Eastwood Community Association Budget approvalsDetails
Relevant Items That Passed SB 1196 contains numerous changes to existing condominium law. Among some of the more significant changes that will save condominium associations a great deal of money during the current economic downturn are the following: Delaying the date by which a condominium must retrofit its elevators for Phase Two Firefighter Services until…Details
ORANGE COUNTY, Fla. — An Orange County homeowners’ association (HOA) is taking some drastic measures to make up its financial shortfall. The HOA at Stoneybrook East and West is tacking on a new $4,000 fee for foreclosed homes sold in the subdivision. Some homeowners think it’ll make their houses even harder to sell because of…Details
Friends & Neighbors are being hurt by foreclosures. Many people forget that associations, Condos & HOA’s are being hurt by foreclosures and by homeowners who feel it’s ok to bail on payments, and the gov’t is making it easier to stop paying. Please remember its not only your credit that is affected by failing to…Details
ORANGE COUNTY, Fla. (WOFL FOX 35, Orlando) —
The Board of Directors for the Woodland Lakes Preserve, a subdivision in East Orange County is implementing an emergency assessment and it’s upsetting quite a few homeowners.
MyFox Orlando | HOA charging residents emergency assessment
Here is a quick link to watch the video, while it is still available on the Fox 35 web site.
Click here to watch the video:
While it may be a few weeks late, I felt it worth while bringing more attention to this. As the economy hits home a little harder now and as home prices appear in limbo thanks to the great $300 Billion Bank Bailout where the banks have secrets about how and where the money was used. It is almost as if Houdini was involved in hiding the money and the magicians never reveal their tricks. Financing while appears great in advertisements doesn’t work well for the average Joe thanks to all the add on hits and negatives that the typical 680 to 700 credit score borrower will receive.
Back to the subject, homeowners can always place blame on their Home Owners Association for failing to give proper notice, but the fact remains that the investors who used ill-advised real estate agents, and agents who were out for the fast buck before they worried about their clients long term investment of home ownership are partially to blame considering the number of investment homes that are not involved in foreclosure. Sure the builder has a little involvement as well, but the investors, or should I say the day trader turned real estate investor is the big culprit here.
HOA’s will always have fees, because there will always be bills. Often the biggest bill is the insurance, followed by landscaping, yet only 1 of those can really be negotiated, but to keep values up (that sounds funny doesn’t it, home values up?) but to keep the value from dropping more, we need to maintain the neighborhoods and community amenities. Then there must be someone who over sees all of this, which includes management. Depending on the association this could be quite a hefty bill with just these 3 aspects, and let me tell you there are several things involved with running an HOA, which by the way is ran as a non-profit organization. So an HOA’s full intent is to only pay the bills and set up reserve funds. But to keep from going bankrupt the HOA can not pull from reserves, especially in times like these.
In my opinion, there should be more legal action available by HOA’s against individual home owners who fail to pay. In the long and short term, they are only hurting their neighbors. The second option here would be for the Government to force the lenders (who felt the home owner was good enough to loan the money) to pay ALL HOA fees including penalties when the home is foreclosed upon.Details