Foreclosures for Associations: The Florida Condominium Act and Safe Harbor Rule

Foreclosures for Associations: The Florida Condominium Act and Safe Harbor Rule

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Foreclosure is an unfortunate reality that many Florida Condominium and Homeowners’ Associations must face in their communities. Accordingly, it is important for Condominium and Homeowners’ Associations to be aware of the rules governing foreclosures, what happens following foreclosures, and what the rights and responsibilities of the Association are in the case of foreclosure. The Florida Condominium Act The foreclosure of a property by a lienholder will typically extinguish liens that came after it, known as junior liens. This would be a potential nightmare scenario for Associations who are owed unpaid assessments, as unit owners who fail to pay assessments usually…
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