Hi,
I own a property in a community where the HOA is too high and therefore the delinquency rate is more than 35%. What can be done legally to either change management companies or get rid of the HOA all together. They’re not taking care of the community anyway.
In case you’re wondering, no I’m not delinquent.
Dlmcgill
Become active in the hoa and talk to the other owners and get their proxy votes to take over the hoa government.
I don’t see how getting control of the home owners’ association, even changing management companies, helps here. If there is a 35% delinquency rate in HOA fees, then there is not enough income to cover all the expenses of maintaining the community.
The association can either defer maintenance or issue a special assessment that is high enough so that all the owners who are current on their dues will pay enough to cover deferred repairs. It seems from your comments that the association has decided to defer maintenance. There may be remedies available such as foreclosure, but if there is no resale market, foreclosure is not a quick fix.
I don’t see how replacing the association board and/or hiring a new management company resolves the issue. Even if you replace all the members on the board of directors, you still have a revenue deficit and still don’t have enough money to make all the needed repairs. FYI: Association management companies work under the direction of the association board of directors.
If you want to be a condo tycoon, maybe your immedate remedy is to buy up all the foreclosures in the association and bring the delinquent dues current.