References: #Charleston Regional Business Journal
With fees and home seizure debate surrounds S.C. homeowner associations
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.
While the piece is mostly about this ever growing issue in Charleston County, it does highlight a greater issue across the state, "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."
We can't help but wonder how many foreclosures in the area may be due to overzealous HOAs. In the Horry County, as of June, acording to RealtyTrac.com, "1 in every 367 housing units received a foreclosure filing."
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.
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