Yikes! How can I say that having two brothers who are lawyers? And how can I say that after passing the LSAT and being offered a free ride through the University of Washington Law School?
I can say that as a forty-year journalist watching lawyers in court. Never trust a lawyer.
In the link below, a CAI lawyer has tried to simplify the ‘education’ process for prospective buyers. It’s a good step forward. But I like Nila Ridings idea of making all HOA home buyers sign an acknowledgement that each buyer isn’t really buying a home. He or she is buying shares of stock in a non-profit corporation where every single asset, every bank account, every stock account, every college education account is pledged as security to pay for each and every misdeed, miscalculation, embezzlement and lawsuit involving the HOA.
Egads! I can’t count the times when I’ve heard about an HOA board member or HOA manager stealing money to feed his or her gambling addiction. It’s stupid. What’s even more stupid is that 66 million homeowners across the country risk all their life savings by buying into Homeowners Associations in which embezzling is endemic. If you live in an HOA, there’s a massive chance someone you’ve entrusted with your money is chiseling.
Get out! Get out! Get out! Let the national HOA Scam collapse on itself.
If you think the link below gives any hint to my personal beliefs then you’ll be dead wrong. I just want to pass it on because it’s funny. And humor is the way to build bridges between people of different political persuasions.
The Nation’s news media are late to the table in discovering the national scam known as Homeowner Associations. One of the early ‘discoverers,’ though, was ABC News, although their first story was a little tepid. It’s linked below.
But the news agency kinda, sorta hinted that simple rules violations by homeowners could cost up to six figures before things get straightened out. Six figures? Some sad homeowners have spent more than a million dollars trying to straighten out an idiotic problem. Since HOAs are invariably backed by a huge insurance policy they just love for a homeowner to sue. It’s more satisfying than sex! The homeowner files suit, the HOA’s insurance policy kicks in and these criminals who run the HOA get a free ride while their insurance company tries to stretch the case out while whittling the homeowner’s life savings away.