Bank of America sues Nevada homeowner associations - www.ktnv.com:
A North Las Vegas home that Realtor Ryan Melvin has been trying to short sell is a prime example of why Bank of America is suing HOAs across Nevada.
"This has the collection fees of almost $1500. The violations and fines of $14,500."
Almost $16,500. Mostly for fines over weeds, trash, and pine needles. All at a home that Melvin's clients moved out of and were trying to short sell with B of A.
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Activists have been screaming about bogus fees and fines for decades, but they don't have the means to go to war over it. But now the nation's largest banks are major owners of HOA/condo units. That means the lawyers and managers who have been the real powers in privatopia suddenly have to go up against the big dogs in the meat locker, instead of individual owners who can't afford a lawyer. And that could lead to some major changes in the way associations do business.
Thanks to Rodney Gray for publicizing this story.
2 comments:
Homeowners who have substantial equity built up in their property tend to have more options. Most people want to keep their homes. You should assist homeowners to negotiate with the lender for a forbearance and provide a payment schedule that's suitable for the homeowners.
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Homeowners may be reluctant to short sell their home, but for foreclosure investors, short selling is the most profitable business if you can negotiate a short sell with the lenders and the homeowners.
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