HOA sends foreclosure notices to dozens in neighborhood | WOAI.COM: San Antonio News: "SAN ANTONIO -- Dozens of homeowners living in a South Side neighborhood are facing foreclosure. The residents received foreclosure notices not because they couldn't pay their mortgage, but because they didn't pay a $130.00 homeowners association fee.
A total of 84 people in the Mission Creek subdivision received the foreclosure notices in the mail."
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Thanks to Anonymous--check this out. These heavy-handed techniques seem to be increasingly common as the housing part of this recession continues to worsen. Say what you want about the Dow and NASDAQ. The nation's CIDs are in trouble and it hasn't bottomed out.yet.
2 comments:
This is an interesting story of how incompetent HOA Boards can be and brings into question their and their service providers motives. Would you spend $300.00 upfront to collect just $130.00 with no guarantee of payment ? Was the foreclosure notice really a scare memo or an actual notice after filing with the municipal court ? Is this good business judgment to risk large numbers of your members into possible foreclosure considering that it would automatically reduce the property values of all members’ property in this present market. Compared to seeking a payment arrangement for any past due amounts or other options ?
Government by contract was tried and failed once before in early American history and nothing has changed just like why a lead balloon can’t fly ! Yet our local municipal governments continue to mandate their creation. While the courts and State legislators keep granting special privileges and authority to the lead balloon industry in the false belief that someday the lead balloon will fly!
Does this surprise anyone? Haven't many of those controlling this industry held the opinion that "if you are stupid enough to buy into this ____
_____, you get what you deserve"?
The sad part is, that it wasn't like this, some years back!
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