Now It’s the Big Banks That Are Getting Foreclosed On
Call it a case of man bites dog. Since the start of the housing crash, millions of Americans have lost their homes to foreclosure. Many of them lived in homeowner or condo associations.
These are organizations that collect monthly dues to pay for amenities, like added security, maintenance and recreational areas; one in five Americans currently lives in an association-governed community.
These associations have been hit hard by the housing crisis, as many delinquent borrowers stopped paying their monthly HOA dues. In some cases, HOA’s, which do have the authority in many states, managed to foreclose on properties even before the banks, by using the back dues as liens.
Now the homeowner associations are taking it one step further. They are going after the banks, claiming that several of the largest lenders are not paying monthly HOA/condo fees on homes they’ve repossessed and now hold as bank-owned properties (Real Estate Owned, or commonly called REO’s).
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Love the toast thank you!!!! i think most of us that have been around here for over 2years and counting are very happy. from the moment we discovered the fraud until now we have been waiting for some thing to happen to give us our lives back. so many frauds its so hard to express. new ones pop up eveyday. today i realized what all the builders in florida did to sell homes we realy could not afford. florida has an antequated law that when a new home is built the1st year the homeowner pays what the builder paid on an “unimproved lot” then one year later the tax appraiser does the assessment and a new tax bill is generated. this gave the builders, the banks, the brokers an AHA moment, we can approve mortgages for people who can not afford these homes but…….the people would not know this for a year. by that time the homeowner is living inthe home a year , the mortgage has been sold off/ securitized, the builder got his cut, and the broker their comission. the homeowner gets the new and improved tax bill. Mouth wide open drops to the floor. how am i ever going to pay this tax bill its not like i can make 700$ more dollars a month. yes folks this happened to me in south florida after buying a new home through GL HOMES. i used GL HOMES broker and was again and wells fargo on the paper work. duped into a home i couldnt afford. called mike fasano the senator in new port richey in the new area i moved to and he told me flat out i should have known???? so then of we sell that house buy another new house and it happens again. taxes 2nd year 2800, an almost 300$ increase. the brokers took it upon thmeselves to cheat floridians. aproved mortgages not using taxes or insurance in the the mortgage approval. i lived in a home for 13 years i had no escrow. so because i had no escrow they were able to scroo us over and here i sit having to defend myself against this evel.
@ lies is all they tell- Just to let you know…when you purchase a newly built home or you purchase a lot and obtain a construction loan to build it the lender/broker (whichever is the case) can only use the current assessed value for computing taxes and qualifying you on the purchase. They cannot use a “calculation” of what it “might” be after the house is built. Since property taxes in Florida are essentially a year in arrears that is why it does not show up on your tax bill until the 2nd year in your residency. Basically the state cannot assess a value to a home that is not built yet so the taxes are based on what is referred to as “raw” land. However, although there is no law or regulation in place any lender or broker should have had the responsibility of informing a purchaser of an ‘anticipated’ property tax once the home was completed. As a matter of fact, the county assessors offices do offer a calulator on their sites for doing such calculations but most purchasers don’t know that even though it’s public information. Also, during the bubble years with property values going up, up and up faster than the assessor’s office could handle by the time the bubble burst those properties were being assessed at the prices from those years and not the current value. Having an escrow or not makes no difference one way or the other. If you still own the home you can apply to the county to have the property re-assessed to current values but you have to have your ducks in a row to do so.