fuck homeowner's associations

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Is your Home Owner Association (HOA) pissing you off? Well here is the place to share your stories with the internet. NOTE: only established...

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HOA’s interest rate on late payments is criminal usury (lemmit.online)

submitted 2 years ago by bot@lemmit.online to c/fuckhoa@lemmit.online

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The original was posted on /r/fuckhoa by /u/Churchgoer2022 on 2023-09-21 15:33:32.

The HOA where I own a rental property sent out a notice stating that all late payments will bear 5% interest per month. Under state law (NY), that’s criminal usury, I think, at least if the homeowner is an individual.

When a homeowner told the board president that the interest rate is criminal usury, the president responded, “I can’t answer that because I’m not a lawyer. Your lawyer can tell you what it is or isn’t.”

Has anyone seen a HOA charge a late fee that constitutes criminal usury? If so, did anyone fight back?

Thanks.

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