Wednesday, August 24, 2011

Homeowner Groups Sue to Force Foreclosures - Bloomberg

Homeowner Groups Sue to Force Foreclosures - Bloomberg
Members of the Vintage East Condominium Association in Miami Beach got tired of waiting for JPMorgan Chase & Co. (JPM) to foreclose on unit 9, so they sued the bank in February to take control of the property.

In June, more than four years after the owner stopped making payments, a judge ruled that JPMorgan lost its claim to the $144,000 mortgage. The apartment is now on the market for $87,500, and the association may stave off insolvency with proceeds from the sale and a new owner who pays monthly dues, said Jane Losson, a board member at the complex. Four of the 11 other owners at the property are also behind on dues.

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Thanks to Doug Selby for this link. Maybe it's time to stop coddling the banksters. Just a thought.

2 comments:

Anonymous said...

Wow if the "association" was working for the benefit of the homeowners, then why not use the "mortgage terminator" to leave the homeowners with free and clear ownership of the property?

The uncertainty of when or if the bank is going to foreclose and these bogus modification schemes are often reasons homeowners can't or are unwilling to pay assessments. If they are freed of a mortgage that no entity can rightfully claim then the homeowner can sell the place (eventually) and the HOA or condo is "made whole". Instead this whole scheme is about enriching the HOA attorneys that bring these actions.

EdgewaterIsle.com said...

Edgewater Isle just foreclosed on a unit. First time in 25 years that the HOA has actually foreclosed and now owned one.

Let's see how long it takes for the bank to take title back......