Tag Archives: bankruptcy

HOA, condo & co-op litigation and case law highlights (Dec. 2018)

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By Deborah Goonan, Independent American Communities December 2018 HOA litigation and case law highlights: business judgment rule, assessment collection following bankruptcy, and HOA foreclosure rights and limitations. How Is The Business Judgment Rule Applied To Board Actions? by Husch Blackwell LLP November 14, 2018 The Business Judgment Rule can be a great protection for condo and HOA boards—but only if the board is following the documents. Facts. The Declaration for an HOA stated that the Continue ReadingHOA, condo & co-op litigation and case law highlights (Dec. 2018)→

Colorado homeowners, HOA going after bankrupt developer

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Homeowners left with flooded back yards, after developer fails to build retaining wall to divert stormwater By Deborah Goonan, Independent American Communities Imagine purchasing a brand new home, but, shortly after you move in, the developer declares bankruptcy and walks away before completing your community’s infrastructure. It happened to homeowners of a Monument, Colorado subdivision. Terry Cummings, HOA Treasurer, and Connie Kreft, both members of Meadows as Monument Lake Homeowners Association, explain how homeowners are Continue ReadingColorado homeowners, HOA going after bankrupt developer→

Majorca Isles settles for $11M from D.R. Horton

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Settlement follows October 2016 judgment for $16.3 By Deborah Goonan, Independent American Communities   According to the lawsuit that concluded in October 2016, Majorca Isles was approved as low to moderate income housing (up to 681 units) organized as individual condo associations with an umbrella Master Homeowners Association. Most of the mortgages were FHA insured. Construction began in 2006, but ended in 2009 when only half of the units had been completed by DR Horton. Continue ReadingMajorca Isles settles for $11M from D.R. Horton→

HOA homes lose value when developers, builders don’t follow through

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One builder dumps unfinished roads on HOA, another home builder files bankruptcy By Deborah Goonan, Independent American Communities In Madison County, Mississippi, home construction in the Chestnut Hill subdivision, which began in 2007, is only halfway completed. According to recent reports in the Northside Sun, only 50 of 100 planned homes have been built, and the roads in finished phases are in terrible shape. Developer David Landrum turned over unfinished roads to the HOA, according Continue ReadingHOA homes lose value when developers, builders don’t follow through→