HOA Prodding Resistant Banks to Act on Distressed Condo Units
Emil Fleysher
December 26, 2011
In addition to homeowners, Home Owner’s Associations (HOA) are victims of the foreclosure crisis as well. When homeowners stop paying maintenance fees or assessments, associations start facing serious problems. Some associations have more than 50% of their units delinquent. Under Florida law, HOAs can foreclose on owners for the delinquent fees and can take a title that way. This is not always helpful. That is because the existing mortgage goes
