I live in a condo complex, and many of the units have to be completely gutted due to flooding. My association has levied a special assessment because of this. But it is roughly $1,000/month for the next 10 years. This would be on top of the HOA fees we already pay for maintenance and upkeep.
To be blunt, I can't afford that. Nether can many other owners, so they have gathered together to hire a lawyer. I don't know much about this, because I only know it at all is because a flyer was wedged in my door. They also are petitioning to fire the entire HOA board.
I don't know what I should do. I have some money saved up (it was going to be the lion's share of my retirement). But realistically I don't know where I would go. I just bought here about 2 years ago and have only paid off about 25% of my original loan (my original down payment + monthly payments). Mortgage rates and even the base price for housing has skyrocketed in the past few years.
Or should I hunker here and use the money I was saving to pay off part of my loan? That would make the monthly payments possibly workable (although it would still be insanely high). And just ride out the storm, so to speak.
What are my options? I've been thinking about the board...even if we do band together and fire them, what would that accomplish? Money is still needed to fix the units. Is the idea to get a lawyer reasonable? Part of the flyer also said they needed help with legal fees.
IDK what to do. I had thought my life was looking up--I am low income and the reason I bought in the first place is because I couldn't afford to rent anymore--but now I feel like I'm going to be worse off than before.
Has anyone been in a situation like this? What did you do?
Submitted September 10, 2023 at 12:48AM by throwaway_Nickshouse https://ift.tt/81pcvMJ
