Question: “My question is whether a homeowners’ association can sue to foreclose for delinquent assessments, but also ask for a money judgment if there is no equity in the property due to a superior mortgage where more is owned than the property value. P.M. (via e-mail) Answer: Yes. Florida Statute §720.3085 allows an association to… Continue Reading
Question: We have a unit in our condominium that will soon go to a mortgage foreclosure auction. This unit owes the association tens of thousands of dollars in unpaid assessments. What is the maximum amount we can recover from the purchaser at the foreclosure sale, as I have been given conflicting advice? S.S. (via e-mail)… Continue Reading
Question: I own condominium units in both Florida and another state. I have seen in both states where banks seem to be sitting back and not pursuing foreclosures, leaving the properties and associations in limbo. Can you please advise me if there are any federal or state statutes that come into play? G.H. (via e-mail)… Continue Reading
Court explains “safe harbor” and says: “individualized charges, such as interest, late fees, collection costs and attorney’s fees do not fit within the statutory or common sense understanding of “regular periodic assessments” A little more than a year ago there was a huge debate over the interpretation of the “safe harbor” language in §718.116, Florida… Continue Reading
Gov. Rick Scott signed House Bill 87 on Friday. The new law takes effect immediately and is intended to speed up the foreclosure process. Yeline Goin’s take was published by the local newspaper in Tallahassee. Read the article by clicking below: Yeline Goin: Foreclosure bill offers benefits for associations.
Update by Yeline Goin The mortgage foreclosure bill, HB 87, was sent to Governor Scott on May 28, 2013, and the Governor must act on the bill by June 12, 2013. If you want to be notified as soon as Governor Scott acts on the bill, you can follow me on Twitter: @YelineGoin_CALL. I… Continue Reading
Update from CALL Executive Director, Yeline Goin: First, I want to thank everyone who participated in our Legislative Webinar last week and in particular Representative Moraitis for being a part of the Webinar and for providing special insight into the bills and the legislative process. We had a record number of attendees on the Webinar… Continue Reading
The Palm Beach County Circuit Court recently issued an Administrative Order requiring lawyers to account for their foreclosure cases and move them along. Administrative Order 3.313-2/13 requires the attorneys foreclosing against properties to identify all cases filed in the 15th Judicial Circuit according to the following deadlines: Case Filed Deadline for Filing Case Status Update… Continue Reading
Association becomes liable for past due assessments upon acquisition of title. According to Bankrate.com., in 2012 it took an average of 382 days for a lender to complete a mortgage foreclosure in the United States. However, that statistic includes states with the non-judicial foreclosure procedures and states that have very few foreclosures. Florida is not one of… Continue Reading
Question: Our homeowners’ association recently acquired a vacant lot through foreclosure. There is no mortgage on it, and we will ultimately sell it. We have a disagreement between our treasurer and association manager as to whether the association needs to pay assessments on a lot that it owns. What do you think? H.S. (via e-mail)… Continue Reading
Q: Our condo association has purchased a unit for back fees at the public auction arising from our lien foreclosure lawsuit. We are trying to sell the unit to get it back on the books as a paying unit. The unit is under contract as a short sale and we are in the process to… Continue Reading
FHA issued a new Mortgagee Letter last week. It requires foreclosing lenders to recognize and communicate with a community association, especially if the association already liened the property. Condominium and Homeowners’ Association leaders often complain about lack of payment on the part of mortgagees that take title as a result of the foreclosure. Many of them are not willing to wait… Continue Reading
The state/federal settlement means over $8 million in value to Florida.
Fannie Mae announced that it requires servicers to ensure any priority liens for delinquent Condo & HOA assessments are cleared immediately, but no later than 30 days, after the foreclosure sale or acceptance of a deed-in-lieu of foreclosure.
The largest title insurance company in Florida (Attorneys’ Title Fund Services, LLC, also known as “The Fund”) recently published an opinion by its underwriting counsel cautioning attorneys and title insurance companies against closing and insuring any transaction where the association’s title was obtained through a “mortgage terminator” lawsuit. What is a “mortgage terminator” lawsuit?… Continue Reading
We recently purchased a property out of a mortgage foreclosure case. The association was a party to the lawsuit. When we researched the property, we did not find a lien recorded by the association. Now that we own the property, the association is demanding that we pay past-due assessments that came due before the foreclosure. Are we liable for these charges?
Changes in the way Florida Courthouses handle their real estate foreclosure sales is helping to make the sales process more efficient and provide a broader pool of prospective buyers. Sales are being handled digitally so more sales can happen at a given time and buyers from all over can stake their claims.
Sometimes a foreclosure sale is not the final step for an Association who is owed money for delinquent assessments. At times, the Association has an additional remedy known as a deficiency judgment.
HB 213 gives condos, co-ops and HOAs the ability to speed up foreclosures. This post explains how.
CAMs and Condo/HOA board members devote a substantial amount of time and energy to collecting assessments. This free course provides strategies and techniques for maximizing collections in today’s economy.
HB 319 is the primary condominium bill this session. It is neither anti-association nor pro-bank as some of its critics have said. In fact, it is one of the most pro-association bills we have seen in recent years.
A recent report recommends eliminating the statewide mandatory foreclosure mediation program.
Struggling with mortgage payments? If so, look for information from Fannie Mae before giving up. The Fannie Mae “Know Your Options” campaign uses TV spots to reach struggling borrowers, encouraging them to visit KnowYourOptions.com and call a toll-free phone number. Fannie Mae volunteers will use the information provided by callers to document and route their cases to Fannie’s Mortgage Help… Continue Reading
A recent ruling by the Fourth District Court of Appeal reminds associations should cross every “t” and dot every “i” before filing a foreclosure lawsuit.