Commodores Retreat

[Matt J]

I didn't says the lien/foreclosure process would work, just the way it's done in these situations. If someone can pick up a "unit" on the cheap and come up with $50,000 then that process works.

Lynnie, I've heard of associations just taking the settlement and walking away or selling the property. The thing is that most condo docs require them to rebuild. It would take a 2/3rd's majority to walk away with the money.

The other thing to consider is when the condo was built. I forget the actual date, but prior to the current Florida condo laws the entire unit was insured by the association. In other words in the event of total loss the association had to put the condo back to the original state minus personal belongings and furnishings. Current law requires they only return the condo to it's original state up to the dry wall. Finishes, cabinets, and fixtures are the responsibility of the condo owner.

 

[Wekick]

That's a shame. I hope they can get it all fixed.

 

[Lake View Too]

I'm not following this . What settlement are you speaking of? My understanding, albeit, just talk (I'm not sure where I heard it) is that the owners were assessed $50,000 each for reroofing and rebuilding of all decks (for the second time). It looks like doors and windows were being replaced.I have no knowledge of insurance money being involved, but that could be true.

 

[Matt J]

I'm not following this . What settlement are you speaking of? My understanding, albeit, just talk (I'm not sure where I heard it) is that the owners were assessed $50,000 each for reroofing and rebuilding of all decks (for the second time). It looks like doors and windows were being replaced.I have no knowledge of insurance money being involved, but that could be true.

Ah, I thought this was repair of hurricane damage which would fall under insurance. I assumed the assessment was the deductible.

 

[Lynnie]

I'm not following this . What settlement are you speaking of? My understanding, albeit, just talk (I'm not sure where I heard it) is that the owners were assessed $50,000 each for reroofing and rebuilding of all decks (for the second time). It looks like doors and windows were being replaced.I have no knowledge of insurance money being involved, but that could be true.

Ah, I thought this was repair of hurricane damage which would fall under insurance. I assumed the assessment was the deductible.

Not sure either, but there was damage from one hurricane and this evidently didn't appear for several months. This did have something to do with the south facing doors. I think the assessments were a separate issue.

But, $50K/unit on that bldg.? Seems steep to me and it might have been assessed due to decline on insurance paying out, being under insured or not filing the claim timely.

It's a mess!

 

[Lake View Too]

Lynnie, can you tell me more about the loan that Commodore's HOA received, and when? I talked with a lawyer friend of mine today and he said that when a bank forecloses on a condo, they get clear tiltle on it regardless of any liens by the HOA. The bank's lien is superior, and the HOA is left holding worthless paper. This was his assessment of that particular situation, but again, may not be written in stone.

 

[Matt J]

Lynnie, can you tell me more about the loan that Commodore's HOA received, and when? I talked with a lawyer friend of mine today and he said that when a bank forecloses on a condo, they get clear tiltle on it regardless of any liens by the HOA. The bank's lien is superior, and the HOA is left holding worthless paper. This was his assessment of that particular situation, but again, may not be written in stone.

I'd ask to see a valid bar license.

If the lien is filed prior to lis pen then it should continue to be valid.

 

[Lynnie]

Lynnie, can you tell me more about the loan that Commodore's HOA received, and when? I talked with a lawyer friend of mine today and he said that when a bank forecloses on a condo, they get clear tiltle on it regardless of any liens by the HOA. The bank's lien is superior, and the HOA is left holding worthless paper. This was his assessment of that particular situation, but again, may not be written in stone.

I don't know anything more. I got info. from a good friend who is an owner there. In this lending environment (on a bldg. like that with foreclosures), it wouldn't surprise me if the loan didn't close. If there was a loan, you could find it in superior court records, though.

 

[Lake View Too]

I'm mostly just curious, but the questions about HOA dues/liens/foreclosures have more far-reaching implications. Do we allow lawyers on SoWal, or are all of us "counselors" in our own peculiar ways? Somebody chime in with the Truth...

 

[Wekick]

Commodores Rertreat

We were in Seagrove in early September. Stayed at Beachcrest. Were wondering if there has been any additional progress at Commodores Retreat adjacent to Eastern Lake. We have many memories there and hate to see it in a state of paralysis. Any Info welcomed.
Thanks!