It Could Get Even Easier to Get Foreclosed in Florida

A new bill would let homeowner associations foreclose quickly

   

foreclosed home 300x200 It Could Get Even Easier to Get Foreclosed in FloridaA new bill in the Florida legislature would speed the process for homeowner associations to foreclose on members who are behind on their dues.

The bill allows homeowner associations to quickly act to seize properties to get dues paid, reports The Orlando Sentinel. Introduced by State Senator Alan Hays (R-FL11), the bill allows for the groups to ask a judge to require the dues be deposited in a special account. If the owner didn’t do so, then the association could foreclose.

The bill also places homeowner associations under the control of the state’s Department of Business & Professional Regulation. Homeowners would have to pay an additional $4 annually for the state to regulate the associations.

Homeowner associations have seen tough times since the housing collapse. Lower home values and demand have reduced budgets and shrunk activities once deemed necessary to the state’s more than 60,000 homeowner associations.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/02/it-could-get-even-easier-to-get-foreclosed-in-florida/.

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