The Good Lord knows I don’t want to bore readers of my blog posts! But my feeling is that there are so many HOAs being victimized by embezzlers, that the name of every HOA crook ought to be publicized far and wide. These crooks are not only rotten people for stealing, but they’re stealing from neighbors who put them into positions of incredible trust. In many cases, they’re stealing from elderly retired people who just can’t afford to pay special assessments to cover the HOA’s losses.
San Clemente is a picturesqe California coastal town. But the big local controversy is a huge condo complex that went bankrupt five years ago. The empty building attracts rats, drug dealers, and has a massive impact on other homes in the Timbers at Towne Center Homeowners Association. Homes worth nearly $300,000 a few years ago now sell for less than $150,000. That is, when they can sell at all. Homeowners say they occasionally get interested buyers. But they’re chased away at the thought of living next to a garbage dump.
The city can’t do anything. Banks won’t lend money.
Oh yes, embezzling is endemic in American Homewers Associations. Just Google “homeowner association and embezzle.” Then stand back and watch the numbers.
The latest one is Dale Palmer, a Kansas City man who managed HOAs in Kansas, Missouri, Illinois and Wisconsin. This creep thought he could get away with embezzling more than 750,000 dollars. He’s going to prison for 46 months, but that’s a laugh. He’ll get off about two years for good behavior.
And the $825,000 restitution?
Don’t count on it, folks.
Those of you living outside Nevada might have missed one of the most important editorials of the week. Of the month. If you love your family and your home, please take the time to read this from the Las Vegas Review-Journal:
The Bank of America lawsuit against dozens of Nevada Homeowners Associations chugs onward. Earlier this Fall, B of A filed a federal lawsuit claiming that HOAs were illegally charging excessive collection fees and arbitrary fines against homeowners who committed minor infractions of HOA rules and covenants.
In one such case, a family in North Las Vegas moved out of their home and attempted to short sell it through the Bank of America. But the HOA in question decided the home in question had too many pine needles and weeds on the property, and they filed a lien against the home. Although the initial fine was only a few hundred dollars, the HOA dramatically escalated its fines and costs to more than $16,500. That made the home virtually unsaleable.