Saturday, January 14, 2012

Builder going bankrupt before HOA transferred to residents, what authority does bank's Receiver have?

We moved in to our house a year ago. The builder is going bankrupt. He has $39K in snow plowing bills I expect he aculated for presenation of saleable lots. Anecdotally, residents are responsible for their own snow removal and the streets are handled by the city (through property taxes). The HOA was sued and a judgment was filed against the HOA. I'm just a guy living in a house. What's my responsibility here? The bank's (builder's bank) Receiver wants to collect $100 from each resident to offer as a settlement to the contractor's attorney. I think this reeks of embezzlement on the builder's behalf and the bank should eat the cost. Thoughts?

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