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1/13/2011 - Boca Raton Home Bought by HOA for $1,900

Florida law allows homeowner associations to file for foreclosure against an owner and take possession of their properties when they are delinquent 90 days or more in paying their monthly maintenance fees.

Mark Michaelson learned the hard way that a community association may take away your home for not paying maintenance fees.

Because of personal financial problems, Michaelson said he stopped paying maintenance fees and the mortgage on his three-bedroom home with a lake view in Boca Raton in 2006, racking up more than $18,000 in overdue assessments and attorneys' fees.

Public records show Michaelson purchased his home in 1999 for about $167,000 and he said it was worth as much as $460,000 four years ago. It was auctioned and bought by the association for $1,900.

"Now I am just waiting to be evicted," Michaelson said.

Source - Sun Sentinel - 1/11/2011

Editorial Comment

In case you are wondering, the Green Cay Village Townhome and Condo Association Boards have instructed their legal council to begin Association Foreclosures on a number of properties in Green Cay Village.

While such action may seem harsh, it all comes down to the fact that if homeowners don't pay their association fees, then the burden falls to their neighbors. And the Boards of Directors are charged with the responsibility of not letting that happen if at all possible.


Peter Schulz - Editor - Email TCM

 
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