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Storm Survivors Face Foreclosure Over Special Assessments

Posted by: Christian Peralta Madera
Thanks to: Sheryl Stolzenberg
24 October 2006 - 8:00am

Condo owners and members of homeowner associations, who are already struggling to pay repairs on uninhabitable storm-damaged units and fighting with their insurance companies for compensation and temporary housing, now face possible foreclosure.

"Buying a home in a community with an association comes with the responsibility to maintain the commonly owned property, said Gary Poliakoff, whose law firm represents 4,000 associations in Florida. 'Most unit owners do not appreciate the fact that they might be exposed to very burdensome common expenses,' he said. 'Forty to 50 percent of the budgets of some associations is now going for insurance.' "

" 'We're getting about a dozen calls a day from frantic owners,' said Danille R. Carroll, the state condo ombudsmen. 'We tell them there's not anything they can do but pay the assessment, and they aren't alone, that associations all over the state are doing the same thing.' "

Full Story: S. Florida condo owners face foreclosure after getting big hurricane repair bills
Source: Sun-Sentinel, October 19, 2006
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