As a result of a complaint filed by then Senator Darren Soto the Florida Office of Financial Regulation looked into the debt collection procedures followed by First100 who was hired by the Poinciana HOA to collect debts from 4,000 Poinciana Homeowners. They determined that First100 was not licensed to collect debts in the State of Florida. Their subpoena's for additional information as well as their phone calls to First100 remain unanswered. As a result these thousands of Poinciana homeowners have suffered financial hardship and damages resulting from what the lawsuit claims to have been unlawful actions by the Poinciana HOA.
In October 2015 the Poinciana Homeowners Association sold to First100, a Nevada Debt Collection Company the rights to collect the delinquent HOA assessments owed by 3,959 Poinciana homeowners for $1,201,327 according to documents assembled by the HOA
According to documents filed with a Nevada Bankruptcy Court, First 100 in cooperation with McCabe Law Group of Jacksonville Florida used the power of attorney privileges granted to them by the Poinciana HOA to inflate the debt amounts owed from thousands of Poinciana homeowners in order to obtain loans and attempt to sell the accounts receivable assets for as much as $59 million dollars.
According to Nevada Federal Court records the Poinciana HOA was never paid for those debts by First100 as agreed to in the contract but were instead sold to a company GFY who transferred $710,000 to Poinciana HOA to pay for these debt assets well past the time when they defaulted on the APV loan purchase contract.
While all this was going on the indebted Poinciana homeowners were unable to settle their debts while the amounts that they owed was increasing exponentially due to legal fees and late charges. In one example a $252 late assessment was increased to $1692.40 (671%) from the time the debt was sold until the present time and the homeowner is still not able to pay of the debt because nobody can tell him who to pay?
The lawsuit claims that the APC HOA never had the legal authority to collect the debts in the first place because the original Poinciana Deed Restrictions had expired and that even then they continued to collect assessments and enforce deed restrictions after breaking (breaching) the 1985 Agreement made with the Poinciana Homeowners.
The list of these homeowner names and addresses are public record from the State of Florida and available upon request