developer having problem paying bills, hoa dues not enough to cover

Started by CarrieJ • 1 replies • 1753 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

CarrieJ (Idaho)
Posts: 1

Posted:

I live in a neighborhood that is still in development. We have 45 homes with lots of open lots. Our developer is working on a budget, but says we do not have enough money to pay the bills. Several vendors have not been paid and the gas has been turned off at our clubhouse. One vendor has even put a lien on the HOA. Our 2010 dues are due and we are worried that the developer is going under. What do you recommend? I live in Boise, Idaho.

GlenL (Ohio)
Posts: 5,491

Posted:

First off pay your assessment, if you don’t the developer can lien your property and depending on the requirements of Idaho may even be able to foreclose on you. Get your neighbors together and pony up some money to hire an attorney who specializes in real estate law to advise you. You can contact the local Bar Association for a list of attorneys who specialize in what you need.

Studies show that 5 out of 4 people have problems with fractions

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here