North Carolina homeowners fear being forced out as HOA fees skyrocket to $2,500 a month

Homeowners in a North Carolina neighborhood say they could be forced out of their homes after their homeowners association doubled monthly fees to a staggering $2,500 — just months after residents were hit with another massive increase.The latest hike in Magnolia Cove, a community in Sherrills Ford, means residents will now have to shell out $30,000 a year in HOA dues alone, on top of their mortgages, property taxes and other expenses.The association voted Monday to raise monthly fees from $1,250 to $2,500, after initially proposing an eye-watering $7,500 monthly charge, according to local outlet WSOC-TV.For some homeowners, the increase has turned their dream of settling down into a financial nightmare.Jill Menson and her husband bought their home believing it would be the last place they would ever live.Five years ago, their monthly HOA dues were just $158.But those fees have since ballooned, reaching more than $1,200 this summer alongside a $10,000 special assessment, before the latest increase pushed the monthly bill to $2,500.“We are going to be forced out with nowhere to go, because no one is going to get a dime for their houses even if we put them on the market,” Menson told the outlet.The Post previously reported on the neighborhood’s HOA controversy in July, when residents were already reeling from fees that had jumped from $350 to $1,250 a month.Now, the dues have doubled again, leaving some residents worried about bankruptcy, foreclosure and whether they will be able to sell their homes at all.One homeowner told WSOC-TV that he feared he had only months left before he would be forced to leave.“There has to be HOA reform,” the resident said.

“It’s insane that they have this much power to take everything that you have worked for over fees.”The dispute has been brewing for years.Residents have accused developer Aaron Guess, who they say owns most of the properties in Magnolia Cove and controls the HOA board, of failing to deliver promised ...