Payback Time in Florida
The State of Florida has one of the highest foreclosure rates in the country. It is estimated, approximately half a million homes have been sold by banks and other financial institutions in foreclosure proceedings.
Today, many homeowner associations and condo associations are bringing foreclosure proceedings against banks. These proceedings relate to banks failure to pay homeowner associations’ dues, real estate taxes and other expenses related to properties which have been repossessed by the financial institutions. When a financial institution takes title to a home in a foreclosure proceeding, they become responsible for taxes, homeowners association fees and all unpaid expenses related to the house for past years. So what are banks doing concerning the payments of these fees? They are ignoring them!
Homeowners Liening on Bank Owned Properties
Homeowner Associations are fighting back against banks in Florida. They are putting liens on the properties taken by the banks in foreclosure proceedings. Ben Solomon, a Miami based attorney, has filed more than 8000 liens on behalf of homeowners against properties owned by financial institutions. He has also brought more than 100 foreclosure cases against financial institutions.
Shortfall in the Finances of Condo Associations
Due to the high foreclosure rates in Florida, many condo associations are having financial difficulties. When people stop paying their mortgages, they also stop paying their condo association fees. This has a negative impact on all the other homeowners in the condo association. The reduced cash flow by the condo association has forced them to cut back on maintenance of their properties, security, beautification programs and other essential services that are necessary to maintain the lifestyle of the members of the condo association.
Attorneys who have brought foreclosure proceedings against properties owned by financial institutions report when pressed, the financial institutions pay the back taxes, condo association fees and other expenses on the real estate.
Conclusion
When banks don’t pay their bills, go after them! Their pockets are deep and they usually come up with the cash!
