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.
It is very likely that your management company charges a fee to delinquent owners if they send collection letters or take other action to collect a delinquent assessment. After all, they are doing extra work that wouldn’t be necessary if the owner paid on time.
The 2010 Florida Legislature created new procedures for community associations to collect assessments from tenants of owners who are in arrears. You’ll want to join us to hear about these new collection techniques and to learn how to avoid pitfalls in the process.
Picture this: the biggest road out of town. Now imagine it is rush hour. In a thunderstorm. Add that it also a hurricane evacuation. A lane is closed due to construction delayed by budget impacts. Imagine the traffic jam.
The Florida Consumer Collection Practices Act Prohibits Associations From Posting Delinquency Lists and Taking Other Actions to Collect Assessments and Maintenance Fees.
As naïve as it sounds, foreclosure is business, not personal. There are some fundamental questions that need to be asked to curb the passion and focus the decisions on the economics of business. In truth, the Association does not want the foreclosure but rather what results from it, the sale. So we need both the foreclosure and… Continue Reading