Condo foreclosure reform movement continues in South Florida

In addition to homeowners, Florida condominium associations are also feeling the effects of foreclosure. With many owners facing foreclosure or in the foreclosure process, condominium associations have seen a substantial decline in collection of maintenance fees needed to maintain their operating budgets. Some associations have been forced to raise fees on all owners and cut back on services. In the worst cases, utilities have been shut off and some, like Miami Beach association, Maison Grande, have been forced to to file for Chapter 11 bankruptcy.


About 100 condo owners from Miami Dade and Broward condominium associations met last week for a second in a series of meetings, hoping to encourage the Florida legislature to address the foreclosure crisis and relieve its impact on the condominium associations. Unfortunately, much like the present foreclosure crisis, there appears to be no immediate relief in sight.