Posted 5/13/2013 12:00 am
Perhaps you knew the Hickory Hills Property Owners Association filed a foreclosure suit against Steve and Cindy Clary.
That suit seeks to recover $20,544 the Clarys allegedly owe in past-due quarterly POA payments, dating back two years.
Did you know the neighborhood POA is fourth in line among creditors with claims on the 6,300-SF residence? According to real estate records, two banks and some Oklahoma investors stand in the first three positions:
- U.S. Bank of Cincinnati, $648,000 owed on a July 2001 mortgage in the original amount of $750,000.
- Centennial Bank of Conway, $350,000 stemming from a July 2007 mortgage claim.
- Waterford Investors LLC of Oklaho-ma City, $1 million tied to an August 2009 mortgage claim, part of a $6.02 million judgment in Oklahoma County District Court against Steve Clary.
The Pulaski County tax rolls indicate the property is worth about $980,000.
The house is no longer part of the Clarys’ Chapter 7 bankruptcy, and the POA action could force one of the lenders to file its own foreclosure suit to protect its position.
If that occurs, a lender-turned-owner would become financially responsible for the POA dues.
The POA is pushing the foreclosure button over a basic premise: If you can’t afford your POA dues, you can’t afford to live in Hickory Hills.
Clary still awaits sentencing after pleading guilty on Feb. 7 to one count of mail fraud, part of a plea deal for defrauding a Bank of America affiliate of $1.6 million.
U.S. District Judge Leon Holmes had not set a sentencing date as of last week.