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Cap
Platinum Member
USA
2167 Posts |
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vzmpqk
Silver Member
USA
435 Posts |
 Posted - 05/06/2010 : 11:34:31 PM
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I read that article the other day and just can't understand how the bank (Wells Fargo) can collect the taxes from the residents and then not pay the taxes. Seems like the State should take Arlington Ridge from the bank for failure to pay the taxes. However, I'm not a lawyer and don't know how any of that is structured. What I do know is that I'd now never do business with Wells Fargo.
John Caruana |
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Cap
Platinum Member
USA
2167 Posts |
Posted - 05/07/2010 : 08:08:47 AM
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I think it is likely that the taxes in question are on all the vacant, unsold lots that were mortgaged by the builder and taken over by the bank. Thus there are no owners with escrow accounts where they are making payments to the bank and the bank is not paying.
Since the bank did not pay their taxes, the county places a tax lien against the property. Then the county sells "tax certificates" where the certificate buyer pays the taxes in exchange for the right to get interest at a high rate (perhaps 18%) and the unpaid taxes from the bank at a future date. After two years, the tax certificate buyer has the option, but not the legal requirement, to have the property sold at county auction. They are hoping that the lots will eventually sell and the lien will need to be cleared, so by paying the taxes they can earn an 18% return.
Cap (and Judi)
Lakes of Mount Dora Lot 189 |
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vzmpqk
Silver Member
USA
435 Posts |
Posted - 05/07/2010 : 12:17:53 PM
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Thanks Cap - now I understand the tax portion of it. Are the residents losing some of the amenities (community restaurant, social center, fitness center and spa) because of the unpaid CCD payments by the bank? I am not really familiar with CCD's although I remember when we were looking for a community I read advice against choosing a community with a CCD.
John Caruana |
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The Music Man
Forum Admin
USA
4391 Posts |
Posted - 05/07/2010 : 3:54:41 PM
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Yes, they are losing some amenities (their fitness center is closing, for example) and it's even possible their lawns will not be cut (since the lawn service isn't getting paid). It's not a good situation for our friends at the Ridges.
Mike Kelley
"You don't need a million dollars to do nothing" |
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Mela
Silver Member
USA
417 Posts |
Posted - 05/09/2010 : 12:22:24 PM
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To clear up a few items.
Cap is right about the bank not paying on the vacant lots. They have now agreed to pay some of the money but not all of it.
As of last week it looks like we will still be having all our amenities like the exercise center and crafts room. They are going to give us a schedule of when they will be open. Probably not seven days a week and not as many hours each day. They are trying to accommodate having them open when residents use them.
Our lawn and all the other services will continue because we have enough money to pay those vendors.
The Grill will also remain open with the bank helping to cover the costs.
So things are looking better now than a couple weeks ago. I'll keep everyone posted on what progresses.
Mela and David
Lot#70 Arlington Ridge |
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golfnut
Silver Member
USA
425 Posts |
Posted - 05/16/2010 : 10:45:53 PM
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| I too am not familiar with ccd's, maybe someone can enlighten us....gn |
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Flora
Gold Member
1154 Posts |
Posted - 05/20/2010 : 2:35:12 PM
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golfnut,
Aren't the Villages CCD's? If yes, you are very familiar with the concept.
Cheers,
Flora |
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BillPete
Silver Member
USA
217 Posts |
Posted - 05/21/2010 : 06:33:24 AM
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It's CDD (Community Development District), not CCD.
The Villages is comprised of several Community Development Districts (CDD). The CDD is a form of special purpose local government. There are about 225 CDD communities in Florida....including Arlington Ridge.
Check out Florida Statutes - Chapter 190: www.ccfj.net/FS190CDD.html |
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Bank Won't Pay Arlington Ridge Fees / Taxes
