Sneaky, Sneaky Trick in the Foreclosure State

The wise guys in Florida are picking up some sneaky new tricks. Most homeowners who are overdue on their debts to HOAs owe less than $15,000. HOAs aren’t required to notify primary mortgage holders that the homeowner is in arrears on HOA payments.

HOA lawyers tell their clients to file for repayment in county court rather than circuit court. Circuit courts, of course, are working on huge backloads. So the HOAs can get a foreclosure in about half the time by going through county court.  The major lenders suddenly discover the rug’s been whipped out from under them, and the HOA which was owed the smallest debt now gets the entire foreclosed house.

It’s slick. It’s almost foolproof.  And it allowed one person to grab a one million dollar house for just $10,000. Is something wrong with this picture?  Is this kind of sickness really endemic in America?  What have we wrought? What have we wrought?

Ward Lucas
Author of
Neighbors At War: The Creepy Case Against Your Homeowners Association

Please follow & like us :)

About

Ward Lucas is a longtime investigative journalist and television news anchor. He has won more than 70 national and regional awards for Excellence in Journalism, Creative Writing and community involvement. His new book, "Neighbors At War: the Creepy Case Against Your Homeowners Association," is now available for purchase. In it, he discusses the American homeowners association movement, from its racist origins, to its transformation into a lucrative money machine for the nation's legal industry. From scams to outright violence to foreclosures and neighborhood collapses across the country, the reader will find this book enormously compelling and a necessary read for every homeowner. Knowledge is self-defense. No homeowner contemplating life in an HOA should neglect reading this book. No HOA board officer should overlook this examination of the pitfalls in HOA management. And no lawyer representing either side in an HOA dispute should gloss over what homeowners are saying or believing about the lawsuit industry.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.