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I Was Not Informed That My Hoa Was In Debt Until After I Closed On My Property, Do I Have Any Recourse Here?

Location: Southern California

I closed on and moved into a condo in May, and I've just attended the first HOA meeting and found out that we're over $24,000 in the negative for water and power, and that because of that we only have $90 in our reserve. (this is why, apparently, all my requested repairs have been ignored, because they can't afford them.)

I was never informed of this debt before closing, or that the reserve was so underfunded, and I went back through all the documents to check if it was ever mentioned and found nothing. Had I known, I would not have closed, especially since they're considering cutting down all the trees and filling our pool with sand to cut down on costs, which would severely affect the value of my condo.

If it matters, there are 15 units on the property, and I got the LIPA loan through the LA Housing Department to help purchase my property (a loan meant to help low income people purchase houses.)

What can I do here? I think this info was deliberately kept from me, but I'm not sure who's at fault. I'm kind of lost so any advice would be appreciated, thank you!

submitted by /u/coobear6
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I Was Not Informed That My Hoa Was In Debt Until After I Closed On My Property, Do I Have Any Recourse Here?

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