More and more noise is being made around the country from the smallest media to the highest…about abuses by Homeowners Associations. And it’s about time. There’s no more fundamentally corrupt American institution than the HOA down the street. Don’t believe me? There’s an easy test. Just Google “HOA embezzle” and look at the results. Then multiply your results by 1000, since less than one out of a thousand HOAs involved in embezzling ever get any kind of news coverage.
Rent out your HOA Home, Go to Jail
So you thought your HOA home was such a sweet investment. After all, if you had to move to a smaller home in this economy, you could always rent out the HOA home to help pay the mortgage couldn’t you, Bunky?
After all, that’s an age-old way of diversifying an invesment and keeping its value high during a recession.
But many HOAs are deciding that HOA rentals are cheapening the neighborhood so they’re arbitrarily passing rule that say, “You bought it, now live in it, damn it!”
William Ronald Webb was a major player in the federal investigation into massive corruption in the Valley’s HOAs. His plea comes just a day or so after the federal judge in the case told victims they probably wouldn’t see any restitution in the case. That’s the problem with ponzi schemes, the Bernie Madoffs made off with your money and leave everyone else in the pyramid high and dry.
This blogger saw it coming last year when the indictments and highly suspect “suicides” first started happening. Now the federal judge in the Las Vegas HOA corruption case says he’s sympathetic. But he’s telling scammed homeowners, “Don’t hold your breath. You probably won’t be seeing any restitution.”
Imagine for a moment that your company has transferred you to California’s Central Valley. Lots of warm days are in your future, you get a chance to dry out from all the rain and snow in your old home town.
Your Realtor has been driving you around several neighborhoods in Angels Camp: Saddle Creek Resort, Copper Cove and the little community of Copperopolis. Suddenly you see it! The house of your dreams! The yard is nicely kept, the rooms are large, the last owner has really taken good care of the place. “What’s the neighborhood like?” you ask the Realtor.