![]() ![]() 18, 2023, the most recent invoice the Inostrozas received, the HOA says they owe nearly $8,000.ĬNBC reached out multiple times to Homeowners Management LLC for comment and received automated responses directing us to contact the current management company, which changed hands as of August 2023.Ī representative of the current management company, Sentry Management, told CNBC because it "just became the management company for this community in the last couple of months, little ability to comment on historical facts," regarding the Inostrozas' case. The Inostrozas estimate they've paid about $12,000 in fines and garnished wages to the HOA in addition to thousands in legal fees to their lawyer. "They were just adding fines and adding interest." "But it seemed like never got to the management or homeowners association," Enrique Inostroza said. ![]() They finished paying that amount off by this past January, according to documentation reviewed by CNBC. Under that agreement, the Inostrozas would pay approximately $3,100 in installments. The Inostrozas hired a lawyer, who they say came to an agreement in 2016 with the HOA's attorneys to stop the garnishment. By December 2016, documents show the Inostrozas owed the HOA more than $4,300. "I got a notice two weeks after."ĭespite the garnishment, invoices from the HOA reviewed by CNBC do not show any reduction in the total balance owed. "There was nothing sent," Jewel Inostroza added. "The first time I learned of that was when I got my first paycheck that they garnished," she said. In mid-2015, Jewel Inostroza said the HOA began garnishing wages directly from her paycheck to satisfy the unpaid fees. This can open the door to an HOA or other complainant escalating to the next level of debt collection, such as foreclosing on the home or, in the Inostrozas' case, garnishing wages. In the court documents, the HOA said the Inostrozas owed more than $1,600.Ī lien is when a party has a legal claim against an asset, such as a home, which can serve as collateral to satisfy unpaid debt. The Inostrozas said communication with the HOA prior to 2011 was by phone.īy August 2015, the HOA put a lien on the Inostrozas' home. Documentation reviewed by CNBC from as early as 2012 shows that the balance continued to grow. The couple was unwilling to pay those fines and said the HOA and its management company at the time, Homeowners Management LLC, were not responsive to their attempts to get the balance voided. ![]() Roughly 84% of newly built, single-family homes sold in 2022 belonged to homeowners associations, according to the U.S. It's becoming increasingly common for new homeowners to find themselves in an HOA-governed property. More from Personal Finance: 53% of Gen Z see high cost of living as a barrier to success Series I bonds rate could top 5% in November Student loan borrowers hit snags as bills resume The board may choose to hire a management company, many of which are for-profit, to help run day-to-day operations. A board of directors, made up of volunteer homeowners in the community, run the HOA. Homeowners associations, also known as HOAs, are self-governing organizations that implement rules for homeowners and renters within common-interest communities. These communities are usually overseen by homeowners associations. They became aware after they moved in that they had bought into a "common-interest community." Typically, that means real estate where owners pay a portion of expenses connected to shared amenities and common areas. Inostroza is the only one listed on the deed, but she and her husband Enrique, 48, share financial responsibility of the home. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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