An entire Florida homeowners association board quits after $60K special assessment dispute -- what happened

[Yo_Mama_Been_Loggin]

Homeowners in the Villas of Carillon townhome community of Feather Sound, Florida are trying to wrap their heads around a request from their homeowners association board for a $60,000 special assessment.

The homeowners received notice of the assessment in early June, which detailed how the HOA’s reserves had never been fully funded in its 20-year history, presenting the community with a “significant financial challenge moving forward.”

Each household was expected to shell out around $60,000, and a vote was set for June 20 to determine the exact payment plan.

“There will be a lot of people that lose their home, either they have to sell or they can't make these payments. They'll have a lien put on their house, foreclosures,” said Tammy Rodeffer, an owner, to WTSP at the time. “I'm concerned about the overall community.”

https://finance.yahoo.com/news/entire-florida-homeowners-association-board-100800168.html

[XanaDUer2]

1. I'd be destroyed nt

[jimfields33]

2. Most would.

I’d definitely have to do payment plan and it better be 10 years. I think it should be since it’s for reserves.

[mitch96]

3. And I was bitching about an assessment of 8k for a new roof. Our new HOA prez was a financial mgr and when he

got a hold of the books he was aghast at the finances. He whipped everything into shape in a few years and we are doing fine now. Others in our community are not.
The previous property mgr kept kicking the financial can down the road and then left.
You have to keep a keen eye on the finances of condo/townhome finances. Too easy to skim money off and leave the "inmates" high and dry..
m