Image by Flickr user 666isMONEY ☮ ♥ & ☠ Homeowner fees can pile up, often opening the door to foreclosure proceedings.
Sharing accounts of home seizure over relatively few dollars in late dues, the Charleston Regional Business Journal has a report that seems likely to up the heat on South Carolina homeowners associations and a lack of regulation.
The journal writes, in part, the "case is one of hundreds of foreclosures filed since 1993 by homeowners associations in Charleston County for unpaid dues and assessments — some for as little as $332.
"Jackson’s office was getting overrun with calls from homeowners across South Carolina, Seawright said. The callers said their homeowners associations were increasing dues and issuing fines for everything from unkempt yards to wrong-colored mailboxes. 'In some cases, their dues were more expensive than some people’s mortgages,' Seawright said."
The report is well worth reading, read it over here.
In 2009 proposed rules to regulate homeowners associations died in the Statehouse, and again in 2011.