UPDATE May 7, 2009

Main Street Management has continued to work with the Receiver and other stakeholders to ensure that the community is able to meet its obligations in regard to operational costs and other associated activities.  We were informed that the court hearing was not going to take place as originallly communicated.  Main Street Management is pleased to announce that the Receiver and other stakeholders have agreed to invest in some of the subisdy needs that were the responsibility of CP Morgan.  Below is an update on specific communities where recent commitments have been reached.  It is important for all homeowners to understand that HOA dues must be paid for this investment to continue.  This current agreement does not fully satisfy the financial obligations for 2009 in most communities.

Homecoming HOA Update 

Within the past week there has been communication between Precedent and the Receiver regarding Homecoming and their concern of not opening the pool as well as the overall need for financial support in 2009 on the HOA Budget.  Positive news was shared yesterday for Homecoming, the Receiver has agreed to pay dues for the 78 lots owned by CP Morgan in the total amount of $18,720 and Precedent has agreed to fund $5,000 in May.  Additionally Precedent has agreed to consider future subsidies later in the year as they see positive movement from the Homecoming homeowners in payment of their dues.  With this funding it will make it possible to open the Homecoming pool which is very exciting news!  However, the Homecoming HOA budget is still in need of its residents to step up and pay their homeowners dues to ensure the pool remains open for the entire 2009 season.  There are still approximately 100 homes that have not paid HOA dues for 2009, so those homeowners need to get this money paid for this fiscal year to work.  Homecoming’s success is relying first and foremost on the homeowners to honor their monetary obligations per the Covenants.  Now that the Receiver and Precedent have agreed to contribute, it is critical for those homeowners who have not paid their dues to be responsible.  If you have not paid your dues for 2009, please mail them to Main Street Management as soon as possible or make a payment by credit card by going to www.mainstreetmanagementllc.com.  We (Main Street Management) have contacted the pool management company to begin opening activities and are very excited to see Homecoming move in such a positive direction.   

Homestead HOA Update

As you know, Main Street Management has been working hard for the Homestead community in regard to maintenance activities (mowing, common area, pond, etc.) and was focused on exploring all options in order to open the pool for the 2009 season.  We knew that under the circumstances that we were facing an uphill battle but were committed to do everything that we could to try and work for each and every homeowner as their advocate. 

We are happy to report that the pool will be opened for the 2009 season at Homestead!  At this time the opening date is not confirmed due to some unexpected work that needs to be done; however, we will report this information as it is determined.  After a series of meetings and conversations with the Receiver, they have agreed to fund for lots owned by CP Morgan and the investor that owns lots in Section 3 has also agreed to pay for the lots that they own.  This will provide funding that will get Homestead through a period of time, but will not get Homestead free and clear for the balance of the year.  There are approximately 49 homeowners that still owe for their 2009 dues.  These funds must be paid to make everything work and allow the pool to be remain open for the entire 2009 season as well as continue to service the needs of the community through the end of the year. There have been steps taken to reduce maintenance costs and Main Street Management has agreed to participate in the success of this project by reducing their fees by 20%.  Homestead’s success rests on the homeowners to honor their contractual obligations per the Covenants.  Now that there have been contributions made to help Homestead move in a positive direction, it is critical for those homeowners who have not paid their dues to do so as soon as possible.  If you have not paid your dues for 2009, please mail them to Main Street Management or make a payment by credit card by going to www.mainstreetmanagementllc.com. If these dues are not paid in a timely fashion, we will have to adjust the pool season accordingly.  We need your help! We (Main Street Management) have contacted the pool management company to begin opening activities and are very excited to see Homestead move forward in such a positive direction for 2009! 

Sandalwood and Autumn Woods were funded for the month of April.  We will continue to work with the Receiver to continue funding.  All homeowners must pay their dues to continue the possibility of Receiver funding.

UPDATE April 17, 2009

Main Street Management spoke with a representative of the Receiver this morning and we were informed that the court hearing will not take place until next week.  We will not have any additional information until the hearing takes place and a ruling is rendered.

UPDATE April 13, 2009

A positive meeting was held between Main Street Management and the Receiver last week on Wednesday, April 8.   In regard to financial support, we were informed that the court is in control of making decisions related to funding based on the overall cost to the banks compared to asset.  Please keep in mind that this is not a bankruptcy or foreclosure process.  The Receiver made a point in our meeting that it is critical for homeowners to participate in their own community by paying their dues.  The goal for the Receiver is to sell the assets quickly so that the communities can move forward to completion, so as immediate funding is needed, they are willing to make proposals to the court to make the decision.  However, homeowner participation in paying dues only makes the condition of the community look better to the court.  We (Main Street Management) expressed our concern that if the Association moves forward in accordance to its budget and if homeowners pay their dues, the Association will still run into a situation where subsidy funds are needed.  Main Street will stay engaged with the financial status of the Association and continue to communicate to the Receiver as subsidy needs exist from month to month so proposals can be made to the court for their review and decision.

 UPDATE April 1, 2009

As you can tell from the lack of updates, the formal communication to stakeholders has been slow.  I am happy to report that a Receiver has been appointed and is in the process of working through the necessary steps to build the operation.  On your behalf, Main Street Management is meeting with the Receiver's team next week to determine the plan as it relates to the HOA.  Main Street Management is also visiting with Counsel to determine what avenues are available to protect the HOA during this process.

One area of concern that has been communicated by outside stakeholders is the amount of delinquent dues.  If you have not paid your dues, it is critical that you do.  The HOA wants to send the right message to possible partners that the HOA believes in its community.

UPDATE March 7, 2009

There was a court hearing yesterday afternoon in Hamilton County Superior Court to rule on a request for Receivership. Main Street Management has been working with the legal representative(s) that is working with the Lead bank but do not have any new feedback based on that hearing. There are 4 banks involved and the next steps are still not known. Main Street Management will continue to be the advocate for the homeowners as we search for information in order to plan for the future. We appreciate your patience.

UPDATE March 5, 2009

Please click here to download CP Morgan Warranty Letter

UPDATE March 4, 2009

Your Association has been talking with bankers, attorneys, investors and other stakeholders to ensure that the Association stays in the best position possible to not only maintain property values but be in a position to enhance values over time. There are a number of factors that we need to continue to monitor. There are lots in communities that were owned by CP Morgan and are now controlled by the banks. We need to understand what their plans are in this area. There are also lots/raw ground that were owned by partners and investors. Some of these lots are ready to be built upon and others are simply ready to be developed. We are meeting with those individuals to understand their plan of action.

Please keep in mind that the Association is a legally formed entity that remains in full force and effect. This includes all covenants and restrictions. Therefore, all homeowners need to abide by the Covenants and the rules of the Association. Payment of Association dues is important. If you have not paid your dues, now is a great time to make that payment. Thanks for your support and please check the website for the latest news.

UPDATE March 4, 2009 - 1:56pm

Press Release from INside Indiana

INDIANAPOLIS – C. P. Morgan Homes Inc., which ceased home building operations here on Friday, February 27, today released additional information concerning its business.

Company officials said Hoosier customers whose homes have been completed or nearly completed and whose homes are ready for closing will be contacted by the title company within the next 30 days to schedule the closing.

Meanwhile, those who have contracts with the company but whose houses are not yet completed or nearly completed are having their earnest money refunded. Those checks, company officers said, will be mailed this week.

A third group of customers whose houses have been finished but whose landscaping has not been completed will soon be contacted by Morgan’s landscaping contractors to finish that work as soon as the winter weather breaks. Money is being held in escrow for that purpose.

Arrangements to settle with Morgan customers in the Charlotte, N.C., market have not been completed but will be announced in that area in the near future.

Morgan’s telephone switchboard offers callers four different recorded options that summarize this information. That number is 317-848-4040.

UPDATE February 26, 2009

As most of you know, CP Morgan has ceased operations effective Friday, February 27, 2009. This information was communicated to the Association on February 26th. From what we were able to gather from this situation C. P. Morgan had been in discussion with multiple homebuilders who had an interest in purchasing the assets of the company but were not able to come to terms. Therefore, the decision was made to cease operations immediately.

As of this time, the Association does not have any additional information to communicate but we are working to find out as much information as possible. Hopefully, within the next several days, we will find out more about the specifics and can then plan accordingly. We are not able to determine the impact of this situation at this time including the impact of dues.

As information becomes available we will be updating the website and will plan a special community meeting when facts are known. Please watch the website for announcements.

The contract with our property management company, Main Street Management, is between the HOA and Main Street and is not affected. Thus, association dues collected so far are still in our possession for HOA use. It now becomes more important than ever that all homeowners pay their dues on a timely basis. If you have not paid your dues please plan to do so as soon as possible so we can continue to run our community and preserve property values in the interim.