Home Front

A blog about the economy and the Sacramento-area real estate market.

June 4, 2008
Home owner associations feeling pinch of uncollected dues

 There has been a rash of stories from around the U.S. about homeowner associations having to raise assessments on their residents as more and more financially-strapped occupants fail to pay their monthly dues. This story recently ran in USA Today and here is another from the New York Times, and another here from the Wall Street Journal.
 If that isn't enough, someone passed along this one, too, from The Tampa Tribune taking it all to a new level. When these people got behind on dues the homeowners association foreclosed on their house over it and booted them out.

A lot of these places say they're having problems collecting dues from banks, too, when they repossess houses governed by HOAs.  Many are suing the banks.

I asked a colleague here at The Bee to check for regional lawsuits to see if HOA's here are suing banks to collect dues. He found nothing on that account, but did find something equally interesting. That was a lawsuit fled in Sacramento County Superior Court by the Park River Oak Estates Homeowners Association in Sacramento against Chuck and Victoria Scott Yeager.
The lawsuits alleges that the Yeagers owe the association $12,000 in overdue assessments and fees.

  Yeager was a star of the movie "The Right Stuff," and the first pilot to break the sound barrier in 1947 at Edwards Air Force Base. He and his wife own two units governed by the homeowners association, says the association in its lawsuit.

 We are attempting to reach Yeager for comment.

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