State lawmaker to hold foreclosure seminar in Delray Beach
by Michael C. Bender | January 7th, 2010
Sachs
“It is time to shed light on how foreclosures are impacting condominium and homeowners associations,” Sachs said. “We need to alleviate the heightened fees that remaining residents are facing, which are being imposed by associations to make up for lost revenue from foreclosures.”
Sachs said she has hosted five foreclosure workshops.
The details of the event:
Time: 2 p.m. to 4 p.m.
Date: Friday
Place: Sachs’s Delray Beach Office, 203 NE 1st Avenue Delray Beach, 33444
Tags: foreclosures, Maria Sachs
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January 7th, 2010 at 3:13 pm
“We need to alleviate the heightened fees that remaining residents are facing, which are being imposed by associations to make up for lost revenue from foreclosures”.
Is this brain surgeon now trying to get her name in the paper by picking on homeowner associations? It was the Florida legislature that snuck in a provision limiting the amount banks have to pay in past due assessments when they foreclose on a home. Does she know what she is talking about?
By using the term “fees” does she mean “assessments”? If assessments are being raised it’s because she voted to allow banks to get away without paying them and associations needs their assessments to provide their services.
I hope you have all had enough of this populist truly un-caring stupidity the next time you vote. If she wants to do something, why doesn’t she push for requiring banks to pay their fair share of past due assessments when they foreclose on a home, DUH.
January 7th, 2010 at 3:43 pm
Despite what the previous commenter said, banks had no obligation to pay any such fees or assessments until it was defined in law. Florida was the first state in the country to force banks to pay anything for condo association fees. They added homeowners associations a couple years back to give some parity between the two types of associations. Why didn’t the COAs and HOAs reserve funds for times like these? Why don’t they use their state trust fund to help them? Why should banks have to pay for an obligation that was between the owner and the association? When you choose to live in an HOA or a COA, you choose to take the risk that everyone will be able to pay their share. It’s not the banks obligation to pay for that risk.
January 7th, 2010 at 3:46 pm
also, as a responsible condo owner, I am worried we are going to scare banks out of the condo lending business. THey have no reuirment to lend to us and it is harder to find one who will. If the banks stop lending to condos, my my/all condo property will become worthless.