Condo Associations Million Dollar Windfall!

Condo Associations Million Dollar Windfall!

Recently I read an article about a foreclosure in Aventura, Florida. Actually there were two foreclosures. The first one was a foreclosure by the condominium association. This foreclosure came about because the owner stopped paying his homeowners fees on his million dollar condo. Naturally, the condo association foreclosed, obtained title to the property and proceeded to rent the condo out.

dollar windfallThe second foreclosure came much later when the mortgage company tried to foreclose on their lien. However, they were too late. When the lender filed, it was beyond the statute of limitations. Accordingly, after arguing the issue, the Circuit Court Judge dismissed the foreclosure lawsuit.

Interestingly, the article discusses the condominium association’s good fortune and refers to it as a windfall. In other words, there has been nothing done which would invalidate the mortgage. Yes, the lender cannot sue on the debt, I understand that. However the Circuit Judge did not rule with respect to the mortgage.

Right now, the bank and its attorneys are hitting the law book looking for a way to get its property back. I’m willing to bet a few dollars much midnight oil will be burned researching this issue.

I will keep you updated on this one. One another note, I applaud the condominium association’s attorney for pick up on this issue and making the statute of limitations argument. I’m willing to also bet this one has been missed in similar situations all over Florida.

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Posted on August 28, 2013, in Legal and tagged , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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