That is not good. Anytime a purchaser makes a deal on a condo, the purchaser's attorney is going to want to see the financial statements and as soon as they do they will know that the building is in arrears. Your condo association needs to address this issue. The condo needs to start a legal action against the members who are not paying.
If this condo was built and sold between 2006 and 2008 the owners may have negative equity. This means the condos are not worth the balance that is still owed on their mortgage. This takes away a persons incentive to want to continue to pay their mortgage and/or common charges.
In the end the condo is going to have to figure out some way to get out of the mess that it is in. If you want contact me direct and we can share more thoughts on this. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Kathryn Lilly, Broker
Realty on the Greene, LLC