Homeowners in the Litchfield Plantation HOA in South Carolina are going to rue the day they bought into the neighborhood.
The former developer of the HOA was arrested for grand larceny after he transferred nearly a million bucks worth of HOA assets to his private company. The allegation was made by three residents of the community who got the developer ousted as president of the board and got themselves elected.
But a judge has ruled the developer was still in legal control of the HOA corporation when the money transfer was made, and that the three board members may have been improperly elected. The criminal complaint against the developer was dismissed. And guess what? The developer has now filed a massive defamation lawsuit against the Homeowners Association.
Millions and millions of dollars are going to be spent in this case. And who will win? Not a tough question. The lawyers will win.
And who will lose? Also, not tough. Individual homeowners who didn’t even know they were involved in a lawsuit will have to come up with the millions of dollars that are going to be flung into the pockets of lawyers at the respective law firms.
Litchfield Plantation homeowners? This lawsuit will only be financed through special assessments against your homes. You folks thought you were buying into a nice peaceful neighborhood. It’s going to be an angry cauldron with a lot of you paying a nasty price.
Welcome to HOA Amerika.
(click here for Litchfield story)