They can’t tell you the rate the dividend is until it’s declared (they’re not guaranteed- although Mass Mutual has consistently paid one since the Civil War). 

You still have to wait 120 days from the first missed payment to file than another 60 days for proceedings,(Dodd Frank) minimum, if the borrower files a bankruptcy in that time frame everything stops immediately until the bankruptcy is ruled on.   

Lying on personal declaration forms5. 

Personally, I would still miss the deadline and then fight the penalties based on your situation, but it's not my choice to make.One more thing: due to the Tropical Storm Beta, it is quite probable that we will be declared a Federal disaster area, and the IRS might extend the deadline for us.

Additionally in the event of a default or bankruptcy, how comfortable are you hiring an attorney to represent you and the other stockholders in the bankruptcy process that can take years?

Since then HOAs have learned and are experienced in enforcing their rules, regulations, and declarations.  

Certain vehicles offer more protection than others when it comes to bankruptcy proceedings and ringfencing assets from creditors.A good CPA should be able to effectively advise on the tax and legal implications of each vehicle.

She recently filed for bankruptcy however, and Wells Fargo advised everyone of the upcoming foreclosure.

Regardless of who you use for the insurance, be sure to review the condo declarations and bylaws with them to determine what the association needs to cover and what the unit owners are responsible for.

The last time the house was at auction it sold for $398K (owner filed bankruptcy and negated the sale, then ignored the court until they dismissed his case).