Saturday, June 09, 2012

Property manager gets 35 years for stealing $2 million from Katy-area HOAs |

Property manager gets 35 years for stealing $2 million from Katy-area HOAs |
Property manager Taggert Mayfield was sentenced to 35 years in prison Friday for stealing a major amount of money from numerous homeowners associations who hired his company, Arrow Community Management.
At what point do large numbers of home buyers realize that when you purchase a unit in a condo building or HOA, you take the risk that something like this will happen?

1 comment:

Anonymous said...

Try finding property in the Houston area that isn't burdened by an HOA corporation. No offense but please stop implying that homeowners can actually choose. The vast majority have absolutely no choice.

City of Houston planning department is actively trying to convert existing non-HOA subdivisions into HOA subdivisions. They even offer "pro bono" attorneys to help create or amend restrictive covenants to impose HOAs - with foreclosure power of course. Here is the flowchart. Note the exclamation point
Enslaving homeowners to HOAs

The city offers free seminars to help communitarians enslave the local population to involuntary membership in HOA corporations. It's all in the name of "improving the neighborhood".
Deed Restriction Workshop

Who do you think those "pro bono" restrictive covenants are written for the benefit of? Why should a homeowner be subjected to a lien into perpetuity that can never be paid off just because a few of their neighbors allegedly thought it was a good idea?

The point is that you haven't been able to build non-HOA neighborhood for a very long time in Houston. The city is actively trying to eliminate any HOA-free zone in the city. In this type of environment, where is the choice? Local government has been prohibiting it or working to eliminate it for 30 years.