the story
i bought investment 3 years ago , 2 bedrooms apt - fully remodeled , not in the best area.. but.in october we had the managment changed , the next their step was - the assesment fee was raised from 198 to 244 , 3 days ago i received a call from tenant saying that the gas and water disconected , today in the mail i received a letter from managment telling that they have $50k bill after previous management and now in order to reconnect the gas to the building(the whole building was shut down(water and gas)) they have to pay gas company $14.8k , i was billed special assesment of $2195 that is due within 30days and if i will fail to pay it i will be turned over to the association attorney.by the way apt i bought for 125k , now it is 110k(appraised) , no balcony , no parks , no swimming pool , no club house.i am just shocked and do not know what to do.

Contact WGN or NBC. They will have a field day!

You have to hire an attorney and explore the options. The association has to provide you with the bylaws and expense reports (which will prove/disprove the statement about the water/gas being behind the schedule), so request that and go to the real estate attorney. If the money were mishandled/embezzled you can sue them, otherwise you have no control of the special assessments.

WOW, this is one crazy story. I would be shocked too...Hope everything is gonna work out for you.