Question:
OUR COMMUNITY MIGHT BE POSSIBLY GO BANKRUPT AND/OR RECEIVERSHIP. WITH THIS BEING SAID OUR CURRENT MANAGEMENT COMPANY HAS GIVEN US NOTICE THEY WILL NO LONGER MANAGE OUR PROPERTY. WHAT AS A COMMUNITY CAN WE DO?
CAN WE GOVERN OURSELVES?
WOULD ANOTHER MANAGEMENT COMPANY CONSIDER OUR PROPERTY?
THANK YOU IN ADVANCE
– Yvette
Answer:
Hi Yvette,
You may try contacting other management companies to ask if they will accept. But, keep in mind that hiring another property management company may increase your financial burden. Self-governance is also an option. Here is a helpful resource for more information on how to deal with HOA bankruptcy: https://clarksimsonmiller.com/
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
