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September 2008 ISSUE
We do not make jokes, we simply watch the LA Times, the Orange County Register and CID/HOA board of directors and report the facts!
c) 2001-2007 S.GLASSMAN AND D.VANITZIAN. All rights
reserved. The Associations and Common Interest Living
articles and columns may not be reprinted or
retransmitted in any form without the express written
consent of the copyright holders. The authors take no
position regarding any documents or accompaniments
that may be enclosed with, attached to, or alongside
said article reprints or distribution. Los
Angeles Times, Real Estate Section,
"Associations," August 10, 2008 When Fees Get Out of Control, Online title: What Can Condo Owners Do When Homeowner Fees
Spiral Out of Control?
When Fees Get Out of Control
August
10, 2008
QUESTION: I paid $139,000 for my Desert
Hot Springs condominium in 2005, but according to the
Riverside County tax assessor's office, it's now
valued at only $100,000. My mortgage balance is
$109,000. I pay two homeowner association dues
monthly, $350 to a master and $200 to the
sub-association. My mortgage payment is $1,150 a
month, and so far this year more than $650 has been
levied in special assessments by the board. There is a
glut of empty condos where I live, and I'm finding it
exceedingly difficult to make all these payments.
Rather than be stuck with an unsalable condo and two
homeowner association dues, can I negotiate a lower
monthly payment with the board and the bank? The
majority of owners cannot afford all the association
fees. Is there a way to get the board to stop levying
special assessments and cut the association dues in
half?
ANSWER: According to Marina del Rey-based
certified financial planner David R. Bergmann, owners
like you face ethical choices between honoring an
obligation and commitment on one hand and avoiding
financial suicide on the other. A purchase money
mortgage is generally a "non-recourse" loan,
he said. When a homeowner refinances, the loan becomes
"recourse," meaning the lender looks to
assets beyond the original property to satisfy the
debt obligation.
If a renegotiation of the mortgage would make the loan
"recourse," you need to be aware of the
potential dramatic change in what's at risk.
Although the board has an obligation to repair,
replace and maintain common property, it also has a
duty to keep costs within the pro forma budget.
Special assessments may reflect a board policy of not
having enough money to fund obligations or may
indicate fiscal mismanagement.
Every owner of deed-restricted property must try to
regularly attend monthly association board meetings
and ask to view books and records including accounts
receivables and payables. Depending on the outcome of
those efforts, determining the board's fiscal
responsibility may entail initiating an audit or, in
extreme circumstances, even a lawsuit. The outcome of
such investigations may help you determine what you
should do with your property.
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