Condo Owner's Liability Developer forecloses w/ no Assoc.

[Gayle60]

What is the name of your state (only U.S. law)? MA

A MA Condo Developer is in foreclosure the complex is unfinished and he resigned as sole trustee of the association? What are our liabilities if we take over the association and are we required by law to do so? The complex was built in 2005 when the first of only 7 units were sold.(out of potentially 22 only 9 were finished) The 7 unit owners are over 55 (4 are elderly women 70-80's)?

 

[HomeGuru]

What is the name of your state (only U.S. law)? MA

A MA Condo Developer is in foreclosure the complex is unfinished and he resigned as sole trustee of the association? What are our liabilities if we take over the association and are we required by law to do so? The complex was built in 2005 when the first of only 7 units were sold.(out of potentially 22 only 9 were finished) The 7 unit owners are over 55 (4 are elderly women 70-80's)?

**A: this is a complex issue which would need to be discussed with your own legal counsel. The 7 unit owners need to band together and hire a real estate attorney. Be prepared for a long road ahead.