BANKS CAN BE A PAIN IN THE ASS OCIATION

Raise your hand if you live in a condo, town home, or any complex that has a home owners association dues (HOA). OK, now put your hand down because your office mate will think there's something wrong with you. Then again, if you belong to an HOA, there may actually be something wrong.

In the latest twist of " Why BofA, Wells and Citi Should No Longer Be On Your Christmas Card List", it seems that our banking buddies have largely decided to ignore the HOA dues that continue to occur after they have taken a property back. HOA dues are similar to a utility bill in that they need to be paid every month... even after the bank has foreclosed.

They differ in one HUGE respect. If BofA doesn't pay the light bill on a unit they now own, the electric company just turns off the power. But if BofA doesn't pay the HOA bill, that cost mounts up against the HOA. Now since the Big 3 own hundreds of thousands of dwellings with unpaid HOA dues, guess what happens?Well, the HOA raises your dues to make up the difference, little things like maintenance go unattended, and if the HOA isn't healthy, future buyers can't buy that run down, beat up foreclosure that BofA won't pay dues on...because the buyer's lender is worried that HOA isn't healthy. I think I made myself dizzy just then.

Like so many other oversights the banks have managed to,well, overlook, the only way to get their attention is for states to sue them. What a party THAT must be! Bank attorneys arguing with state Attorneys General.Nothing but fun there. Below is a link to an article that outlines the State of Florida's attempt to force banks to pay the HOA dues they are reluctant to pony up on now:
Click Here To Take BofA Off Your Christmas Card List