We are kicking off a weekly “In the News” series in which we will provide you with a brief overview of some of the top on and offline stories affecting the South Florida real estate market.
If there is a topic or story you’d like for us to discuss, please submit the story here.
Court Rules in Favor of Homeowners Association
A much anticipated victory was won by the Association Law Group of Miami on behalf of the Keys Gate Homeowners Association. The reverse foreclosure, as it is referred to, is designed to basically speed up the actions in which a bank is awarded a property. Because of this ruling, the bank will be responsible for the fees and maintenance associated with vacant and occupied properties.
BankAtlantic Seeks Foreclosures in Tivoli Lake
BankAtlantic, a Fort Lauderdale based bank, recently filed a foreclosure lawsuit against managing partners of the Tivoli Lakes subdivision in Palm Peach Circuit Court. The concerns an unpaid loan of $14.3 million and 11 properties that remain vacant and unsold in the subdivision; ranging from $250,000 to nearly $600,000 in price.
Foreclosure Judgment Against Palm Beach Mall
In April 2009, a foreclosure lawsuit was filed against Palm Beach Mall. On January 20, 2010, a judgment was rendered against the mall due to its failure to dispute or defend the foreclosure action. While the future of the mall is uncertain, it is scheduled to be included in an online auction on March 4, 2010.
Read more about all of these stories at South Florida business journal.
Tags: In the News, Real Estate, South Florida
