Problems Grow At Financially Shaky Condos, HOAs

In South Florida, a recent story by WFOR-TV Channel 4 serves as a reminder of the financial instability many condo and homeowner associations are suffering as a result of foreclosure, and the following problems that are being created by their shortage of funds at the two complexes featured in the story:

• two months of garbage piled up since there's no money to pay to haul it away,
• unpaid electric bills affecting the operation of the washers & dryers, as well as other common area functions,
• unpaid water bills,
• no insurance,
• a pool they can't afford to clean,
• security gates that don't work, and
• crime (break-ins, squatters, even an attempted murder).

Another major problem that is now beginning to get attention is also noted: foreclosing lenders that take over title to units after being stiffed by the prior owners are now stiffing the associations on the condo fees that they're responsible for paying.

For the story, see Garbage Piles Up As Foreclosures Pile On (read story) (watch WFOR video report).

In a related story, see The Miami Herald: Aventura commissioner proposes help for struggling condo associations (Foreclosures are having an impact on condo associations in Aventura, and commissioners want the Florida Legislature to do something to help).