MetroWest Home Owners Sue Kevin Azzouz

A group of MetroWest homeowners claim millions of dollars are missing and were misused. The homeowners said the former head of their association was using the extra money to fund personal projects. Mary Biddle has lived in MetroWest since 1989.

“I was one of the original residents,” Biddle said.

She hasn’t had a real complaint, until three years ago when she got a notice about her homeowner association’s assessment fees. “So when I got my dues bill in late ’05, ’06. Kelli, I was stunned that we had a 30 percent increase in dues, couldn’t believe it and I started asking questions,” Biddle said.

She, along with several other residents, went straight to the property developer and then head of the MetroWest Masters Association Kevin Azzouz. The group sued to get a look at his financial records, and what they found was shocking.

“Mr. Azzouz, who had a commercial development, was taking the money from the homeowners fund and using it for his commercial development to the tune of $2.5 million,” said Phil Snyderburn, the homeowners’ attorney.

Snyderburn contends in the 45-page lawsuit that it cost just over $700,000 for the yearly upkeep of the homeowners’ common areas. However, Azzouz was taking in around $2.5 million. An audit showed the extra cash was funding Azzouz’s new and financially troubled project at Veranda Park.

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Your Credit Score – How is it Calculated?

Have you ever wondered what makes up your credit score? The three major credit reporting agencies, Experian, TransUnion, and Equifax, use a number of factors to calculate your score.

Credit scores range from 300 to 850 and are a buyer’s key to attaining loans. From cars and homes to everything in-between, if you need a loan, you need good credit. The way it works is simple. A high score is a door to lower interest rates and larger sums of credit. The higher your score, the less of a risk your pose to a lender, and therefore the more likely they’ll be to approve you for a loan.

The score is compiled by analyzing the following:

1. Length of Credit History: The longer you’ve had credit the better. The agencies will be looking at the time that’s passed since accounts were opened, the time since account activity, and then the time passed since accounts were opened based on what type of accounts (myfico.com).

2. Payment history: Do you make your payments on time? Have you missed payments or filed for bankruptcy? If you’ve defaulted on an obligation, your credit score will drop. On the other hand, if you pay faithfully each month, your credit score will rise to reflect it!

3. Percent of Credit Used: Think of it this way. You have two lines of credit open with credit limits of $5,000 each. That means you are able to use a total of $10,000. If you have a $2,000 balance on one card and $3,000 on the other, you are using 50 percent of your available credit. The smaller percentage you are using the better. Fifty-percent is very high.

Many people ask if they should close an unused card. If you are paying monthly or yearly usage fees to the credit card company for a dormant card — then the answer is probably yes. But keep in mind, if you close one of those $5,000 credit limit cards, your new credit limit is just $5,000. If you now are using $3,000 of your $5,000 limit, you are using 60 percent of your available credit. This is bad news for your score.

And on top of this, how much do you owe total? If you are carrying a large amount of debt, banks and lenders may see you as at risk for default. This means no new loan for you.

Yu can read the rest of this article here.

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