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ABC Special Report
Investigation: New Home Heartbreak
Trump - NAHB Homebuilders Shoddy Construction and Forced Arbitration
Big Corporate Business of HOA Non-Judicial Foreclosures
Wednesday, 10 February 2016

Texas Consumers Call for Investigation of Property Management Industry
and Attorney Misconduct

See Home Owners for Better Building Press Release
Read WFAA Report Featuring Senator Carona Walk Out

See Associa Priority of Payment Attorney Fee First Contract:
#1 Attorney Fees - #6 Homeowners Dues
Big Corporate Business of HOA Foreclosures
1,425% Profits for the Non-Profits HOA Empire - The Hammer of HOA Foreclosures

Click Map to View Bexar County Texas Foreclosure Postings

Click here to view Actual Foreclosures

2007 – 2010, $150.00 Yearly Dues Totaled $450.00
How a $150 HOA Dues Per Year became a Goldmine of 1,425% Gross Markup


Original Amount Owed: $450
Total Amount Demanded:  $6,412.44*
 $3,787.44**Assessment and Late Fees; 
$2,625.00 Attorney’s fees and expenses

   *  Subject to increase for additional charges 
   **Includes and annual assessment of $240.00 levied on January 1, 2011


Payment Plan: $150.00 Per Month
Plus $20.00 Attorney Bank Deposit Fee


Payments per month $170.00         $2,040.00
Attorney Bank Deposit Fee              –   240.00
Paid to account in one year             $1,800.00

Paid:       $2,040.00 
Applied:  $1,800.00 
Balance: $4,612.44* Plus late fees and compounding

The Hammer of HOA Foreclosure 

The question is; how can a family that owns a 9-year old home valued at $74,000 pay the monthly mortgage and then be expected to pay an additional $150 a month, plus a $20.00 processing fee, plus accruing interest, fines and fees when the original yearly HOA dues was only $150 per year?  The answer is Big Business Payment Plan Greed which makes Pay-Day-Loans look good.

The HOA attorney, Tom Newton handles 83% of all HOA (Non-Judicial – No Court Hearing required) foreclosures in Bexar County, Texas.  Over the past two years Newtonhas posted 27 foreclosure notices on homes in the small subdivision of Lago Vista built in the near south side of San Antonio.  At least 2 of the same homes have recently been posted for a second time.

After speaking to numerous families in Lago Vista the story is the same. Th
e process is a family fails to pay the $150 a year HOA dues on time in January.  When they are notified the $150 payment has been significantly increased by several hundreds of dollars in fees and interest that they cannot afford to pay.

Shortly after Newton, the HOA attorney adds his fees and the threat of home foreclosure on the courthouse steps. Most are offered payment plans that are designed to produce very lucrative steady incomes as the debt continue to compound by additional interest and fees. When a monthly payment is missed the home is again posted for foreclosure at the courthouse with additional penalties and attorney fees added.

E
ach month the attorney hits the Texas HOA Lottery payment of $3,400 if only 20 families send in the $170 payments, which never end.  Meantime the HOA dues have been increased to $250.00.

Attorney Fees Note: Just four years of attorney bank deposit fees will total $960.
 

 


Bexar County HOA Non-Judicial Foreclosures
83% Tom Newton Attorney for ProCom
7% Michael Thurman
10% All others
    Original Homeowners Delinquent Assessment Debt
      


Gross markup in excess of dues, $5,549,870.00

  

     Data: Bexar County HOA Non-Judicial Foreclosure Postings  

                              
              
                                       

                       

 
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