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Payback time: Florida homeowners foreclosing on banks

 
DoorBert

User ID: 870568
United States
12/28/2012 08:09 AM

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Payback time: Florida homeowners foreclosing on banks
Hundreds of homeowners associations are foreclosing on banks that have failed to pay dues and other expenses on the properties they've repossessed.

Since the housing bubble burst in Florida five years ago, more than 400,000 borrowers have had their homes foreclosed on by their lenders. But for some, it's payback time.

Hundreds of homeowners and condo associations are foreclosing on banks that have failed to pay dues and other expenses on the properties they've repossessed.

When banks foreclose on a home they become responsible for paying fees to the homeowners association -- both any unpaid fees going back as far as 12 months and all expenses going forward.

In many cases, however, banks are failing to pay, leaving these associations short on cash, according to Miami-based attorney Ben Solomon.

But now, homeowners groups are putting liens on the properties until banks pay up and foreclosing on them if they don't.

[link to money.cnn.com]
DoorBert (OP)

User ID: 870568
United States
12/28/2012 08:17 AM

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Re: Payback time: Florida homeowners foreclosing on banks
Florida Homeowners’ Associations Filing Foreclosure Lawsuits Against Florida Banks: Foreclosing on Banks Defaulting on Florida Community Association Fees

[link to aboutfloridalaw.com]
Anonymous Coward
User ID: 22022484
United States
12/28/2012 08:23 AM
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Re: Payback time: Florida homeowners foreclosing on banks
Hundreds of homeowners associations are foreclosing on banks that have failed to pay dues and other expenses on the properties they've repossessed.

Since the housing bubble burst in Florida five years ago, more than 400,000 borrowers have had their homes foreclosed on by their lenders. But for some, it's payback time.

Hundreds of homeowners and condo associations are foreclosing on banks that have failed to pay dues and other expenses on the properties they've repossessed.

When banks foreclose on a home they become responsible for paying fees to the homeowners association -- both any unpaid fees going back as far as 12 months and all expenses going forward.

In many cases, however, banks are failing to pay, leaving these associations short on cash, according to Miami-based attorney Ben Solomon.

But now, homeowners groups are putting liens on the properties until banks pay up and foreclosing on them if they don't.

[link to money.cnn.com]
 Quoting: DoorBert


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