South Hampton POA Bulletin

HOA Special Assessment letter August 6, 2021

Dear Homeowners,
The Board recognizes that there is still concern regarding the Special Assessment. This Special Assessment is needed to repay the $1,316,318 loan to the bank which was used to pay our contractors for the work on our building for the waterproofing, railings, deck repair and recoating, as well as the cooling tower piping. Robert Jones, our Treasurer, has been working with the bank for a one-time loan modification which would allow lump sum payments for all those owners who have already paid in full as well as for any other homeowners who would like to pay in full. We must provide the bank with the lump sum payment by August 16, 2021.
To be able to accomplish this, any homeowner desiring to make an interest free lump sum payment may do so by sending the payment to the Management Company (LITUS*) on or before the end of the day on August 11, 2021. After August 11, 2021, the remaining homeowners will be on the monthly pay program, which includes interest.
This interest free lump sum payment is also available to any homeowner already on the monthly payment plan. If you desire to take advantage of this pay-off, please call John Taylor (LITUS*) (843-448-9000 ext. 161) to get a payoff amount. This pay-off amount will give full credit for all payments made to date.
It goes without saying that lump sum payments will lower the HOA monthly bank payments as well as giving our Homeowners an opportunity to save the additional interest expense.
Also, The Board will hold a town hall informational meeting for all homeowners in mid-September 2021. We are planning to have a hybrid meeting, utilizing both an in-person meeting at an Embassy Hotel conference room as well as a zoom call. We will send out a notice with all the details.
Respectfully,
Your South Hampton Board of Directors

Updated Special Assessment Calculations

Your 2021 Special Assessment payments, either lump sum or payment one of the sixty, can be sent by check made out to South Hampton POA via mail to PO Box 9000 Myrtle Beach SC 29578.  The same address your normal payments/fees are sent to.