Foreclosing Lenders Stiffing Condo Association Adds To Financial Squeeze On Non-Defaulting Unit Owners In One Miami-Area Building

In Surfside, Florida, WFOR-TV Channel 4 reports:

• [Carlisle on the Ocean condominium association president Colin Hendrick] says 60 percent of the unit owners are being forced to pay 100 percent of the [maintenance] fees. And there's another problem: getting the banks to pay up. Hendrick and the association have been forced to file liens against the banks, who are supposed to pay six months of condo fees if a unit owner falls into foreclosure. "The banks, who created the problem, are the biggest defaulters on paying condo fees and they are just making what was a bad situation a nightmare."

For more, see Condo Owners Find Themselves Paying Extra Fees.

For WFOR-TV video, see Banks Make Good Condo Owners Worse (45 out of 115 units are delinquent or have been foreclosed).

In a related story, see The Miami Herald: Condo boards want banks' 'free ride' to end (Condo owners and local politicians who accuse banks of delaying foreclosures on units to avoid association fees want to change state law in order to stop it).