Thursday, April 26, 2012

I-Team: Lawsuit Filed Against More Than 500 Las Vegas HOAs For Overcharging Government On Foreclosure Insurance Claims.

LAS VEGAS -- Two Las Vegas attorneys are going after hundred of Las Vegas HOA's. A federal lawsuit accuses the HOA's of illegally charging the government too much money on foreclosure insurance claims.

Attorney's involved say more than 500 associations have been named. The list of defendants is more than 20 pages long -- stretching 28 feet worth of paper.

The government has foreclosed on over 23,000 Clark County homes since 2008. Homeowners associations would go after Fannie Mae and Freddie Mac for unpaid HOA dues on those homes. The lawsuit alleges they charged for every month those HOA dues went unpaid.

Nevada law limits the amount they have to pay at between six to nine months of unpaid dues. They claim several hundred Nevada HOA's overcharged the government up to $15 million. The lawsuit even called it a "scheme."

When it comes to penalties, an attorney connected to the case says all of those HOA's may be liable for up to $50 million.

Read on.

And 21 banks are named in the lawsuit. Read the lawsuit against hundreds of HOA's

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