Unpaid fees put Florida condo owners in foreclosure - St. Petersburg Times: "Sitting in her small condo in one of Tampa Bay's biggest retirement communities as her hands tremble, a 75-year-old woman reads a letter threatening to put her out of her home. Like so many other Floridians, Ann Studen is facing foreclosure. But in her case, it has nothing to do with her mortgage. She's four months behind on her $280 monthly maintenance fees, and her condo board has put a lien on her $70,000 unit.
It happens more often than you might think. While no one tracks foreclosures prompted by homeowner boards and associations, there are a rising number of people in Studen's situation, according to civil court judges and condominium officials."
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It happens a lot, and not more than I think.
2 comments:
What a sad story. On one hand, for people who are not using the condo as their primary residence, foreclosure seems like the best option. Also, this lady really ought to reconsider her "throw myself on the mercy of the court" plan and at least TRY to work out a payment schedule. But on the other hand, what is going to happen to people like this lady after they get kicked out? Do we want them in homeless shelters, or do we have enough other subsidized housing, or . . . where do they go?
Look at the comments made by the industry supporters. The problem is that they maintain that all these services MUST be provided. Any behavior is excusable to support these services which are provided of course by the third party vendors that the industry represents. At least one other option is to cut down on the outflow. How much does that pool cost? How much better off would the residents be without the pool? Can the residents even determine where the money is going or is this another state where the industry has ensured "shut up and pay up" laws that ensure the residents can't even get access to the books. Who says the legitimate expenses of the HOA are $280/unit - a self-interested board?
Also another point that really goes unnoticed is the number of times that unscrupulous management companies and HOA attorneys use the threat of foreclosure to extort other conduct or monies from homeowners.
Isn't it interesting that HOAs (which have some power to regulate their costs) have not been prohibited from foreclosure despite having NO STAKE in the owners property while banks have often invested 80-100% of the purchase money and yet banks are under a foreclosure moratorium?
Reading further in the article, it is quite clear that the place is operated by a regime controlled by a single family. Isn't it interesting that the attorney fees would be paid to the attorney hired by the board who just happens to be another member of the family. No conflicts there, eh?
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