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matroskin

Foreclosing On Those Who Paid Off The Mortgage

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http://finance.yahoo.com/news/Neighbor-vs-neighbor-as-apf-344592220.html?x=0

"When people are not paying their assessments, they're not shortchanging some giant multinational corporation. They are taking money directly out of the pockets of their neighbors," says Andrew Fortin, head of government affairs for the trade group the Community Associations Institute.

So the neighborhood feuds are escalating. At Inlet House, one resident claims her fellow senior citizens have turned into vigilantes, vandalizing her car in retaliation for not paying her dues.

Reminds of "public sector leeches vs private sector wealth creators" debate, innit?

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They bought into schemes where they've got to abide by housing association rules, pay service charges which can rise above inflation, and with the risk of capital cash calls.

Pay what you owe.

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They bought into schemes where they've got to abide by housing association rules, pay service charges which can rise above inflation, and with the risk of capital cash calls.

Pay what you owe.

It is a lot worse than that - this is blowback from years of failed policies - no mention of inflation, the inability to out-earn or cut down outgoing to match that inflation, banks leaving houses to rot becuase they want to extend and pretend, those empty houses then not having any servicer to pay the costs which then get lumped on to the rest who then crater under the weight of service costs. These little gated communities are just a microcosm of whole countries.

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It is a lot worse than that - this is blowback from years of failed policies - no mention of inflation, the inability to out-earn or cut down outgoing to match that inflation, banks leaving houses to rot becuase they want to extend and pretend, those empty houses then not having any servicer to pay the costs which then get lumped on to the rest who then crater under the weight of service costs. These little gated communities are just a microcosm of whole countries.

Doesn't the bank become responsible for the service charges?

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Doesn't the bank become responsible for the service charges?

They are not clearing the decks by the looks of things.

http://www.trulia.com/voices/Foreclosure/Do_I_have_to_pay_the_HOA_fees_after_foreclosure_a-135477

Many condos are left with unpaid HOA dues amounting to thousands of dollars and placed as a lien against the property. Recently I've found that the lenders are NOT clearing these liens by paying them off prior to a property transfer through a short sale and certainly not paying the liens off if the property is foreclosed on. In other words, the party that becomes ultimately responsible for these unpaid HOA dues ends up being the new owner of the property, not you.

http://www.sdlookup.com/Forums/General/tabid/57/forumid/104/postid/23424/view/topic/Default.aspx

HOA Watcher

05/25/2008 1:49 PM Alert

I'm really frustrated by the amount of bad information posted on here sometimes. Especially regarding HOAs. I am a member of TWO HOAs. One of the places is facing massive foreclosures. No, the bank WILL NOT PAY THE HOAs. At present, we have hired attorneys to TRY to get back a FRACTION of the HOAs due the association. I don't know of a single unit where the Bank if offering, or willing, to pay the HOAs due. Of course, we can not prevent the sale of the units, either, because then we will NEVER get the future HOAs that we need to provide maintenance.

Right now, I will tell you that the extremely large condo association that I'm working with is in SERIOUS distress, and we are planning a large increase in HOA dues to make up for the losses. This is a fact....not speculation. So if people say that the banks pick up HOA dues and pay them off, they are NOT well informed. Please be careful when buying a property in a complex where there are massive HOA delinquencies due to foreclosures....chances are YOU will be picking up those fees.

Edited by OnlyMe

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I presume that in those parts of the UK with leasehold laws, the management company that collects the ground rent and service charges would be far more proactive in pursuing financial institutions that owned e.g. flats.

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These housing associations sound like interesting experiments in the privatisation of government services.

Exactly the same rip-offs as with other municipal/council/govt services, and they even use same argument to pretend their rip-offs are for greater good.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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