Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Saturday, June 30, 2012
Judge Orders Temporary Halt To HOA's Collection Of $15K+ Repair Assessment; Unit Owners' Suit Claims Fix-Up Charge Violates Condo Master Deed
In Myrtle Beach, South Carolina, The Sun News reports:
Judge Benjamin Culbertson has placed a temporary injunction on the homeowners association of the Ocean Forest Villas in Myrtle Beach to stop it from collecting payment from residents to repair the 30-year-old building.
“Well it means that they are allowed to do the assessment but they have to hold off on collecting the money,” said the homeowners’ association’s attorney Mark Neill. Culbertson issued the injunction Monday.
Some residents sued the homeowners’ association over a letter it sent in May saying that each owner needs to pay $15,500 within three weeks to repair the building. About 81 people are plaintiffs in the lawsuit, which represents about 50 of the 243 units at Ocean Forest. The repairs include rebuilding each balcony, supporting pilings, and fixing water leaks.
The homeowners’ association gave the residents the option of paying off the debt in installments during the next two years, if they couldn’t come up with the money immediately.
If they couldn’t pay, the homeowners’ association will add 8 percent annual interest and a $50 per month late fee to the total. If it goes unpaid beyond 60 days, the HOA will shut off the owner’s cable television service and add a $100 disconnect/reconnect fee.
The owners’ key point in their lawsuit is that these charges violate the master deed of the condos. The plaintiffs’ attorney Mark Nappier said the homeowners requested the injunction seeking immediate relief while the lawsuit works its way through the system.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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