A huge development and precedent set in Florida. Palm Aire Condo Association located in Pompano Beach, FL filed a foreclosure action about a year ago, and claimed that Wells Fargo purposely delayed foreclosure proceedings. Next step, Palm Aire filed a lawsuit against Wells Fargo, and a judge awarded Palm Aire Condo Association the property without any mortgage.
This is a huge precedent set, and I am sure many associations will follow suit. Maybe the banks will start taking notice and not hurting these associations which in turn hurts the homeowners in these associations.
What are your thoughts?
David Serle
Vice President/Managing Broker
RE/MAX Services
561-912-3500 Office
561-912-3502 Direct
561-756-3104 Mobile
