Quote:
Originally Posted by timeos2
That basically describes the operation of THE CLUB for DRI - at least the trust version (there is at least one other). As you can see from some of the other posts regarding DRI they run that system as their own little playground from what I've seen. With DRI holding control of the Board and basically telling the Trustee what to do they answer to no owner (who can be booted for "missing" a $74 payment). Don't assume a Trust hold much protection unless you - not the trust - holds the deeds for those underlying weeks.
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Sure, a trust makes it easier to foreclose. That is true. But, in any foreclosure situation, there still must be due process. Otherwise, a simple complaint to the Florida Real Estate Commission will result in a hearing and widespread complaints results in sanctions and policy changes. I haven't read the entire thread regarding that case, but, I'll bet there is more than meets the eye. Probably just poor execution on DRI rather than a proactive intent to immediately foreclose on anyone late more than a day on any payment.
Moreover, the foreclosure process could help the Club more than hurt it. Since there are always dead beat owners, making it easy to foreclose could be a benefit to the Club rather than a hindrance. I would withhold judgement until I saw more facts.
Lastly, if you own the deed and DRI owns the HOA, they can still charge you a special assessment whether or not the deeds are in trust. There are lots of things a resort developer can do to make your lives miserable if they want.
Any HOA can whether its independent or controlled by a resort developer. Focusing on one item like the ease of the foreclosure process to declare that deeded weeks are better than deeds held in trust is a red herring and trivial point. Ownerships are still governed by Florida Real Estate Statutes.
