HOA in Debt

As a new member of a HOA that has been operational the past 5 years under the developer of the community-am I legally required to pay off the 80 K debt that incurred prior to me joining the HOA?

What is the standard of practice in this situation?

You need to make sure a few steps have been taken. First, has the association had a full audit to determine if those expenses were legitmate association expenses or was the developer covering some of his costs using association funds? Second, some states require that the developer turn over the association in a solvent condition - check your state law at :
http://www.communityassociations.net/state_laws.html

Next, If the debt is the responsibility of the association, then you will have to determine if the developer has any assets and get legal advice as to his responsiblity in creating the debt and whether the association has legal grounds for suing him for all or part of it. Last, if all of the above fails, then the owners will probably be responsible the debt. You will need to talk to an attorney and accountant as to your options, including bankruptcy, borrowing (to spread the repayment over a reasonable period of time) or major assessment. In any event, your association is probably in over its head and needs to find some expert advice quickly.

Joe