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Neighbors are forcing neighbors into foreclosure | Nation | Star-Telegram.com (http://www.star-telegram.com/238/story/1429306.html - broken link)
Quote:
Thousands of Americans who have generally kept up with their mortgages are still in danger of losing their homes because they made a fateful trade-off in this shaky economy — they let their homeowner association dues slide.
Many homeowners are learning to their surprise that condo and neighborhood associations that oversee security patrols, mow lawns, plant flowers and clean the community swimming pool may have the right to foreclose when dues aren’t paid. That right is often written into the purchase agreement signed by the homeowner.
Yup. Homeowners associations can't functin on good intentions and the cost should be considered as part of the mortgage. If you can't afford HO dues, you really can't affort the house. Some HO's cover insurance premiums and those are not optional.
As much as I despise the concept of homeowner's associations, the dues and intrusion into your property rights are part of the price you pay for entering into one. Some people don't like to stand by terms of contracts they enter into when they aren't convenient. Don't like them? Buy somewhere else.
Lots more people that are keeping up with their mortgages are in trouble due to increasing property taxes that they have no control over. I see that as a far bigger issue.
No HOA and happy. In fact, it's always been a deal-breaker for me. I can't stand the politicians forced on me, why the heck would I volunteer for some?
About four months after Pilat lost her job, the management company for the Beacon Hill homeowner association sent her a foreclosure notice in April after several attempts to collect her $450 annual dues. The amount she owed snowballed to $1,800 after penalties and fees.
The management company eventually agreed to let the couple pay the debt over time. The Pilats cut a check for $600 in April that saved the house. They are slowly paying off the $1,200 debt.
They were sent a foreclosure notice over $450 in annual dues?? There is a unit in my building that owes $7,800!
Isn't that great..if you don't do what you have signed for, there are consequences and I'm glad many of them are foreclosed on and moved out...am I harsh...not at all, we got many nice people back who are not behaving like they are entitled to a home they can't afoord, no they bought it cheap and within their means and respect the neighborhood and were lucky to get a good deal. I hope the HOA will foreclose sooner than later on more homes...the sooner our community is looking better and the value will return. Next month another non payer who never paid the HOA and mortgage will have to leave/evict and be gone....driving in their $ 100K mercedes and other expensive car while not paying for the home didn't help them and finally the HOA can stop mowing their lawn and they will be history...hopefully the bank will sell it fast and nice people will move in. The neighbors across the street have looked at a home in distress for over 2 years...garage windows broken and not one plant in the yard and weeds all around .....
No HOA and happy. In fact, it's always been a deal-breaker for me. I can't stand the politicians forced on me, why the heck would I volunteer for some?
You and me both. Like you I walked away any time an HOA was involved. Some family members thought when I retired and downsized I should move into a condo situation where I didn't have the responsibilities of upkeep. But I know when you give up the responsibilities you also give up the rights and I treasure those rights....what few the government has left me. I pay a nice guy to cut my lawn and shovel my snow but I'd go out and cut my lawn with scissors and shovel my snow with a teaspoon before I'd allow a bunch of power hungry idiots to tell me what I could or couldn't do with my own property.
Just like I'll never work for a labor union, i'll never be bound by a homeowners association. This is a perfect example of why.
Every penny that I pay towards my "mortgage" will indeed go towards my mortgage. Landscaping firms and flagpole regulations aren't apart of my mortgage.
13500 $ in penalties? thats just not right . must be run by BOA
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