Another Reason to be SCARED of the HOA Experience!
A 40 unit apartment building in Titusville, Florida caught fire four years ago and most of the units were severely damaged. Obviously, all those in the building lost their homes. But the Bay Towers Homeowners Association is now foreclosing on dozens of displaced fire victims because they haven’t been paying their HOA dues. Apparently, even if your home is destroyed by fire, your HOA dues in some cases could technically go on forever!
One homeowner, Mike McDaniel, acknowledges he owes $8000 in HOA dues. But he says he’s now being sued for $48,000 for a place he’s not even allowed to set foot in.
The developer has been fined by the City of Titusville for almost two million dollars for not repairing the fire damage. The developer, in turn, is suing dozens of the former homeowners like McDaniels in addition to suing the insurance company.
McDaniel’s attorney told reporters from WFTV that all the lawsuits could give the developer control of the condos. If so, he’ll probably eventually get a better price for them.
(Good reporting by WFTV. We need more HOA coverage like this!)
