MY HOMEOWNERS ASSOC. CLAIM THERE IS NO MONEY IN THEIR FUND TO PAY FLOOD INSURANCE. WHAT CAN WE DO?
SOME HOMEOWNERS HAVE PAID THEIR MONTHLY DUES. OTHERS HAVEN'T. NOW, THE HOMEOWNERS ASSOCIATION SAYS THAT THERE IS NO MONEY AVAILABLE TO PAY FOR THE RENEWAL OF OUR HOMEOWNERS INSURANCE AND FLOOD INSURANCE. WHERE HAS THE MONEY GONE TO AND WHAT RECOURSE DO I HAVE TO MAKE SURE THAT INSURANCE IS PAID? I LIVE IN BOCA RATON, FLORIDA. WHO DO I CONTACT TO BRING THESE FACTS TO THEIR ATTENTION FOR APPROPRIATE FOLLOW-UP.
Dear Linda,
Your HOA board of directors will probably have to do a special assessment or increase your assessments to cover the shortfall. Many HOAs are seeing an ever increasing number of homeowners who are not paying their assessments so it places a higher burden on those that do pay. If a property has any equity (unlikely in this market), your HOA can have an attorney file a lien and then foreclose to get paid for up to a year's HOA assessments and the legal fees. You can request financial documents from your HOA and they're required to supply them within 10 days if you want to see where your money has been spent. There's an interesting website that you may want to visit: http://www.ccfj.net/
Hope this helps you.
All my best,
Alma
Alma Rose Kee, P.A.
Real Estate Consultant
Charles Rutenberg Realty, Inc.
http://www.SoldOnTampa.com
Linda,
One other thing. When you click on the link: http://www.sslawfl.com/ go to the bottom right where it says, "Practice Groups-Community Associations and Country Clubs". I'm sure they will give you some sort of short consultation at no charge based on what you've wrote above.
In addition to that, I am recommending this firm from personal experience, they DO fight for their clients to win.
Scott Miller
Realty Associates
561-716-4060 c.
Hi Linda,
This is an extremely serious situation, as you well know. I keep hearing about homeowners having to make up the difference in shortfalls for buildings, communities and developments all over Florida.
The first thing I think you should do is get proper representation as the 'group' of homeowners. You need a bonafide audit of the expenses that were paid out, where every single penny went. I am putting here the link for a very well known law firm that I highly recommend for this kind of work in Boca Raton. Please find them here: http://www.sslawfl.com/ and I hope they can help you sort this mess out.
Please keep us up to date here and let us know what happened to the monies, whether or not there was misappropriation.
GOOD LUCK,
Scott Miller
Realty Associates
561-716-4060 c.
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