Wells Fargo: Pay up or else!

[Lloyd Bonafide]

http://www.dailybusinessreview.com/Web_Blog_Stories/June/Association_trns_tables.html

The Residences at the Bath Club Condominium Association in Miami Beach is pressing a foreclosure action against Wells Fargo as trustee for an investment pool that owns the mortgage on a unit that isn’t paying its maintenance fees.

The lender owes $32,252 in late maintenance fees on the unit it took back more than a year ago.

The lender needs to come up with the past due maintenance fees by Friday morning or it could lose the oceanfront condo in a foreclosure auction. The unit sold for $1.45 million during the height of the condo boom, according to Miami-Dade County property records.

The highest bidder would get the two-bedroom condo at 5959 Collins Ave. free of a mortgage.

Attorney Paul Breitner, who represents community associations, said lenders are finding a way around having to pay association dues. They initiate foreclosure procedures but don’t seek a final judgment. That way, they avoid taking title to the property.

“We increasingly see banks reluctant to take control of a unit,” said Breitner, with The Barthet Firm in Miami. “They would rather keep a unit in limbo and wait until the market comes back.”

 

[murray stroupe]

Re; Ocean front condo

http://www.dailybusinessreview.com/Web_Blog_Stories/June/Association_trns_tables.html

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Well ,Wells Fargo may be doing it right;
the communuty association [lawyer said ]doesnt want title to it.

And with FLA insurance rates,
some homeowners assoc fees are used for pavement maintance on the property.But no one is on that property, using pavement.

 

[Terrel L. Shields]

Anyone who gets in these kinds of "community associations" or "POAs" are asking for grief and they usually are not denied. If the banking community was smart, they'd require the POA to stand the dues in foreclosure or not make the loan. Perhaps that would remind people how really bad an investment a condominium is.