I have been trying to educate myself about HOAs. Your site is very helpful.
My question today has to do with trying to understand potential long term liability as a home owner in an HOA that incurs a legally enforceable judgment against it for a considerable amount of money.
For example, let’s say that the board of the HOA took actions that generated a law suit against the HOA and that resulted in a judgment of $1,000,000. If I own a house in the HOA that has 100 homeowners,, then would I be liable for one, one hundredth of the judgment? If I had sold my house prior to the judgment being finalized, would I still be liable for the same portion of the judgment, or would I be free of the financial obligation?