Help in Boca!

Last complaint...but we need help. HOA President unable to account for missing 80K in our reserves.
Live in a family community where most people just work and take care of their spouses and children. They do not want to hear the problems, like the 80k missing from our reserve. President has a pen and checkbook and dictates how our management company will run.
I am a professional and care about my community. I don't want my hard earned money going into this presidents hands. I want to set up an escrow account where my quarterly payments will be made. Just don't want this president spending my money for things he cannot account for.
Many of us are up on his way of thinking. But he brings in his neighbors that he brain washed and all they do is yell, point fingers at the few of us who want answers and are aware of whats going on,
So here is what I want to know. Can I legally set up an escrow account with my bank and send them my quarterly fees? I just don;t want this president to have access to my hard earned money.I have no mortgage on my home so I am not sure about any liens. I do not forsee my wife and I moving, as we plan to stay in our home forever.
Once (IF) this current president is voted out, I will then send my quarterly maintenance funds back to our previous management company of 18 years. who will be brought back in the event our current president is defeated.
It is a sad situation here where most of the homeowners are not updated/ educated on what is going on.

I am not an attorney and I do not work within the legal profession. Therefore, I cannot speak to the legality of the escrow account. I believe that if you did set on up it wouldn't solve the problems you speak of and will most likely cause you additional problems.

I would expect that if the Association did not receive your assessment payments they would probably consider your account delinquent. This could prevent you from voting in HOA elections and prevent you from having access to the amenities provided by the Association. Additionally, you will probably be charged late fees and other penalties. If the Association decided to send the issue to their attorney you would probably incur legal fees. Worst case, the Association might be able to foreclose on your property.

The proper way to address the problems you mention is to get involved with the running of the Association. Solicit proxies from your neighbors and effectively vote the bums out.

Tim

Well, this is America and I bet you can find a lawyer you will help you set up this escrow account. Problem is I see you coming back in a couple months with the title "help in Boca, being charged late fees" and then in a year "help in Boca, foreclousre process started".

The only real way to combat this is to start going to meetings, make your voice hear, educate your neighbors and change the dynamic of the board. If you have real suspicions that 80k is missing, file a police report. Putting gum in a oil leak on a car may sound like a good idea but watch out for when the engine blows.