You’re STOOPID To Buy An HOA Home In Nevada!

The Bank of America lawsuit against dozens of Nevada Homeowners Associations chugs onward. Earlier this Fall, B of A filed a federal lawsuit claiming that HOAs were illegally charging excessive collection fees and arbitrary fines against homeowners who committed minor infractions of HOA rules and covenants.

In one such case, a family in North Las Vegas moved out of their home and attempted to short sell it through the Bank of America. But the HOA in question decided the home in question had too many pine needles and weeds on the property, and they filed a lien against the home. Although the initial fine was only a few hundred dollars, the HOA dramatically escalated its fines and costs to more than $16,500. That made the home virtually unsaleable.

In another case (reported by Darcy Spears, KTNV-TV in Las Vegas), homeowner Char Vanderveen had her home seized by the Mountain’s Edge Homeowners Association. The HOA sold her $700,000 home for $7000, less than one percent of its true value.

There are hundreds, if not thousands or even tens of thousands of similar cases.

Bank of America says that kind of thing is happening all over Nevada and they want a federal judge to intervene.  Any kind of major judgment against Nevada HOAs could cost them millions of dollars. HOA board members and their attorneys are now whining that if they lose the case, the costs will have to be assessed against all other homeowners.

To refer back to the headline of this story, would you buy a home in an HOA that’s potentially facing multi-million dollar judgments, legal fees and huge special assessments against all homeowners? Wouldn’t  you be stupid to do so?

http://www.ktnv.com/news/local/174865911.html

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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.

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