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Condo Association Rental?
My Condo association. is telling me i cant rent my condo cause they are over the allowed 20% I paid 175k for my condo and its only worth 125k now so i cant sell it. i applied for a hardship exception due to financial problems. if i am not able to rent i will lose my condo to forclosure. Can i sue the association?? And how can they tell me legally i cant rent my own condo? i also believe they already are at 24% rentals. So they have approved other people over the 20%. Are they able to pick and chose who they approve?
2 Answers
- loanmasteroneLv 71 decade agoFavorite Answer
Your association really have nothing to do with the rental percentage of condos that may be rented in a condo or town home complex.
Housing of Urban Development (HUD) established this percentage so as to have more owners in the complex than renters.
If the complex exceed the percentage allowed for rentals then this complex may not get a mortgage loan for purchases or refinance for those the would want to refinance their condos.
When you purchased your condo this percentage was listed in your CCR's and or by-laws that all HOA have.
Most associations place you on a waiting list as for who might rent their condo next. You might inquire as to how many owners are on the waiting list.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
- estielmoLv 71 decade ago
If they are following the condo rules you can't sue them successfully. Why don't you campaign to change the rules?
