Re: HOA Dues

[Frank Willoughby]

Thank you.  I feel the same way.  If you want a decent community and will be able to sell your house when it is time, do what's right and pay the dues.  It's not fair to the one's who do pay the dues and carry the community.  You're only hurting yourself and the rest of us. 

  

On 03/24/13, seger1119@yahoo.comyahoo.com> wrote:

 

I received a letter in my door this morning as well as everyone else.  After reading the letter, I find it disgusting that the residents who live here in the development that know that we have HOA dues to pay have not done it. and now its preventing someone to move.  You by a house that you know has HOA dues just PAY them....you know who you are...

 

and if anyone from the culdesac is reading this please slow down when driving through the neighborhood.  You are going to kill a child one day. This is not a racetrack, slow down....and 90% of you come from the end of the development...We dont drive past your children at 50 mph dont to it to us...

 

 

Also please ignore the link that was posted to the forum, our email was hacked..

--
You received this message because you are subscribed to the Google Groups "Frenchtown Crossing Homeowners" group.
To unsubscribe from this group and stop receiving emails from it, send an email to frenchtown-crossing-homeowners+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
 
 

[ESturgeon]

Sometime last year, the HOA was talking about legally going after delinquent accounts.  Did that ever happen?  How many accounts are delinquent? 

 

I feel horrible for the people trying to sell their house, since this is something outside of their control.  509 might be under contract, and they'll probably run into the same issue.  I hope we don’t end up with any more abandoned houses in the neighborhood because of this…

[Jim BRZOSTEK]

I AGREE.  Everyone should pay their dues.  We all agreed to pay them.  Let's do it!

 

That being said, I think there is more going on in this transaction than meets the eye.  To wit:

 

Mortgage companies judge the ability to obtain the loan on (1) the value of the property and (2) the ability of the buyer to repay the loan.  The percentage of homes in the neighborhood not current on their homeowner association dues does not affect either of these considerations.

 

In addition, our homeowners association is very solvent.  The vast majority of homeowners are current with their assessment.  There are sufficient operating funds, cash reserves and even special project funds. In fact, the association  is running a net surplus.  The board is pursuing those few who are behind, up to and including court action.  I know this to be true: I attended the last homeowners association meeting.  Did you?

 

Withholding a mortgage based on homeowner dues delinquency is not an industry standard.  If that were the case, vast swaths of homes would not be available for sale, and would have to be advertised as "un-sellable", virtually collapsing the real estate market.  I have bought several homes, and the closing has never included a verification of the dues status of the associated neighborhood.  In short, I have never heard of such a thing.

 

IN MY OPINION, I believe this problem to be one between a particular buyer and a particular mortgage company.  For whatever reason, the mortgage company does not want to issue a loan to this buyer, but cannot find a legal reason to do so.  So the company comes up with bogus requirement that neither the buyer nor the seller can control, and will keep the company from getting sued.

 

For example, this mortgage company does not like to loan money to "green people".  They are approached by a pair of green people to fund the purchase of this property.  These people have excellent credit, a large down payment, awesome income and stellar mortgage history.  If the company denied the loan based on the people being green, they would be liable to state and federal penalties as well as a civil lawsuit of epic proportions.  So to avoid this, the mortgage company looks for anything associated with the property that they could blame for withholding the loan.  No homeowners association has 100% currency on dues; just set the bar high enough, and the offending mortgage company can pick and choose who they loan to.  I do not know this to be true, but it would fit the facts in this case.

 

I think the potential buyers should try another mortgage company or perhaps a mortgage broker.  HOA dues status is NOT a reason to withhold a mortgage.

And pay your dues (assessment).  Please. 

On Mon, Mar 25, 2013 at 9:44 AM, ESturgeon <erica.s...@gmail.com> wrote:

Sometime last year, the HOA was talking about legally going after delinquent accounts.  Did that ever happen?  How many accounts are delinquent? 

 

I feel horrible for the people trying to sell their house, since this is something outside of their control.  509 might be under contract, and they'll probably run into the same issue.  I hope we don’t end up with any more abandoned houses in the neighborhood because of this…

--

You received this message because you are subscribed to the Google Groups "Frenchtown Crossing Homeowners" group.

To unsubscribe from this group and stop receiving emails from it, send an email to frenchtown-crossing-h...@googlegroups.com.

[Stephanie Seger]

My husband and I said the same thing that there had to be more to it than that.  But that does not give others the right not to pay!!!!!

Stephanie Seger

Vice President

United Marble & Granite

Message sent from iphone

[AshJay]

Well said JIM!

To unsubscribe from this group and stop receiving emails from it, send an email to frenchtown-crossing-homeowners+unsubscribe@googlegroups.com.

[Chris]

Thank you everyone for your responses and concern.  However, I want to make something very clear.  Our community’s delinquent HOA dues are the only reason the buyer's mortgage is not being approved.  They are using a USDA loan, which offers 100% financing, and the HOA delinquencies are a specific requirement.  The community does not have to be 100% current on their dues, but our community is far from it.  Like many of you, I too questioned why our HOA could affect the loan, and thought it was something that could be overlooked.  After a couple weeks of spending many hours on the phone with several people and companies (mortgage company, realtors, title company, MRA, etc.), this is real, and this is the only reason the buyer’s loan is not being approved at this time.  Thanks again for your support, we hope the delinquent households will show the same support.

[AshJay]

Chris,

     My home too is for sale and I contacted my agent who verified your information.  NOW, our HOA and management company needs to go after these people.  I sent a request to the HOA President asking for the property owners who are in the rear names, address, and amount owed.  This is should be considered public information especially to the home owners in our community.  

Jason

[Frank Willoughby]

The HOA should put the addresses of everyone who is delinquent in the news letter.  That should get some attention. 

[Jim BRZOSTEK]

Does anyone realize that unauthorized disclosure of financial information is illegal?

 

Jim

 

To unsubscribe from this group and stop receiving emails from it, send an email to frenchtown-crossing-h...@googlegroups.com.

[AshJay]

Jim,

Do you realize that you missed the part that I will make every LEGAL attempt to identify the homeowners in our community that are in the rears?

Just checking.  Thank you.

[MamaDukes]

While I agree with some of the points mentioned in all of these posts I don't agree with all.

 

I run the Underwriting Department of a mortgage company.  In my 24 years of being in this business we have never verified the information on a PUD that the homeowner at 105's buyer is having problems with.  I personally did a USDA refinance loan three months ago without issue and my company has also refinanced 4 other homeowners in this developement without a problem, since November 2012. 

 

If our development was a Condo, the delinquency rate would absolutely be an issue.

[William Reiber]

MRA has a very comprehensive  collection process that is more than fair. If the homeowner does not resolve his delinquency rate after ample time and notices, they are turned over to a collection agency for legal action. A lien can be placed on the home and homeowners are taken to court when necessary. This process has been in place for the last several years. MRA controls this process, not the Board.

If more people would attend the neighborhood meetings the Board and MRA could address your concerns, complaints and requests.

A newsletter will be out shortly, and a FACEBOOK page is almost ready for FTC.

If you have specific questions, please contact me at deena...@yahoo.com. I will do my best to see that the Board helps you.

Deena Reiber

President

FTC HOA

To unsubscribe from this group and stop receiving emails from it, send an email to frenchtown-crossing-h...@googlegroups.com.