If our HOA board takes out a loan for repairs we and most do not agree with, does that put a lien on

our homes and if we try to sell, do we need to disclose?  Our Association is set up so that we as home owners have no say at all.  No matter what we feel, the board decides, one being the President that has the most to benefit with the project he is demanding be done.  It is costing our neighborhood (only 24 homes) over $86,000 and is not a permanent fix.  So now because many are not willing to pay, they are going ahead with it and taking out a loan.  I have asked many times if this will be a lien on each of the homes and no one in our HOA will answer me.  I am so frustrated and angry and am wondering if I need to consult an attorney.  If we had known how things would go with our HOA Board, we would seriously have not purchased a home in this neighborhood.  In my opinion, the President of the Board should have excluded his vote as he has the most to gain from this.  He lives on the little pond and he says it needs to be dredged, with all new landscaping around it, a fountain put in, etc.  He tried to sell his home for a very inflated price and blamed it on the pond so now we all pay for it.  Any help or suggestions would be greatly appreciated.
  • October 14 2012 - Winston-Salem
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Answers (7)

Hi Theresa - your BOD works for you. You should be able to vote out your Bod if a majority of other owners in fact do agree with you. If they do you might want to present that to the bod president... Before he/she signs the loan contract and the work contract. Once signed The lien will be on the HOA, of which you are 1/24th owner, so while it isn't directly attached to your parcel as a lien (most likely) it is a debt owed by you, the owner of your parcel (or a future owner of your parcel) 1/24th of the total loan.
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Profile picture for Sharon Lewis

Gather your neighbors who are not happy with this and talk to a real estate attorney. The problem here (among several problems) is that you do not want to sue the board because you are suing yourself....and you do not want this to 'get out there' for realtors and buyers to hear about because it can cause some serious issues with your  real estate values...best of luck to you.

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go to the ombudsman's office in your town and ask them to review...get all the homeowners to sign a petition stating they do not feel the work that is being requested to be completed that requires the loan has any benefit to the homeowners as a whole in the subdivision except to your board's  president

have them investigate if the HOA's board president is getting a kickback for the work done by the contractor...  there are governing rules that board members must abide by...getting kickbacks for work to be performed using HOA funds is a valid reason to get him kicked off the board.

we have an hoa hall of shame here where it has been revealed of all sorts of unethical practices by HOA board members
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Profile picture for wetdawgs
Yes, you should talk to an attorney.

Normally HOA loans do carry forward as liens when one sells their home, so yes, you would have to declare it.

  
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