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If the complex is unable to pay its bills, including utility bills, insurance bills and so forth, the complex is in danger of becoming uninhabitable.
Depending on the style of bankruptcy proceeding and the chapter under which its filed, current owners may be assessed the funds required to stabilize the community financially.
Read your governing documents to determine owners' financial liability to the association and its ongoing operation. (Usually this is accomplished with monthly assessments, and when assessments aren't paid or collected, there is a danger that the association can become bankrupt.)
What else can I help you with?
What happens to the government if a company goes bankrupt?
Nothing.
New Condo Owners?
You finally purchased the condo you have always dreamed of. Now it's time to insure your possession. When purchasing condo insurance it's important to know you are going to need two kinds of insurance. Your homeowners insurance covers your new home and a master policy covers the common areas in the condo. The master policy is provided by the condo association. As stated above it covers the common areas in the complex such as the roof, basement and sidewalks. Make sure you read the fine print in this policy, as you don't want to be surprised if something happens. Ask your agent if your insurance coverage will protect you when and if something happens in one of the common areas.
What happens to your properties if you go bankrupt in Monopoly?
If you go bankrupt in Monopoly, all of your properties and assets are returned to the bank and you are out of the game.
What happens to a player's properties if they go bankrupt in Monopoly?
When a player goes bankrupt in Monopoly, all of their properties and assets are returned to the bank.
Can you have a reverse mortgage on a condo?
Yes, you can have a reverse mortgage on a condo. However, the condo must be approved by the Federal Housing Administration (FHA) for reverse mortgages. The condo complex must meet certain eligibility criteria set by the FHA.
What is a garden condo?
Usually a condominium complex with a garden, or a condominium unit with a garden dedicated to the unit.
What happens if your city goes bankrupt?
It can not pay its employees or pay for its services.
What happens to my cargo on a vessel whose company has gone bankrupt?
It should not be effected in any way. It is not part of the bankrupt assets. It is a bailor/bailee relationship.
What happens to your mortgage if your condo is condemned in California?
You can find the answer you want by asking the mortgage holder.
What is the difference between an apartment complex and a condo?
A condo is owned privately even if it is being rented the owner is renting it. Apartments are owned by businesses and are considered a business. They rent the apartment out to multiple people and that is how they do business.
What is the difference between condo and vetro tower?
The difference is that a condo is a building or complex of buildings containing a number of individually owned apartments or houses. A vetro tower is a type of loft, and some lofts are not condos.
Where is Lunas house in mega man?
Her house is the fancy condo complex. You have to get a bit far into the game to go inside.
