Question : I think my condo association is going bankrupt! What do I do? Do i foreclose?
My condo association is very close to bankruptcy. I don’t know what to do! If our association does go bankrupt, all of our vendors will drop us. We will not have an attorney, management company, water, electricity, trash pick and so much more. What do you do if the city deems our property “condemned”? I will have to move. Do you know if it’s better to still pay my mortgage even if I’m not living in the condo? Should I do a foreclosure? I really need advice. If anyone could help, I would truly appreciate it. I live in Washington DC.
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Best answer:

Answer by wizjp
A bankruptcy does not mean it will go away; it may just get time to reorg and start over.

I’d take my ccr’s to a lawyer for review. You aren’t living there, but youi’ll have to move if it’s condemmed? Keep paying the mortgage. Your note probably has a condo rider attached that the lawyer can review with you