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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