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Given your situation, I would look at the governing documents ASAP. Unless I was convinced the association held the bag, I would get off the Board yesterday (and send registered letters to other board members just for record the resignation). Then I would sell even at a loss. A community as you describe that does not have in the governing document protection for Board members as individuals is sooner or later going to be in a big legal mess with lots of lawyers. These are conditions which will make it just about impossible to sell (well sales will not be affected, but buyers will have issues getting mortgages, and you can expect attachments on deeds).

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