‘Foreclosures Are Profitable’: Controversial HOA Has More Than $1 Million In The Bank
– The Master Homeowners Association For Green Valley Ranch, which initiated more HOA foreclosures in 2021 than any other Denver HOA, has taken in more than $600,000 in one year from fines levied against its homeowners and the HOA has more than $1 million dollars on hand in checking accounts, CDs, saving accounts and cash, and the HOA lists its total assets at more than $2.2 million dollars, according to a CBS4 review of its financial reports covering the last four years.
-For 2020, the HOA listed $331, 650 in rule violation fines and in an unaudited financial statement, said it had $170, 193. in net income for the year When the Washingtons didn’t take action quickly enough, the HOA levied a $200 fine. Although the Washingtons later fixed the broken blinds, which the HOA acknowledged in writing, the Washingtons apparently failed to pay the fines.
Michael and Patricia Washington apparently believed addressing their properties’ issues was sufficient. Unbeknownst to them, since they had not paid their fines, they were also being assessed late fees, lien fees, attorney fees and interest. It appears the HOA even garnished Patricia Washington’s wages.
“It seems to me that should be the function of the HOA, to help the community, not to apply sanctions or punish homeowners for having a couple of slats in their blinds missing from their homes,” said Gravenson.
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