to keep it that way.
Any suggestions on:
1. Raising money for major repairs,
2. Getting someone else to help out,
3. Trying to get out of here,
4. Advice in general.
