That sounds like a bad situation that hopefully can be remedied quickly. You should consult with a real estate attorney on this. It may depend on the HOA bylaws, about how an HOA board can be ousted and a new one put in place. But again, speak with an attorney who can better advise you on this - do so asap. HOA insolvency drives down property values, so it is important to maintain a healthy HOA.
Best of luck,
Keller Williams Realty... more