Pretty much, all of your questions are valid concerns and the answer to pretty much all of them is unfortunately "yes, potentially." This is from the general real estate practicioner point of view...
However, each state's condo laws are different, and I suggest for you to speak to an attorney who is very familiar with condo law (not all attorneys are). You can also read the condo documents re. the board/trustees structure and restructuring (election) - which could be the key to handling the condo problems the least expensive and proactive way. Foreclosures sales are helpful in this situation, becasue the new owners will start paying what's due. Also, the condo association might want to sue the homeowners/banks (if they are the owners) for condo fees and get paid - if the state law allows for it and if there are mistakes made in selling the note/mortgage (and there are many sold with mistakes). If a mistake is made, the bank is on the hook for actually full amount of condo fees due the condo association (so this is worth investigating).
CDPE - Certified Distressed Property Expert
Beachfront Realty, Inc.