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BEWARE OF HOA PAYMENT PLANS
Thursday, 29 December 2011

New laws affect HOAs and homeowners starting Jan. 1
In years past in Texas, HOAs could foreclose on a property owner in as little as a month for non-payment of its assessments. “You can get yourself caught up in a credit payment plan that makes payday loans look good, if you aren’t careful,” said Janet Ahmad, president of Homeowners for Better Building. And if you’re wondering how the HOA is spending your assessments, you can now request a copy of the agency’s recordkeeping. But beware, even that may cost you in copying costs and employee hours to procure it. “This open records request is extremely lucrative for -- again -- the management companies,” added Ahmad.

New laws affect HOAs and homeowners starting Jan. 1
View KENS Joe Conger Reports
 
               

SAN ANTONIO -- This Sunday, 21 laws take effect in Texas, many of them dealing with how homeowners deal with homeowner associations.

In 2012, those who don’t pay their HOA dues on time can expect more warning letters and payment plans before an HOA can send it to a collection agency.

In years past in Texas, HOAs could foreclose on a property owner in as little as a month for non-payment of its assessments.

The HOA needs a court order now before that can happen.

Some homeowners call it a step forward. But a local homeowner group said it is the management companies who win in the end.

“You can get yourself caught up in a credit payment plan that makes payday loans look good, if you aren’t careful,” said Janet Ahmad, president of Homeowners for Better Building.

Ahmad said the new laws can make HOAs more transparent. HOAs have to post copies of their covenants and by-laws online if they have a website. And HOAs must give 72 hours notice of a board meeting.

And if you’re wondering how the HOA is spending your assessments, you can now request a copy of the agency’s recordkeeping.

But beware, even that may cost you in copying costs and employee hours to procure it.

“This open records request is extremely lucrative for -- again -- the management companies,” added Ahmad.
http://www.kens5.com/news/local/New-laws-affect-HOAs-and-homeowners-January-1st-136338253.html

 
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