This week in Florida foreclosure news, Part 2

Rats!
How do foreclosures affect condo associations? Here’s one story I worked on with another AP writer.

The Inlet House condo complex in Fort Pierce, Fla., was once the kind of place the 55-and-older set aspired to. It was affordable. The pool and clubhouse were tidy, the lawns freshly snipped. Residents, push-carts in tow, walked to the beach, the bank, the beauty parlor, the cinema and the supermarket. In post-crash America, this was a dreamy little spot. Especially on a fixed income.

But that was Inlet House before the rats started chewing through the toilet seats in vacant units and sewage started seeping from the ceiling. Before condos that were worth $79,000 four years ago sold for as little as $3,000. And before the homeowners’ association levied $6,000 assessments on everyone — and then foreclosed on seniors who couldn’t pay the association bill, even if they didn’t owe the bank a dime.

Story here.

One thought on “This week in Florida foreclosure news, Part 2

  1. Hi Tamara – I feel sorry for those people. the Association’s Board didn’t plan adequate Reserves years ago so they assessed the Special Assessment. The unit owners and the BOD are both responsible.
    Foreclosure is the last resort. They should have entered into long range payment plan. The lawyers on both sides didn’t do their job.
    I’m President of my Association. If you want details just email me. The whole other side of the running of an Association that would balance out your story.

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