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Author Topic: Is SLCA on the verge of Bankruptcy?  (Read 3253 times)
admin
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« on: January 15, 2011, 04:28:29 PM »

What Happens When a Homeowners Association Goes Bankrupt?
By Tom Lutzenberger, eHow Contributor .updated: June 4, 2010

"HOA bankruptcies can occur due to mismanagement, internal theft in the form of embezzlement or fraud, or economically hard times. Theft remains the rarer of the two possibilities with bad board management decisions being the usual culprit. During lean times, numerous foreclosures can also sap an HOA of critical revenue streams as the number of paying members decreases."

"Frequently, according the American Homeowners Resource Center, the first signs of problems with an HOA occur when it decides to start withholding financial information from its members and/or having closed meetings to discuss financial matters. When the HOA can't disclose what's happening with its funds, members  should be worried. "

Read more: What Happens When a Homeowners Association Goes Bankrupt? | eHow.com http://www.ehow.com/about_6585165_happens-homeowners-association-goes-bankrupt_.html#ixzz1B8ZsLk4h

Attend meetings and ask:

How much debt did the Board create, how many loans have thay taken, and how did they mortgage common property without residents' approval?

What happened to all the money from Stand-by and Usage fees that should be in reserves to repair the sewer system?  Increasing the sewer rate to $1,900/yr is essentially making residents that live here today responsible for the irresponsibility and mismanagement of the past.  Not fair.

If the association is financially broke, as stated at one of the lastest board meetings, why are they starting so many lawsuits?

Demand the Board to:
  • Stop starting lawsuits
  • Do a forensic audit to find where the money went
  • Start following the governing documents
  • Get rid of security - if residents can't pay for common expenses it's irresponsible to have other unnecessary expenses.
  • Legally property owners are only required to pay their proportionate share of common expenses, tell them to stop over charging to reduce the chance of more lawsuits.
  • Stop charging lot owners an annual stand-by fee during a moratorium to reduce the chance of more lawsuits.
« Last Edit: January 25, 2011, 03:42:54 AM by admin » Logged
FIDEL
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« Reply #1 on: January 31, 2011, 02:48:45 PM »


HAPPY ANNIVERSARY FOLKS!

      Dictator Hosni Sayyid Mubarak assumed the Presidency of Egypt on 14 October 1981.

The Ron Kluge, David Wienstein, Nancy Schmerber dictatorship, assumed the Presidency only a few months earlier, here at Stillwater Lakes Estate, on February 12, 1981.

The people of Egypt have had enough!

The residents of Stillwater Lakes Estate can't seem to get enough!

Congratulations to Ron, David and Nancy for your superior leadership, in manipulating and controlling the intellectual class the rules this peaceful and sleepy little community known as Stillwater Lake Estates!

May you all rest in peace.

FIDEL


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admin
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« Reply #2 on: June 13, 2011, 11:54:35 AM »

Meet and Greet the S.L.C.A. Candidates

Candidates scheduled to be on the ballot for the 2011 S.L.C.A. Board of Directors will be invited to introduce themselves and present their objectives for governing the Association on June 18, 2011, 12:00pm at the S.L.C.A. Clubhouse following the board meeting scheduled for 9:30am.

Refreshments will be served.

All members are urged to attend this presentation. It's a great chance to not only meet and greet the candidates but to also ask questions about the future of your community that are important to you.

Thank you,
S.L.C.A. Nominating Committee
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