Author: Christy Bieber

California laws require that community colleges in the state accept any legitimate student, and state lawmakers have spent decades making enrollment easier so everyone gets a chance at an education.

Unfortunately, as the non-profit news agency CalMatters reveals, scammers are using this to their advantage, enrolling in California’s community colleges as fake students to steal millions in federal financial aid.

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The rise of AI has only made this process easier for thieves, as they can use ChatGPT to create written responses aimed at verifying their identities.

Here’s how the scam works, along with some details on how it’s leading to stolen federal funds and potentially putting schools at risk.

One in three student applications is fake

Fake students are a big problem in California community colleges, and the problem is growing.

According to CalMatters, in 2021, the California Community Colleges Chancellor’s Office reported that 20% of applicants were likely fake. That jumped to 25% in 2024. Now, the state believes one in three student applications — 34% — is fake.

"Those are all the ones that are stopped,” John Hetts, executive vice chancellor for the data team at the chancellor’s office, told CalMatters.

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Colleges report that the imposters have stolen millions in financial aid in the past few years; the scammers have siphoned off more than $10 million in federal funds and $3 million in state funds in the past 12 months alone.

While it’s true that this is just a small share of the $1.7 billion in federal aid and $1.5 billion in state aid distributed to California’s community colleges, it’s still a lot of money lost to fraud.

Since 2022, officials have spent $150 million on cybersecurity to fight back against the growing scam. The chancellor’s office even enlisted the help of tech companies. Individual schools have contracted with ID.Me to provide ID verification for enrollees.

Hetts said it’s an ongoing battle, as every time colleges update technologies to keep fraudsters out, the bad actors adapt with new techniques.

Hetts added that many students accepted at California’s community colleges, including foster children and undocumented individuals, don’t have much documentation, making the process of separating legitimate applicants from fraudsters even harder.

How is this affecting students and teachers?

Federal and state funds are likely to continue to flow to the thieves, as real students who need financial aid and a good education are competing with bots for space.

Teachers are now forced to take on a policing role and root out fake students. They have to do it fast as it’s difficult to remove students after the first week of school.

Then there is a financial penalty for dropping students — even if they’re fake. Funding is pegged to enrollment.

“If they see I’m running a class that starts with 35 students and ends with 15, that looks terrible," said librarian Heather Dodge, who teaches an online research course at Berkeley City College.

Federal officials helped fight such fraud in the past, with the Department of Education opening an investigation in 2022 into a fraud ring using the identities of 57 individuals that stole $1.1 million in student aid over four years. However, community leaders already felt the federal government could do more, even before the cuts.

Unfortunately, leaders at these colleges warn that the Trump Administration’s recent cuts to the Department of Education are likely to exacerbate this growing problem, especially given that the office in charge of administering federal financial aid has lost around half of its staff since Trump took office.

“When you direct less resources to combating fraud … you’re going to get more fraud,” Hett said.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Imagine finding a man had been living in your basement storage room for several days, using your cat’s litter box as a bathroom and going through your personal papers. This horrifying nightmare was a reality for Zeb Pischnotte, a Salt Lake City homeowner who discovered a man had spent several days undetected in his house.

“I’m lucky that this person wasn’t a vicious serial killer and that he didn’t come and throttle us in the middle of our sleep,” Pischnotte told KSL TV 5.

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Still, what did happen was scary enough. Here’s how the squatter ended up in Pischnotte’s home — and some helpful tips to help you avoid the same fate.

A kicked in door during a storm leads to an unwanted tenant

According to Pischnotte, the intruder most likely got into the house by kicking in a door during a March storm. After they got into the property, the person stole Pischnotte’s gold ring, his college letterman jacket and his grandfather’s cufflinks, which Pischnotte is upset about because of the history. “It’s just a connection to him that, you know, doesn’t exist anymore,” he told reporters.

Pischnotte called the police following the burglary and the police searched his home, but found no one inside. While he initially thought that was the end of it, he began to experience some strange things that convinced him otherwise.

Finally, he knew something was up when his cat Ziggy started meowing at the laundry door. The door was closed — which was unusual because Ziggy’s litter box was kept there. Pischnotte also discovered some of his wine bottles were out. When his housemate said he hadn’t done it, the two decided to investigate.

They armed themselves with a ski, went to the basement laundry room and opened up the storage room door. That’s where they found human waste, a filthy fleece and some of Pischnotte’s personal paperwork that had been pulled out, including old newspaper clippings and medical records.

“This person was either very bored or very intent on trying to get my identity,” Pischnotte said. The intruder was likely living in the property for four days, and the whole experience has left him rattled.

“It just shattered the peace of mind that I have. This feels like a very safe neighborhood,” Pischnotte said.

He’s still hoping to recover the stolen items, though, so he’s sharing pictures online and with the media with the goal of someone seeing the items and contacting him. He also has a message for the intruder to share as well.

“I don’t know why you thought you had to destroy property and steal things in order to make ends meet. There are a lot of resources out there for homeless people, and I would really encourage you to look at those and take advantage of them. Heck, if you had just asked me for a coat or a blanket, I might have provided you one,” Pischnotte said.

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How to protect yourself from squatters

Pischnotte’s situation is an unusual one because the intruder came in and began living in the home while he (and his housemate) were also living there. However, it’s unfortunately not all that uncommon for unwelcome guests to just let themselves in. In most cases, however, it’s vacation homes and empty properties that are the target.

When individuals come in and occupy properties without the consent of the owner, it’s referred to as “squatting.” Unfortunately, a report from Pacific Legal Foundation revealed a significant increase in squatting incidents since 2019.

Atlanta, Dallas and Orlando have especially high levels of squatters, while case counts also showed a sharp increase of cases in Georgia where squatting incidents jumped from from three in 2017 to 198 in 2023. Cases also rose in New York where the number of squatting cases increased from 9 in 2020 and 2021 to 62 in 2022. These case counts likely underestimate the true scope of the problem too, as not every court reports every case.

Unfortunately, when squatters come into homes — and especially unoccupied ones — it can be harder than you’d think to get them out. Many state governments treat the removal of squatters as a landlord/tenant issue and require a formal eviction in civil court. This can take months or even years to happen. Law enforcement officials are also reluctant to get involved since it’s too hard to tell a squatting case from a routine landlord/tenant dispute.

Because of this, Pacific Legal Foundation says it can take two years to evict squatters in Tennessee, while it can cost between $3,000 and $10,000 to get squatter cases through the courts in Maryland and Pennsylvania. Squatters can also damage homes and run up large utility bills.

Some states are moving to change the rules to make removal easier and treat squatting as a civil offense, but it’s still best to try to avoid this situation in the first place. The good news is, there are ways to protect against squatters including:

• Securing all entry points to the home using tools like alarm systems and security cameras
• Having your property regularly inspected if you’re not personally living there or visiting often
• Making unoccupied properties appear occupied by using timers and automation tools to turn on lights
• Placing no trespassing signs in prominent places to make taking legal action easier

If you can keep your home secure using these techniques, which work for both occupied and empty homes, you can hopefully avoid finding yourself with a surprise guest intruding on your most private space like Pischnotte sadly experienced.

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Preparing for retirement isn’t always about stashing a portion of your paychecks for your golden years. For some, it’s about accepting a windfall late in life and trying to make the money stretch.

Let’s say, for example, that you’re 65, single and you’ve just inherited $420,000 from your late mother. Considering that the median 401(k) balance among Americans 65 and over is just $88,488 — and the average balance is just $272,588 — your inheritance sets you up quite well, as that $420K is worth more than what many of your peers have saved for retirement.

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You’re in a good spot, but you’re worried about wasting the money, or burning through it too quickly. And your worries are valid; research from the National Longitudinal Survey of Youth found that a third of people who receive an inheritance either don’t see a change in their wealth or end up worse financially. Meanwhile, another study from Williams Wealth Group found 70% of wealthy families lose their money by the second generation.

That’s the potential bad news. But the good news is, with a few wise money moves, you can make sure your inheritance provides you with long-lasting security.

Choose a safe withdrawal rate

One of the best things you can do to make sure you don’t squander your inheritance is to invest it and withdraw small portions at a time. This will allow you to earn returns, protect the principal balance and keep your money working for you.

There once was a traditional rule of thumb that said you should withdraw 4% from your retirement savings in the first year of retirement and make annual inflation-based adjustments from there. Experts believed this would allow your money to stretch for 30 years or more.

However, research from Morningstar suggests withdrawing 3.7% to ensure your financial situation remains stable. The proposed reduction in the safe withdrawal rate is because people are living longer, and experts don’t think investments are going to keep producing returns at the same rate as in the past.

A 3.7% withdrawal rate from a $420,000 inheritance would provide you with $15,540 in annual income, which is a reasonable sum that you could potentially combine with Social Security and other savings to help fund your retirement.

Since you are single and only have yourself to support, that $15,540 could help ensure that you can afford the necessities like healthcare and housing, while perhaps leaving you a little extra to enjoy in your golden years.

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Invest the money wisely

If you decide to invest your inheritance and make 3.7% withdrawals annually, you’re going to need to decide where to put the money. And that will depend on your current asset allocation, as well as how your retirement savings are structured.

One rule of thumb is to subtract your age from 110 and put that percentage of assets in equities, while investing the rest in safer investments like bonds or CDs.

Some retirees also use the "bucket" approach, which involves stashing money in three separate asset accounts:

• Keep a few years of expenses (1 to 5) in liquid assets like cash and short-term CDs.
• Keep money that you’ll use in 4-10 years or so in medium-risk investments that provide better returns, like bonds and income-focused equities.
• Put the remaining money that you won’t use for around 8 to 10 years in growth equities.

You have options, but before you decide what strategy you want to use for allocating your assets, take a look at where your money currently sits. If you already have a lot of money in equities, for example, you may decide to buy bonds or add to your high-yield savings account with the money that your mom left for you.

As you make your decision, remember that there’s always a tradeoff between risk and reward:

• CDs are FDIC-insured and there’s no risk of loss, unless you sell so quickly that you don’t cover early withdrawal fees. However, the returns aren’t as high as with some other investments.
• Bonds are debt instruments and can be safe or risky plays, depending on whose debt you’re investing in. Safe debt, like government debt, essentially comes with no risk of loss but lower returns than other bonds not guaranteed by the full faith and credit of the U.S.
• Stocks allow you to buy an ownership share in companies. There’s more risk since your investment performance depends on the company, but you can use ETFs or mutual funds to buy shares in many different stocks at once to limit your potential losses. For example, an S&P fund allows you to gain exposure to around 500 large U.S. companies.

When deciding where to put your $420,000 inheritance, think about how much you already have in equities, bonds and CDs. For example, if you are already heavily invested in the stock market in your retirement funds, you may want to use some of the inheritance to increase your liquid savings, or buy CDs so you have money to live on without having to sell stocks in case of a downturn.

By investing your money, making sure you have a good mix of assets and taking out the funds at a safe withdrawal rate, your inheritance can go a long way toward setting you up for financial security in retirement.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

What do you get when you mix anti-fraud crackdowns, a tech billionaire and millions of vulnerable Americans? A Social Security shake-up that’s creating plenty of anger and confusion.

According to the Social Security Administration (SSA), an estimated $1.6 trillion in Social Security benefits will be paid to almost 69 million Americans in 2025. These benefits support retirees, individuals with disabilities, low-income older adults and children who have lost parents.

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While many people rely on these benefits as a financial lifeline, recent changes to the program are causing concern.

The Department of Government Efficiency (DOGE) is implementing new anti-fraud measures. While the intent sounds positive, critics argue that the rollout has been confusing and could make it harder for vulnerable people to access the benefits they rely on.

Here are the planned changes and the reasons skeptics are alarmed by them.

What changes are being made to Social Security?

When President Donald Trump took office, he created the DOGE, led by Elon Musk. Throughout his campaign, Trump repeatedly pledged not to cut Social Security benefits.

DOGE’s mission is to fight waste, fraud and abuse in government programs. Believing there is fraud within the Social Security system, DOGE introduced new anti-fraud measures, particularly targeting how people apply for benefits. They initially announced that applications for retirement or disability benefits could no longer be submitted by phone because it was difficult to verify callers’ identities. Instead, applicants would have to visit a Social Security office in person or use the My Social Security online portal, which provides better identity verification. This policy was scheduled to start on March 31.

However, because DOGE had already cut Social Security staff and closed field offices, the announcement triggered an outcry. Many were alarmed that older adults and disabled individuals would be forced to travel long distances or navigate a website, which not everyone can do.

The Center on Budget and Policy Priorities estimated that ending phone applications could result in an additional 75,000 to 85,000 weekly visits to SSA field offices — an unsustainable number, especially since 40% of benefit applications are currently completed by phone.

Representative John Larson, a Connecticut Democrat and ranking member of the House Ways and Means Social Security Subcommittee, warned: "By requiring seniors and disabled Americans to enroll online or in person at the same field offices they are trying to close, rather than over the phone, Trump and Musk are trying to create chaos and inefficiencies at SSA so they can privatize the system."

In response to the criticism, DOGE reversed its policy. It limited the phone ban to applications for retirement, survivor and family benefits, and delayed the start date to April 14. But the changes didn’t stop there. As concerns continued about long waits, understaffed offices, and the possibility of applicants going without benefits altogether, officials revised the policy once again.

The SSA clarified on the social media platform X that "telephone remains a viable option to the public," and officially announced: "Beginning April 14, 2025, SSA will allow individuals to complete all claim types via telephone, supported by new anti-fraud capabilities designed to protect beneficiaries and streamline the customer experience."

DOGE claims this solves the issue for most people, while still enabling the agency to reduce fraudulent claims.

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Why are some people critical of the changes?

When DOGE first announced the end to phone verification, numerous organizations raised concerns. The American Association of Retired Persons (AARP), in a letter dated April 7 to the Acting Commissioner of the Social Security Administration, cited website outages, long phone wait times, office closures and complaints from older adults. The organization asked for information on how the SSA planned to accommodate a likely flood of in-person visits.

The Center on Budget and Policy Priorities also reported that an abrupt end to phone service could cause serious disruption, especially as around six million seniors are 45-mile round trip or more away from a Social Security field office so they’d need to figure out how to navigate to the office or online, which they very often can’t.

Although phone applications are still permitted, older adults and disabled individuals may face in-person visits if their identities are flagged for further verification. DOGE estimates that approximately 70,000 of the 4.5 million annual phone claims will be flagged — still a substantial number of people who may face challenges due to age, health or distance from service centers.

Additionally, DOGE has mandated that any changes to direct deposit information must be made in person or online — not over the phone.

With these changes now in effect, it remains to be seen whether they will reduce fraud without creating new barriers. The question now is whether eligible people will be able to navigate the system effectively, or if the feared chaos will come to pass.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Houston driver Ryan Kattchee never imagined the problems he’d have after purchasing a new 2024 Ford F-150 Lariat in December. Unfortunately, the truck seems to have a mind of its own. It brakes when it shouldn’t, including on the freeway, putting occupants at risk.

Kattchee explained that the braking, which started just days after he’d purchased the truck, seems to happen without reason, although a warning shows up on the car’s display as the vehicle brakes itself.

“Suddenly, this whole thing turns red," Kattchee told NBC’s KPRC 2.

"The whole display right here flashes red. It hits the brakes. And, it’s not soft. It’s enough to pull you out of your seat.”

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Unfortunately, he says the problem occurs often — and despite the vehicle being at the dealer for months, no one can seem to come up with a reason for the issue or a solution to the problem. Kattchee is waiting for the manufacturer to agree to buy the truck back, but in the meantime, he’s in limbo, stuck with a car he cannot drive and hoping things will eventually be made right.

Here’s the reason Kattchee is left in limbo without his Ford.

Cruise control causes the truck to unexpectedly brake

Kattchee invited KPRC 2 reporters to take a ride with him to show them the problem he’s been having. Once they were in the car, he activated the adaptive cruise control, which seemed to trigger the issue.

"I’m actually gonna turn this on now since no one’s behind us and see if we can make this happen,” he said as he set the cruise control. Within a minute, the truck began to slow down a bit as they drove along U.S. Highway 290 through Jersey Village.

The truck slowed down a second time, and then out of nowhere, it hit the brakes, and a large red warning sign began flashing on the vehicle’s dashboard. KPRC 2 reporter Gage Goulding described it as the type of warning that you would normally see if your car was about to hit a stopped vehicle or other obstacle, but there were no obstacles in its path.

This didn’t just happen one time. During a few-mile ride, KPRC 2 reported that the same incident occurred at least seven times, with the truck braking for no reason. Although there didn’t seem to be a clear reason for it, Goulding speculated that overpass and highway signs dangling above travel lanes seemed to be possible triggers.

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Driver waits for the dealer to make good

In light of the problem, Kattchee dropped off the truck at the dealer where he had purchased it, Joe Myers Ford.

He says technicians tried everything to fix the problem over a three-month period, but despite replacing parts and making many attempts, they never were able to find out why the truck was exhibiting this weird behavior.

Ultimately, the dealer concluded they had no choice but to buy back the truck from Kattchee. They needed the corporate office in Michigan to sign off though, and they are still waiting for that to happen. When KPRC 2 reached out to Ford’s corporate office, a representative said the company was still looking into the case.

Meanwhile, Kattchee has gone months without his car, but he’s still hoping for a resolution.

“They just need to make it right by me,” he said, “that’s all I really ever wanted.”

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

In March of 2025, there was a near-record number of layoffs in the United States. In total, 275,240 workers were laid off during the month, according to outplacement firm Challenger, Gray & Christmas.

This is a 205% increase in the number of layoffs compared with March of 2024, and a 60% increase from the 172,017 cuts announced one month prior.

It was the third-highest number of layoffs ever to occur in a single month in the U.S., surpassed only during the pandemic, with 671,129 job cuts in April 2020, followed by May 2020, when another 397,016 people were let go.

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These layoffs didn’t happen equally across all industries, though. They were largely isolated to government employees. A total of 216,215 federal workers were dismissed in March. This brings the total number of laid off federal workers to 280,253 across the past two months.

These layoffs are happening because of the Department of Government Efficiency (DOGE), and they are likely to continue in the coming months. They’ll affect not just those let go, but also the economy as a whole.

Here’s what you need to know about why they’re happening, the widespread impact they could have and what you can do if you were one of the thousands laid off

Why is DOGE laying off so many workers, and will this continue?

DOGE was created by executive order by President Donald Trump on Jan. 20, 2025. President Trump has made it clear that Elon Musk was put in charge of DOGE to wage "war on government waste, fraud, and abuse."

DOGE has begun aggressive audits of virtually every department in the U.S. government, and has already laid off or made plans to lay off thousands. According to Newsweek, in March alone this included:

• around half of all employees at the Department of Education
• 20 employees from NASA
• 4,000 civilian employees from the Department of Defense
• 7,000 IRS workers, with up to half of the 90,000 workforce potentially on the chopping block in future layoffs
• 1,000 employees at the Department of the Interior
• more than 1,300 workers at the Department of Veterans Affairs, with more layoffs expected
• 780 employees from the Department of Housing and Urban Development (HUD), with a total of 4,000 layoffs ultimately expected
• thousands of workers from the U.S. Department of Agriculture (USDA)
• just under 700 Department of Energy employees
• 400 probationary workers from the Federal Aviation Administration (FAA)
• 200 employees at the Consumer Financial Protection Bureau
• 76 Department of Treasury employees
• 10,000 layoffs expected to occur at the United States Postal Service

"I’m just here trying to make government more efficient, eliminate waste and fraud, and so far we’re making good progress, actually," Elon Musk told Fox Business mid-March.

"Our savings at this point exceed $4 billion a day, so it’s very significant."

Musk also said he believes DOGE will likely meet its goal of cutting $1 trillion from government spending, unless the department is stopped.

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How will DOGE’s firings affect local economies and communities?

Massive cuts to the federal government have obviously left many federal workers and their families struggling, and this is likely to have consequences for the broader economy.

The Center on Budget and Policy Priorities has indicated that when unemployed federal workers reduce spending, local businesses near military bases, national parks and federal field offices suffer.

Private companies that contract with the government are also being affected and may need to lay off staff. And nonprofit groups that have lost access to funds from the U.S. Agency for International Development (USAID) are also being impacted, as are farmers who previously sold $2 billion in U.S.-grown crops to USAID for provide humanitarian relief efforts.

All of these layoffs, and the resulting ripple effects, could potentially push the country further toward recession — which is already a looming threat because of the uncertainty surrounding tariffs.

What to do if you’re laid off

Whether you are a federal worker experiencing layoffs or you lose your job because of the ripple effects, there are steps you can and should take to shore up your finances and help protect your future.

One of the first things to do is make sure you understand your rights. The government has already ordered the Trump administration to rescind the firing of some federal workers. Be sure to check with your union rep, if you have one, or consider consulting with an employment law attorney if you feel you were treated unfairly.

DOGE was offering severance payments to some federal workers. So, you can explore whether you are eligible for this separation pay — as well as make sure you know whether you are owed any money for unpaid vacation or sick time.

You’ll also need to explore options to get health insurance ASAP if you had coverage through your government job, as COBRA (which allows you to stay on your workplace plan for up to 18 months) doesn’t apply to federal employees.

You’ll also want to apply for unemployment benefits right away, as most federal workers will be eligible.

Lastly, you should start making cuts to your budget to spend the bare minimum until you can find new work.

By taking these steps, as well as reaching out to your professional network and polishing up your résumé, you can help get yourself back on track. Your new job may need to be in the private sector, at least for the next few years. But with careful financial planning and a dedicated job search, you can help avoid long-term damage to your finances caused by the DOGE cuts.

What to read next

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• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Scammers are getting bolder — and consumers are paying the price.

In 2024 alone, fraud cost Americans more than $12.5 billion, a staggering 25% increase from the previous year, according to newly released data from the Federal Trade Commission.

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Investment scams were the most costly, accounting for $5.7 billion in losses, a 24% increase from the previous year. In comparison, imposter scams, the second most common type of fraud, cost consumers $2.95 billion.

So, what kinds of investment scams are causing consumers so much, and how can you protect yourself? Here’s what you need to know.

Common investment scams

The Washington State Department of Financial Institutions provides a helpful list of common investment fraud schemes, including:

• Fraudulent promissory notes – Short-term notes offered by fake companies that promise high returns but fail to deliver.
• Ponzi or Pyramid schemes – Existing investors are paid money from new investors, while the actual "assets" being invested in either don’t exist or are worth very little.
• Real estate investment fraud – Scammers convince investors to put money into "hard money loans" or "property flipping" schemes, often misleading them about the risks, potential returns or property values.
• Cryptocurrency scams – Fraudsters create fake coins, heavily promote them and sell them to investors. Once the price rises, they cash out, leaving the coins worthless.

The U.S. Secret Service also warns about "pig butchering" scams, where fraudsters build trust with victims before tricking them into investing in fake cryptocurrency projects.

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How can you protect against fraud?

You don’t want to fall victim to these scams, so watch for three key signs of investment fraud:

• Impersonation of a trusted source – Scammers may pretend to be government officials, financial advisers or even friends and family members. If you get an unexpected call from a government agency or familiar contact, hang up, look up the phone number and call the agency or your family member yourself.
• High-pressure tactics and urgency – If you are told you must invest immediately and discouraged from researching the opportunity or consulting others, it’s likely a scam. Legitimate investments don’t require rushed decisions. Always take time to verify information.
• Untraceable payment methods – Be wary if you’re asked to pay using cryptocurrency or wire transfers. Scammers prefer these payment methods because they are hard to trace, making it nearly impossible to recover the lost funds.

As a general rule, avoid investing in:

• Anything you learn about on social media.
• Opportunities you don’t fully understand.
• Offers that rely on aggressive sales tactics.

By staying vigilant, you can avoid losing money and becoming one of the millions targeted by scammers who promise great investments only to disappear with your cash.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

When a severe hailstorm hit the First Creek Farm condominium complex in Aurora, Colorado, residents of the building had no idea the bad weather could end up costing them thousands.

Unfortunately, that’s exactly what has happened, as the storm did $4 million in damage to the condo. While there was insurance on the building, the deductible was substantial — and homeowners are going to have to pay the price, as the condo management is now charging a special assessment fee to cover it.

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So, why is management able to pass those costs onto homeowners, and how should the homeowners respond? Here’s what you need to know.

Special assessments not unheard of

In a condo building, owners and managers are responsible for maintaining common areas and making repairs. However, they charge dues to cover these costs, also known as homeowners association (HOA) fees. Ideally, the regular dues will be large enough to pay for everything the building needs, and some of the money collected will even be put into reserve in case of emergency expenses.

Sometimes, though, major damage happens and the cost of repairs exceeds the funds available. That’s what has happened in the First Creek Farm complex. The hailstorm did around $4 million in damage, and management now needs to charge a special assessment to pay the insurance deductible to make the repairs needed.

Special assessments are extra fees that can be charged in situations like this one. These fees aren’t just imposed on condo owners but can happen in pretty much any HOA neighborhood where the neighborhood covenants allow for their collection.

Accord Property Management manages this particular property, and told 9 News that the fees are necessary. The company said they’ve implemented eight different assessment classes based on allocated interest percentages. All of the 320 homeowners have to pay something, but 72 of them with larger ownership shares are being charged $8,341.

Jacob Lively, a resident of the condo building, had been planning to sell his property and was shocked when he saw the large assessment from the HOA.

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“I don’t see how they can charge that much. It’s outrageous,” Lively told 9 News. “Not everybody just has that amount of money just to throw away.”

Because he has an interior unit, Lively’s own condo didn’t sustain any damage in the storm. Still, as a resident of the neighborhood who agreed to follow HOA rules when he moved in, he’ll have no choice but to pay the association the money they’re trying to collect.

What to do when you’re faced with huge HOA fees

If you’re charged a special assessment fee that you can’t afford, you’re in a pretty difficult situation. The rules of the community typically require you to pay by the deadline the HOA imposes. If you don’t, you could be charged late fees, interest and penalties.

HOAs also have legal methods of forcing you to pay. They could place a lien against your property, for example, which would mean they’d have an ownership interest in it because of their claim against you. You’d have to resolve the lien before selling or refinancing.

The association could also sue you for breach of contract, or potentially even initiate a foreclosure on your home to try to force its sale to recoup the unpaid money.

Now, many HOAs won’t do that and will work with you to create a payment plan that’s within your budget as long as you ask and are acting in good faith.

Still, you’re going to get stuck paying the fee at some point — and this is something you can’t insure against as your homeowner’s insurance will usually cover only damage to your immediate property and not to the condo building you live in.

Ultimately, before you buy a condo or move into an HOA neighborhood, you must be aware of the rules in your covenants for when special assessment fees can be charged and how much they can cost. You may also want to research the HOA’s finances, including whether they have a generous rainy day fund to reduce the chances of big bills you’ll have to pay.

If you feel your condo funds are being mismanaged, your state laws may allow you to request a copy of financial records — or the HOA may make them available voluntarily. Or, you can run for the HOA board yourself in the future to change how it’s being run and try to improve its finances.

Unfortunately, none of those steps eliminate your obligations to pay fees like the ones these residents are being charged, though. So, residents of First Creek Farm will need to cover the costs.

If you do decide to live in an association neighborhood and this could happen to you, having a generous emergency fund is essential to ensure you’re prepared if the worst occurs and your building comes to you looking for funds to rebuild.

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• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Do you rely on your monthly Social Security check to get by? Here are 5 simple money moves for American seniors during Trump’s presidency

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.