Just found out a few days before settlement on the sale of my house that most lenders will not lend funds to a buyer if the property they are purchasing is part of an HOA community where more than 15% of the properties are delinquent on their HOA dues.
Somehow the HOA is currently 40% delinquent! Also, around 52% of all the properties in my community are owned by one person or entity, which is another lender no no. I bought this house as a new construction so I had no idea any of this was going to happen.
Now my house is essentially unsellable unless I can find someone to buy it cash or someone who is willing to find a portfolio lender, which will require them to put down 10% plus pay a higher rate.
What's worse is my tenant moved out already and now I have to carry the mortgage.
I have an elderly neighbor who just retired and planned on selling her home soon. Now I have to break the news to her.
I feel that both the person/entity who owns 52% of the properties AND the HOA company should both be held responsible for this.
My question is, what are my options? Should I get lawyers involved? Does this sound like a class action lawsuit? Is there anything I can do?