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ABC Special Report
Investigation: New Home Heartbreak
Trump - NAHB Homebuilders Shoddy Construction and Forced Arbitration
HOA Payment Plan Rip-Offs
Friday, 20 May 2011

Beware of HOA Payment Plan
When an expensive payment plan deal becomes a foreclosure

Current industry payment plan practices:

1.     Payment plans have become a prerequisite to foreclosure.  See HOBB Report:

    1,425%  Markup - Big Corporate Business for HOA Non-Judicial Foreclosures


2.     An elite group of HOA industry attorneys/debt collectors have captured the

   market of no-win homeowner’s payment plans as the option for HOA foreclosure
   on homesteads.


3.     The HOAs attorney business plan objectives for payment plans:

a)    Is to derive a steady stream of income for themselves as the debt collector;

while the debt continues to mount under the payment plan


b)    When a payment is missed under the plan (anticipated), the HOA attorney

posts notice for a “Non–Judicial” foreclosure again, adding more fees and  

offers another payment plan or face foreclosure.  Additionally, homeowners

may be required to sign an Agreed Judgment


c)     With 2 to-as-many-as 5 times of payment plan extensions and notice

postings, the attorney submits the Agreed Judgment for a default before

the judge under a Judicial Foreclosure 


d)    Foreclosed – THE END

Under payment plans many have paid thousands of dollars only to see their homes
taken in foreclosure over the original $150 assessment debt.



 

 
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Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


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