Foreclosures Are Harming Neighbors

Florida homeowner associations are beset with foreclosures, vacancies and refusals by banks to cover unpaid fees, according to a survey by Fort Lauderdale, Fla., law firm Becker & Paliakoff. The law firm surveyed condos with foreclosures and concluded that the housing crisis is having a seriously detrimental affect on condo owners. Two-third of residents in condo communities who responded to the survey said the crisis is reducing revenue and causing a shortfall. One third of residents say their buildings have postponed upkeep or repair. More than 90 percent of respondents said state lawmaker should increase the liability of first-mortgage holders for unpaid assessments. Right now banks are only legally required to pay six months of maintenance fees or 1 percent of the mortgage, whichever is less.

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