The Woodlands Condominiums    

Mays Landing, New Jersey          

 

 

  

 

 
The Woodlands "Take Back Our Community" Association
 
PROPOSED DISTRESSED MEMBER FUND

Under Construction

We are all subject to the vagaries of life. The unexpected, often unexplainable, happenings that change our circumstances...often for the worse: We lose a job, illness strikes when we have inadequate cash or insurance to cover us; our car "dies" or some other major expense "hits us out of the blue". These things can affect anyone, any time, and without warning. Unfortunately, in todays world, wealth is becoming "concentrated at the top", our buying power is decreasing, our wages are going down when that buying power and inflation are accounted for, our debt is already high...so that many of us have little or no ability to withstand these financial nightmares. "Life" has caused many of us to have depleted our savings, maxed out credit cards and used up our personal sources of short-term cash advance (our local "friends & family" free loan source, if you know what we mean).

The above scenarios are a problem for anyone. But, as homeowners in a condominium society, we're worse off than the average homeowner. That "average Joe" won't lose the right to park a car in front of his home, lose the right to use the local pool or tennis court, lose the right to attend or speak up a town meetings, or lose the right to vote because he is behind on debts. It's unlikely that a small debt can explode into one (from fines on top of fines) that is so large that losing his house is a possibility. ALL of that is possible as an HOA (Homeowners Association) or condominium owner. It is hard to imagine, but HOA homeowners have lost their homes, around the country, from a situation that started out with them owing a few hundred dollars to their HOA...followed by their "trustees" on their Board showed their true colors...as vultures.

Yes, if this happens to you, you might be able to use a "payday loan". But, if you've ever been forced to use the money source, and failed to repay on time, you already know that you can end up in an ever-increasing debt situation, that is difficult to get over. No, you won't get your legs broken for missing payments. But, other than that, the payday lender can be as bad, or worse, than black market, back-alley loan shark.

As present or past HOA Board members, we understand the obligation to keep the HOA funded for maintenance & management. But, we also feel that there are ways to work with our distressed neighbors, without becoming monsters. To provide an affordable alternative for our friends & neighbors, we are considering starting a distress fund, also known as a "Free Loan Society". This will not have the ability to help with thousands of dollars worth of debts. It won't loan you money if there is no conceivable way for you to repay a loan. But, for transient financial emergencies...those cases of: "If only I had a month of 'breathing room' "...we hope to be able to provide up to 2-3 months of "condo fees" to owners who need help getting over that financial "hump".

We have to work out the details, solidify the means to ensure that the loans are repaid and figure out the best way to accumulate the funds that can be lent out. But, this idea is nothing new. Free Loan Societies, though not well-known, have been around for hundreds of years. Please keep checking back here for news of our progress toward accomplishing this option for those who need a little "boost up".

The goal of this effort is to provide those loans with a repayment perido of up to a year, and YES, there would be ABSOLUTELY NO INTEREST CHARGES...only a $35-50 initial processing, paperwor & filing fee...a flat fee regardless of the size of the loan or length of the term for repayment, as long as the loan payments made on time.

We will need volunteers to be part of the approval committee, but the bookkeeping for the payments can be virtually automatic. And, there are sources of free advice for this endeavor, from those who already run such societies. Are you interested in helping out with a few hours of your time each month? Or, can you dig deep for $25, $50 or even $100 to help "seed" this loan fund? If so, PLEASE contact us if you can help with this valiant effort to support your neighbors who are experiencing temporary financial distress. Thanks!

 

Copyright 2016, *The Woodlands "Take Back Our Community" Association*, All rights reserved

*Note: We are a group of concerned Woodlands residents &/or homeowners, independant of "The Woodlands Community Association"*