Fairfield Harbour Property Owners Reform Team
By now everyone hopefully should have received there brown envelope from the court referencing the Midsouth bankruptcy. It is important that you look this over and decide for yourself whether to check off the ACCEPT or REJECT boxes on the form. Either way you need to mail or fax the form to the address on the bottom of the form.
In summary, the judge is looking to get an idea on how many owners in the FH community want to purchase the Midsouth properties. This differs from the last vote the POA had, where you had to either attend the meeting or get a proxy. The last time the POA virtually eliminated the out of town and vacation voters.This time is different! The form is going to ALL THE OWNERS. We all get a chance to pick 'accept or reject' to let the judge know how you feel about the purchase. This time the results could be entirely different.
I don't think that the POA thought that there would be a second vote - a more fair vote!
If you are in favor of purchasing the Midsouth properties check ACCEPT. If you are against purchase the Midsouth properties check REJECT,
Either way you need to complete the form and mail it to the following address: Jason Hendren, Hendren, Redwine, & Malone PLLC., 4600 Marriott Drive, Suite 150, Raleigh NC 27612 or fax it to: 919 420-0475.
Both the address and the fax number are on the bottom of the form. The due date is Oct 31, 2016
Remember to send your court ballot in!
In addition, it can't hurt to include a personal message to the judge on your thoughts about the POA purchasing the Midsouth property.
Complete Court Docs
FHPORT will stand up to make sure the property owners who do not want to pay for the amenities have some representation at any members meeting to be
held by the FHPOA.
The Simple Facts.....
The Board has reversed itself. It has decided to use the 151 votes it got from foreclosures to vote YES on the Mid South properties. That change was made about 2 weeks ago. Our guess is that they will use it, only if it means the difference between winning and losing.
25% of the property owners are now making monthly dues payments to the POA.
Craven County currently has the Mid South properties assessed at about $2M. Yet, the board has a deal with Mid South for $2.75M that will ultimately cost the members over $5M. The Board's view is that Craven County assessed value has nothing to do with the sales price. Maybe, but then why have they not gone out and asked for their own appraisal?
The true cost to us for the $2.75M sales price will be more that $5M depending on the interest rate the POA negotiates with the loan company:
- It would be about $5M @ 6% - principle & interest for life of a 10 yr loan.
- and about $7M @ 12% - principle & interest for life of a 10 year loan.
- The higher the interest rate and the longer the loan term - the more it will cost!
Ask yourself these questions.....
- Without an independent appraisal, do you really think that the POA should purchase for $5M+ (depending of interest and term) the Mid South properties currently assessed at about $2M by Craven County?
Are you willing to pay the rehab costs for the Shoreline Clubhouse and pool, and all the additional taxes and insurance costs that will surely be covered by the POA maintenance unbrella? It will likely add hundreds of dollars to your annual dues bill.
Are you willing to incur the addition legal bills that will surely occur after the POA breaks there promises to pay all this with Non-Dues income?
Are you willing to accept the dues increase for maintenance of the Mid South property that has already been announced at just $100? That number is a estimate and is likely not based on reality.
Are you willing to accept that this Mid South purchase news was not available before we elected new board members. It's just all to convenient!
Is this the only way to get this vote passed? Cram it down everyone's throat in less than 3 weeks. If this was really something that most members would want, we could do a paper vote for all the membership. The POA knows that to win - that this is not possible. And so they have to find a different way around the legal issues.
Call your POA Board of directors and it's president! Save Fairfield Harbour from a few determined people willing to do anything to get what they want at the expense of all our neighbors!
POA Office 252 633-5500
Thank You for visiting and supporting Fairfield Harbour Property Owners Reform Team