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Old 09-23-2008, 05:28 AM
 
236 posts, read 732,342 times
Reputation: 139

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Owners with unpaid dues risk losing their home

Residents are falling behind on association fees, and one family faces foreclosure.

An unprecedented number of Charlotte-area residents are failing to pay dues to their homeowners and condominium associations, driving worries that pools will close, maintenance will suffer and property values will fall. Lawyers and management companies for hundreds of community associations in the region say dues delinquencies have risen sharply with the foreclosure crisis and the sour economy. Although they don't know exactly how many home and condo owners are in arrears, they say it has likely doubled in the last two years.

http://www.charlotteobserver.com/408/story/209268.html

Last edited by mm34b; 09-23-2008 at 10:01 AM.. Reason: Copyright issues
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Old 09-23-2008, 05:29 AM
 
236 posts, read 732,342 times
Reputation: 139
Anyone catch this story? I just have one question for the mortgage/realtor folks.
From the article it says that their rate went from 9% to 13.6%.

What kind of arm jumps up that many points?
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Old 09-23-2008, 05:45 AM
 
Location: Charlotte, NC
7,041 posts, read 13,138,398 times
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That is so sad. One more reason not to live in a HOA. (the mortgage issue is something else entirely)
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Old 09-23-2008, 05:52 AM
 
Location: The 12th State
22,974 posts, read 58,642,963 times
Reputation: 14932
I feel for them and sorry it happen but they did agree to covenants of the HOA
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Old 09-23-2008, 06:29 AM
 
7,109 posts, read 9,746,669 times
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I feel for them and equally for those that will have to pay more in order for the property to be maintained according to the budget.
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Old 09-23-2008, 07:03 AM
 
630 posts, read 1,678,764 times
Reputation: 287
Maybe they should have been a little less house greedy. I don't feel bad for them, they made their bed. I feel bad for their neighbors who have to foot the bill for their carelessness.

She didn't know the HOA could foreclose? Did she do any research whatsoever? Did they even read the closing documents?
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Old 09-23-2008, 07:16 AM
 
Location: Indian Land
628 posts, read 1,859,086 times
Reputation: 465
Quote:
Originally Posted by flexysteve View Post
Maybe they should have been a little less house greedy. I don't feel bad for them, they made their bed. I feel bad for their neighbors who have to foot the bill for their carelessness.

She didn't know the HOA could foreclose? Did she do any research whatsoever? Did they even read the closing documents?
Well said......They knew they had to pay them when they bought their home. It's an expense like water, electricity and gas. It HAS to be paid.
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Old 09-23-2008, 07:27 AM
 
Location: Right where I want to be.
4,507 posts, read 8,033,178 times
Reputation: 3332
It looks like they may have NEVER paid their HOA dues. Only in the house 2 years, $795 per year = $1590 + any late fees etc. What were they thinking? They didn't know?? Great, uniformed and bad at managing money...this outcome is predictable.

I have a hard time drumming up sympathy. Yes, it is awful, no, I don't think HOA's should have that kind of power but if they can't come up with $2200 they probably won't be able to keep the house for long anyway. They should find a way to pay the dues and stop the foreclosure, then put the house up for sale and move somewhere they can afford.

April Maher said they received notice last year that they owed $2,200 in homeowners association and legal fees and didn't pay it “because food for the kids was at the top of my list.” Their annual fee is $795 a year.

Sorry, I don't buy it. I wonder if they have cable TV and cell phones. I wonder how much their car payments are, how often they go out to eat or if they took a vacation this year or if they spend money on other frivolous items that they can't find $66 a month to pay HOA dues. It just doesn't add up....and sad for them, now they might lose their house.
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Old 09-23-2008, 07:39 AM
 
630 posts, read 1,678,764 times
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Being neighbors with a family who feel HOA rules don't apply to them (or common sense of being good neighbors), I also wonder how their neighbors feel.

If this family didn't feel the need to pay the HOA fees, I wonder if they care about its rules. I know in my case I would like to see the HOA step in further and my other neighbors feel the same way. In that aspect I'm glad an HOA can foreclose because in the end its the only real bargaining chip the HOA has. How many letters from the HOA has this family thrown away? From the sound of it, its been 3 years worth.
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Old 09-23-2008, 07:42 AM
 
Location: Charlotte, NC
2,193 posts, read 4,546,867 times
Reputation: 1072
One part of me thinks that some people may not have understood what an ARM was and the documents they were signing. Maybe the mortgage lender and sales people told them something different. So in that aspect I could feel bad for them.
But on the other hand, 800 dollars a year seems more than the average for an HOA. They should have known they couldn't afford that amount to begin with. They also could have bought a house that was 200K instead rather than something that was almost 300 thousand dollars.
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