Two weeks ago, Florida Governor Charlie Crist signed a new law geared towards giving condos and homeowner’s association s a major overhaul and provide a bit of economic relief, Miami Beach condos included. While some don’t believe the bill will be as effective as lawmakers would like, the effort is being welcomed.
Some of the highlights of this new bill are geared towards lenders as well as buyers. In the case of the former for example, lenders would be required to pay up to twelve months worth of back fees (or one percent of the mortgage value) when they assume the title of properties such as Miami Beach condos via foreclosure or deed in lieu of foreclosure. Possibly most aggressive is the new law stipulating that condo owners may be banned from nonessential common areas such as the pool if they’re 90 days or more behind in maintenance fees.
Perhaps the biggest complaint regarding the new bill is the fact that it does more to assist Miami Beach condos associations instead of actually providing some kind of solution for residents who are stuck in underwater mortgages. What are your thoughts on the new law?