HOA Burglars!

I guess we learn things all the time and this one is interesting. It’s a paper published in the University of Cincinnati Law Review about the 2008-2009 mortgage meltdown. Lending institutions are way behind on dealing with all the foreclosed properties. They’ve hired property management companies to help deal with the overload.

Now there’s been a rash of lawsuits by homeowners late on their payments who’ve come back to find that their homes have been trashed and their personal property stolen. Seems it’s being done by these third-party contractors hired by the mortgage companies.

I wonder if there’s any spillover by management companies that foreclose on liens on people in Homeowners Associations?

(link to paper on mortgage burglaries)

 

2 thoughts on “HOA Burglars!

  1. AngelaB

    Are there decent property management companies? Our HOA has dealt with three, and each was worse than the last. We’d get rid of the one we have, but there are no other choices left in my area.

    Reply
    1. Ward Lucas Post author

      I have an excellent property manager but he doesn’t work with HOAs. There are a few honest people in the business. But the very structure of Homeowners Associations makes them very attractive for manager and board dishonesty.

      Reply

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