Homeowners associations of Miami condos are revenue starved and struggling to keep the water on and the lawns mowed. However, they have found a original way to squeeze money from Miami condos that haven’t paid their dues..
They have found an instrument that can force banks to pay association maintenance fees when unit owners don’t; it’s called a reverse foreclosure.
Finally there’s a way for associations to stop the decline that begins when one Miami real estate property owner quits paying maintenance fees. This leads to another, then another, forcing a decrease in general maintenance, driving down property values even more and leaving a community peirced with vacancies and vandalism
Contributed by MLR Realty
