We Feel Forced Out of Our House Because of Our HOA

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Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 24 April 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.6	So my husband and I and our two kids are feeling forced out of our house because of a legal
0:16.3	situation with our HOA where our HOA will be doubling in cost.
0:21.6	And if we sell our house, we're wondering if we should use the equity to pay off our
0:27.5	remaining debts or if we should put it all towards a new down payment since the interest
0:33.8	rate is much higher now than when we originally bought.
0:40.1	Wow. Wow.
0:41.6	What is your HO fee now?
0:45.3	400.
0:46.2	And it's going to 800?
0:48.4	Probably 750.
0:50.6	Wow.
0:51.3	Probably, but hasn't happened yet.
0:53.8	Nope. So. Who sued the HOA?
0:57.7	Basically, the HOA sued the construction company because some of the townhomes in our neighborhood
1:04.3	have major damage, but the HOA just lost. And so now they're responsible for repairing the foundations and roofs of the damaged homes.
1:18.1	Wow.
1:21.2	That doesn't sound right.
1:23.5	Yeah, I mean, they sued the construction company to get the construction company to fix the things.
1:29.0	I don't understand, because HOA usually doesn't cover, oh, this is a condo.
1:38.2	It's not a, these aren't standalone homes.
1:41.9	Mm-hmm, correct.
	...

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