My question involves real estate located in the State of: Texas
I live in a condominium project . The bylaws state that in order to sell and convey condo each owner is responsible for their own. Now there is talk that they want to take a vote to make it if 80% of the homeowners want to sell to a developer the rest 20% would have to sell the same developer at "fair market value". The question I have is if that happens , what would happen to homeowners who have bought recently and would be underwater ? If they have to sell would they still owe the mortgage company even though they don't live there anymore?
Would appreciate your inputs.