homeowners association bankruptcy
Homeowner’s Association not allowing me to rent my Condo?
I own a condo in City. few months back i had to move out of city bcoz of my new job and i purchased a new home there.Since the market was very hot during summer months and bcoz of the location of my condo i thought it would sell easily. But its 4th month and i have no luck. Now i have to pay mortgages of both the homes.
Seeing this problem i contacted the HOME OWNER’S association if i can rent my condo to someone else. They said that it is strictly prohibited to rent the condos. Now i feel so helpless. I literally begged them and explained them my situation but it was of no use. they said its against their rules to rent.
Now apart from foreclosure or bankruptcy i see no other option thanks to the great HOA rules. . Everywhere there are foreclosures and people are suffering. i wished they cud help me by allowing to rent the condo and prevent a foreclosure.
Did such thing happened to any of you or do you think i can take a legal course (court,etc) against this action?
I don’t know where you live, but I live in Calif. and own a condo. I also own another condo in the same complex that I use as a rental. When you purchased the condo you should have been given a copy of the rules (CC&R’s). Check to be sure you are not allowed to rent it out. If it specifically states you cannot, then you are stuck. Depending on how much equity you have, you may be able to short sell it to avoid bankruptcy. Talk to your agent or lender about this.
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Special Issues for Condominium and Homeowners Associations Arizona Common interest communities, such as planned communities, condominiums, and urban developments, continue to proliferate. As they do, professionals involved in the development, management and financing of these communities must have a working understanding of special issues pertaining to homeowners’ associations to properly advise their colleagues and clients. This manual will examine key provision… |
