I recommend you be in contact with your HOA and see what they recommend and see if by chance they would take less, probably not but it is worth a try in my opinion. I have heard of a couple of horror stories of a similar situation to yours and the HOA basically foreclosed on the unit. You don't want to be in a situation of being able to sell your condo and then later have the HOA override it and demand payment. The other possibility to see is if your bank is willing to pay the HOA, some may, some will not.
Communication is the key to all of this, it is difficult to deal with but you will be better off in the long run. If you are working with an agent see if they will help make some of the calls.
Wish you the best
Steve R Halvorson - Tue Oct 20 2009, 11:56