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Frisco soldier who lost home to foreclosure while in Iraq gets it back

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posted on Jul, 29 2010 @ 02:43 AM
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The house was mortgage free but under the rules of the homeowners associasion they can forclose on a home if the dues are not paid. How crazy is that?

www.dallasnews.com...




posted on Jul, 29 2010 @ 03:04 AM
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Sadly, this is the case in many HOA small print agreements.

HOAs are like small little communistic groups of power-hungry little people who think they are big cheese.

It's disgusting.




posted on Jul, 29 2010 @ 04:16 AM
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A lot of homes in HOAs are vacant or in foreclosure do to the owners being out of work.

This means the remaining home owners in the HOA are having there fees raise by double or triple or more.


A homeowners' association (abbrev. HOA) is an organization created by a real estate developer for the purpose of controling the appearance and managing any common-area assets during the marketing, managing, and selling of homes and sites in a residential subdivision. It grants the developer privileged voting rights in governing the association, while allowing the developer to exit financial and legal responsibility of the organization, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots.


Some times the real estate developer never transfers ownership of the HOA to the homeowners and starts using it as a income source.
This is done by requiring all work repairs and improvements be done by the real estate developers own crews and over-billing for everything. This is common in Texas and Calif.

In these cases there is usually a cost recovery clause in the agreement and the developer does not have to transfer control till he recovers his cost. The developer then pads the books so that he never recovers his cost and can keep control of the property.

The property then is just a rental for all intents and the people living there are not really owners but are renters that have payed for there property plus are paying rent.



posted on Jul, 29 2010 @ 04:22 AM
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reply to post by gem_man
 


Thanks for bringing this to my attention, Dallas is home for me though I do not live there now. But with that said I can hopefully stand up and help out here and do some things to make sure that it does not happen again in the Dallas or Texas area.



posted on Jul, 29 2010 @ 04:25 AM
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Wow...foreclose?! For non-payment of dues? Our HOA can put a lien on the property, but this is even more nuts. Glad it got worked out.



posted on Jul, 29 2010 @ 04:29 AM
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reply to post by ~Lucidity
 


I have to agree with you there. This is completely and totaly out there. You would think that the HOA knows their neighbors and looks out for one another.



posted on Jul, 29 2010 @ 07:43 AM
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a similar thing happend in my town when a soldiers mother die'd whom he was with however he didnt get the house back and whats worse the house is now the home of shoplifting smackheads. whats this world coming to eh?



posted on Jul, 29 2010 @ 03:11 PM
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How despicalble must the HOA be if they demand dues from an active soldier? Glad dude got his house back but I am deadset against these "gangs" who think they can muscle you into doing whatever they want with YOUR home.

The fact they even had the audacity to even consider a lien against the home of an active soldier is disgusting.

Why would anyone want to move into a place like this? There's one that can dictate what type of truck or car you drive, others don't allow you to sell the property to someone of a differnet skin colour. When did a HOA usurp United States Federal Law?



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