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“Hi Comcast? This is the The Villages at Legacy Park HOA and um, we just wanted to know why you shut off the cable to the entire community?”

3299pastdueHow would you like to owe your cable company $105,305? That’s how much the Legacy Park Town homes Homeowners Association owed to Comcast for an unpaid cable bill before they filed chapter 11 on June 16. Back in the boom the developers had to use whatever advantage they could to try and compete with other communities selling short term rental properties in the Davenport area and including cable as part of the HOA seemed like a good sales pitch at the time. Fast forward to the dreary days of the foreclosure epidemic and now what we have is alot of people with no cable and a broke HOA.

LegacyParkEntrance

This is not an uncommon practice in this market.  So many Orlando Homeowner’s Associations are facing bankruptcy due to thousands of dollars of unpaid assessments from owners and high default rates due to foreclosures.  There’s no guarantee that filing chapter 11 will solve all their financial problems though, if the delinquency ratio stays the same or gets worse problems can still arise in the future.

Legacy Park Bank Owned Properties For Sale

How does this affect the homeowner? With less money in the HOA pot for things like community maintenance and paying bills owners can expect cutbacks such as the lawns being mowed less frequently, sidewalks and the clubhouse being pressure cleaned less frequently and even higher assessments for structural things like roofing.  This could result in the community not looking as polished and maintained and in turn could affect bookings or possibly even sales.  It appears the worst is over for The Villages at Legacy Park however owners now have to pay for their own cable.

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