After an HOA in Green Valley Ranch attempted to foreclose on nearly 50 homes in one community over covenant fees and fines, many have grown concerned over the considerable power HOAs have when it comes to punishing homeowners for relatively minor infractions.
While Colorado lawmakers consider a new proposed law that would limit an HOA’s enforcement powers, ridding of their ability to push for foreclosures, at least one local HOA president has joined the movement to weaken his own HOA.
“I suspect very few people realize you could actually have your home taken by an HOA,” Pardikes told CBS4’s Dillon Thomas. “If I hadn’t , we wouldn’t be in this home today, I am certain of that,” Pardikes said. “You have a tendency to run up against an entity that basically has unlimited resources because they can collect money from every one of your neighbors and apply that to you.”
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