Worthless Retirement Lot

[Sadie]

What should I do with a worthless retirement lot that I inherited after my husband died? I just came back from Arkansas to inspect the property and it has not been improved or buildable since my husband bought it almost 30 years ago. The homeowners association says that I must keep paying them the $18 per month maintenace fee or they will turn my name over to a collection agency and cause me to have a bad credit rating.

The original company that sold the lot has since filed bankruptcy and are out of the picture. The $18 per month of my money is used for the upkeep of the golf course, pool, club house and common areas that the residents who have built there but not to improve or make my lot buildable by extending streets, utilities etc.

Am I bound by law to keep paying this monthly fee that benefits them but not me or my lot? Should I pay them $350 that they want to take back the lot and releive me of those monthly fees? With the purchase price of the lot and other fees, we have payed off the purchase price of the lot at about the total price of $20,000 and still have a worthless lot that is not buildable and can not sell.

Any advice is appreciated by this Illinois widow with a worthless Arkansas lot. Sadie

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Sadie:

What should I do with a worthless retirement lot that I inherited after my husband died? I just came back from Arkansas to inspect the property and it has not been improved or buildable since my husband bought it almost 30 years ago. The homeowners association says that I must keep paying them the $18 per month maintenace fee or they will turn my name over to a collection agency and cause me to have a bad credit rating.

The original company that sold the lot has since filed bankruptcy and are out of the picture. The $18 per month of my money is used for the upkeep of the golf course, pool, club house and common areas that the residents who have built there but not to improve or make my lot buildable by extending streets, utilities etc.

Am I bound by law to keep paying this monthly fee that benefits them but not me or my lot? Should I pay them $350 that they want to take back the lot and releive me of those monthly fees? With the purchase price of the lot and other fees, we have payed off the purchase price of the lot at about the total price of $20,000 and still have a worthless lot that is not buildable and can not sell.

Any advice is appreciated by this Illinois widow with a worthless Arkansas lot. Sadie<HR></BLOCKQUOTE>

My response:

Apparently, the contract requires the payment of the fees, and it makes no difference that your lot has not been improved. Perhaps, and not having seen the contract, it is up to you now to make the necessary improvements for the land to be usable. This is quite expensive, I realize, but if the land is important to you, and you want to use it, it's time to get the grading contractor out there, and make the roads, and to have utilities brought to the land.
Or, if you want "out from under this alligator" sell back to the association. I can see no other alternatives for you.

IAAL



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