New Legal Tactic Helps Associations Gain Control of Abandoned Condos
A Pompano Beach condo association has been awarded title to a condominium unit without owing a dime on the original $184,400 mortgage.
Palm Coast, FL – October 6, 2010
October 05, 2010 – By Daniel Vasquez on condos, Sun Sentinel Columnist
After winning a lawsuit against Wells Fargo that claimed the bank purposely delayed foreclosure proceedings on a condominium unit for more than a year, a Pompano Beach condo association has been awarded title to the unit without owing a dime on the original $184,400 mortgage.
The case, brought by the Palm Aire Gardens Condominium Association, is being seen as a precedent that could pave the way for other condo associations facing similar foreclosure delays.
Justice delayed is justice denied
The condo fees being picked up by the rest of the owners in the association can’t be punished by banks sitting on paperwork. That would not be the case if they started paying the outstanding fees.They legaly don’t own the property as the deed is still in the owners name prior to the foreclosure, but do have a first position as a lein holder that can’t be held to the harm of others by delaying. Time is money, and they may think the longer they wait the more the property will sell for after foreclosure, but now a precedent has been set for them to liquidate timely or pay the outstanding common fees while they delay.