Love 'em or hate 'em, sounds like Florida HOAs is a-hurtin' --- Survey: Homeowner associations beset by foreclosures Tampa Bay Business Journal
Florida homeowner and condo associations are struggling more and more with foreclosures, vacancies and bank refusals to cover unpaid fees, a survey by law firm Becker & Poliakoff found. The growing crisis is undermining upkeep, repair and safety of condos and HOAs statewide, according to the Fort Lauderdale-based firm's research. The firm has Tampa Bay area offices in Clearwater with five lawyers, and in Sarasota, where there are three lawyers. Two-thirds of survey respondents in communities with foreclosures said the crisis is causing a burdensome revenue shortfall. More than one-third of survey respondents said their buildings have postponed major investments in upkeep or repair of property. Attorney David Muller, who works with the firms Community Association Leadership Lobby, said the higher assessments to cover debt threaten to push more owners into default and mortgage foreclosure. A big problem for associations is the length of time a property is in foreclosure. Banks can keep properties in foreclosure for years, but are only legally required to pay six months of maintenance fees or 1 percent of the mortgage, whichever is less. The solution association board members is to file their own foreclosure action, forcing the bank to close on its foreclosure faster. But, that also takes money $500 for the filing. More than 90 percent of respondents said state lawmakers should increase the liability of first-mortgage holders for unpaid assessments. The online survey was conducted for Becker & Poliakoff in late January, with response from 1,589 property owners. Three-quarters of survey respondents were in a position as elected members of their communitys board, having in-depth information about finances. http://www.bizjournals.com/tampabay/stories/2009/02/23/daily24 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:289677 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
