Recordsclerk, from what you have described, that condo complex seems to be in a death spiral. There seems to be no hope, as sales cannot occur if no lender will touch such a situation. With the downward momentum firmly in place as to prices of condos, what is the future of these places? A train wreck for sure for this, and possibly many more aging condo complexes.
I suspect that as more condo complexes enter this stage, two or more possible scenarios will play out. One is that an apartment developer will come along and offer a price for the whole complex that will cash flow for him, after rehab. The condominium model of individual owner-occupiers just is not viable with mostly absentee owners and many not paying HOA dues & deferred maint. scaring away buyers.
Another scenario is for the gov. to buy the whole bunch, perhaps with eminent domain, rehab. & then turn it into low rent public housing. The economic virtues of a single owner running the place, whether private or public, overpower the downside of a bunch of warring private absentee owners.
With either of the two above approaches, the last holdouts could be offered a sweet deal to cooperate, as they have some legal leverage here to risist the new single owner.
