WHERE'S THE MONEY COMING FROM ?

At the regular December Meadowcreek board meeting it was confirmed that our Association purchased two properties at the Constables sale held on December 7th, 2010. The properties were offered for sale under a Writ of Execution and/or Order of Sale issued in favor of our Association for past due maintenance fees plus attorney's fees.

The first property, located at 2111 Long Rock Drive had a judgement amount of $2443.00 ($198 plus attorneys fees), and we apparently purchased the property at auction for this amount. The second property, located at 2715 Meadowcreek Drive had a judgement amount of $3198.00 I$198 plus $3000 attorneys fees), and once again this was the amount of the bid. Prior to the bidding, the Constables representative (Deputy Juan Diaz) explained that the bid amount was due and payable by cashiers check or money order the same day as the auction.

So - the Association had a total interest of $396 in the two properties ($198 X 2), and yet we spent $5641.00 to purchase the properties. Neither the prez (Mary Forame) nor the veep (Brian Malone) could tell the members where the money came from. The treasurer (Willie Jones) stated that he knew nothing about this, and that the prez and veep had not advised him of the purchase (the treasurer was completely in the dark). Didn't they at least need to insure we had the funds available. It hasn't been too long since we, the members, were advised we were broke. In fact, a plea for voluntary contributions went out to the membership - signed by Terry Strickland, Mary Forame, Memorie Huelett, Brian Malone, Dan Wisneski and Tony LeBarre. Some of these "appointed" individuals are seeking elected office at our annual meeting in January. We might think twice before actually electing them to office if they cannot or will not provide accurate financial information when questioned.

Now the question is how did we pay the auction amount, and how do we plan to pay the mortgages on the properties for the next seven months. Texas Property code requires that the owner who lost the interest in the properties be notified of the sale, and once notified they have 180 days under the right of redemption to pay the amount due and regain title to their homes. The first property has a first mortgage held by First Banc Home Mortgage and the second has one held by America's Wholesale lender according to the deeds.

Another "big secret" to be kept from the membership by some board members? Gee - lets hope not. Surely someone will explain soon.