Will That Be Cash, Check, or Foreclosure?

guest blog by Nila Ridings
 
$70,000 to $90,000 per condo owner is what’s needed to repair major structural problems since the reserve account is bone dry.
 
Victor Salcana and his wife saved to purchase in Colina Condominium Complex in South San Francisco. She’s joined the board hoping to become a miracle worker and keep all 144 unit owners from having to write these checks…or go into foreclosure, if they don’t.
 
Richard Munson, President of the California Association of Homeowners Associations says, “Mismanagement of HOAs is widespread.”  And since boards are generally lay people and property managers aren’t required to be licensed it’s the blind leading the blind.  Who couldn’t have guessed that?  
 
Once again, listen to the adage…the best day in an HOA is the day you move out!
 

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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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