Residents discover their community has been handed to bank

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by By CHRIS HAWES / WFAA-TV

wfaa.com

Posted on August 15, 2009 at 4:46 PM

Updated Friday, Oct 16 at 12:32 PM

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Chris Hawes reports

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FORT WORTH - North Texas homeowners are worried and confused. They're learning the developer who controls their HOA is turning communities over to the bank.

So what happens next?

Paula Green and her neighbors recently noticed the landscaping was looking ragged in their Bedford neighborhood, the Villages of Durango. "Our grass is getting pretty high now, looking pretty ragged," she said.

So they made some calls and learned the problem was much bigger.

The developer, Portrait Homes, can no longer handle the loan, so the company is returning the community to the bank.

We checked and found the Villages of Durango isn't the only neighborhood to disappear from the Portrait Homes Web site. We saw that a property in Garland, as well as Carrington Court in Fort Worth, have also been removed.

At Carrington Court, many of the homes remain unfinished, waiting, apparently, for a new owner.

Portrait Homes spokesman Jonathan Dedmon confirmed that "banks are assuming control of several communities" in the Dallas-Fort Worth area. "We are continuing to sell homes at great prices at five Dallas-area locations," he added.

But residents in at least one of those neighborhoods, The Enclaves at Willow Crest in Plano, are worried about what will happen next.

"We're paying our dues, but they're cutting back on our amenities," said Ann Dillard. "We've been told we won't have a pool this year, of which we're paying $1,000 a month to maintain."

Portrait Homes disputes that, saying the pool will open.

The company also says homeowners in the communities being relinquished should receive letters detailing the change. The HOA accounts for those communities are said to be secure, separate accounts.

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