Tag Archives: Foreclosure

FEMA Hold On, They Aren’t Going for the Home

For community associations, when an owner goes into foreclosure, the best-case scenario is that the bank or mortgagee moves the property swiftly through the foreclosure process, and a new owner then takes possession and begins paying the assessments as they … Read Full Post

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And Your Association Thought Foreclosure Was Bad? The Consequences of Tax Sales & Tax Deeds For Community Associations

It is a scenario familiar to every association: an owner falls behind on his or her assessments and doesn’t get current, and the association initiates the lien recordation and foreclosure process.  However, before the association can foreclose its lien and … Read Full Post

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Assignment for the Benefit of Creditors: Stay of Litigation

This is the first of three follow up blogs to our earlier publication Assignment for the Benefit of Creditors: General Overview. This blog explores ABC’s lack of statutory automatic stay and whether there is a functional and practical equivalent. The next blog will discuss whether a creditor may file a claim after the statutory 120-day deadline. The third blog will examine whether a creditor may file a claim of fraudulent transfer against the estate. Read Full Post

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Why Community Associations Cannot Afford to Ignore Lender Foreclosure Actions: Part V

This blog post is part V in a series of posts discussing why community associations cannot afford to ignore lender foreclosure actions. Part I explained that associations have the statutory power to expedite the foreclosure process when lenders are delaying and illustrated that by implementing a consistent policy for appearing in lender foreclosure actions and expediting the legal proceedings, associations can save tens of thousands of dollars over the years. Part II addressed the unclaimed revenue in the form of foreclosure sale proceeds that associations fail to capitalize on when not appearing in lender foreclosure actions. Part III demonstrated that appearing in lender foreclosure actions allows associations to better determine if the foreclosing entity is entitled to Safe Harbor protection or not, and Part IV discussed ensuring the lender immediately begins paying assessments after taking title, including when it is worth pursuing the prior homeowner for the remaining unpaid assessment balance. This fifth and final post in the series explains when an association should initiate its own foreclosure action depending upon the status of the lender’s action. Read Full Post

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Why Community Associations Cannot Afford to Ignore Lender Foreclosure Actions: Part IV

This blog post is part IV in a series of posts discussing why community associations cannot afford to ignore lender foreclosure actions. The underlying theme of this series is that associations have a financial interest and lien rights in their properties and by ignoring lender foreclosure actions, associations are ignoring their own financial interests and main sources of revenue. Read Full Post

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Acceleration of Debt in Mortgage Foreclosures: Beware of the Statute of Limitations

By: James O. Birr, III

Mortgage foreclosures in Florida took an interesting twist in December 2014, due to the recent decision in Deutsche Bank Trust Company, et al. v. Beauvais, et al. This decision effects the time period for bringing foreclosure claims in the event of acceleration and a prior dismissal of a foreclosure lawsuit. Read Full Post

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