Millions of people around the world have opened their homes to Airbnb, the service that for a small price can find homeowners willing to share their homes for a brief time to travelers. It sounds like a wonderful idea. When a close relative of mine died in Oregon and I couldn’t find a nearby motel I turned to Airbnb for what changed from a few days to a month-long ordeal. In a neighborhood of hundreds of homes I added just one extra car to the daily traffic.
This is such a bad idea. Homeowners Associations are linking arms with the credit reporting industry to hammer the credit scores of homeowners late on their HOA dues. Horrible direction for this crooked, crime-filled HOA movement to take.
Look at news stories around the country. Go back and read the past four years of stories on this blog. Look at the horrors uncovered in the Kansas City Star. Now get out your calculator and start adding up the vast numbers of lawsuits that are going to be filed by homeowners whose credit scores were wrongly lowered. When lawsuits are filed against a Homeowners Association, who pays? And don’t say “the insurance company.” Ultimately, homeowners across the country will be forking over millions, hundreds of millions of dollars to pay for legal costs and judgments. Can you say, “Special Assessment?”
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HOAs Getting Into The Credit Reporting Business
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Believe it or not, those are the marching orders in many Homeowners Associations. Communities with young people are very popular among prospective home buyers. It’s rare that a young family will seek out neighborhoods with a lot of elderly people. Thus, HOA boards will use every trick in the book to get rid of members of the Old F-rts Club. Instead of trying to work with an older homeowner to get dues collected, many just fine, lien and foreclose.
The commentary linked below is a tragic one. But we hear it time and time again. Welcome to HOA Amerika.
Condo, co-op, duplex. Growing numbers of people are moving into Homeowners Associations with approximately ZERO knowledge of what they are and how dangerous they can be.
It’s been tough getting the media’s attention, but the movement to wake American homeowners up seems to be gaining momentum. Every little bit helps, including the article linked below.
(a word of warning from TheStreet)
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It’s unsettling how so many tens of millions of people have just blithely wandered into the Homeowners Association experience without thinking. And so many people think they’re getting such a deal by being one of the first to believe the developer’s promises and move in.
Hoo, boy. A number of prospective homeowners bought condos in a residential skyscraper under development in San Francisco. The developer just didn’t tell them all the relative facts; that one side of the building has sunk sixteen inches into the ground and the building is tilting.