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What happens if the HOA goes under in the townhome community where I live?
Tampa, FL
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Posted 9 months ago in Residential
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I pay an HOA the townhome association and also to the a homeowers association because it is part of home community as well. The HOA for the townhome community covers the Insurance for the exterior, water and I'm sure other important things. Will i be forced to move? What will happen to the community? Will the homeower assocaition take over the townhome association? The homeower association covers the pool and other things like that.
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Answers (1)
Barbara Billiot Stage
This attorney is licensed in Florida.
Posted 9 months ago.
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Typically a receiver will be appointed to operate the association and get the affairs in order. This will mean increased assessments because the receiver is compensated for his/her hourly rate. You will not be forced to move, but you may find the assessments are not affordable. If the assessments are not increased a lot, the community may fall into disrepair because the portion of assessments that paid for certain expenses are now being used to pay the receiver.
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