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Old 06-10-2014, 05:26 PM
 
27,214 posts, read 46,745,966 times
Reputation: 15667

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Florida condo owners could be forced to sell. Find out why

Florida condo owners could be forced to sell. Find out why

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If you are the investor you would be fine with this but if you one of the owners that is very sad and unbelievable how this can even happen and be allowed...sound like Robin Hood but then backwards.
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Old 06-10-2014, 05:36 PM
 
Location: In exile
534 posts, read 904,893 times
Reputation: 1402
Quote:
Originally Posted by bentlebee View Post
Florida condo owners could be forced to sell. Find out why

Florida condo owners could be forced to sell. Find out why

----------------------

If you are the investor you would be fine with this but if you one of the owners that is very sad and unbelievable how this can even happen and be allowed...sound like Robin Hood but then backwards.
It's just the American way. Didn't a failed presidential candidate brag about harvesting companies for profits?
Welcome to the power of corporate amerika. There is no room for humans in the quest for filthy lucre
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Old 06-10-2014, 07:16 PM
 
Location: Sunny Florida
7,136 posts, read 12,673,848 times
Reputation: 9547
This is truly scary stuff.

Florida condo owners could be forced to sell. Find out why
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Old 06-10-2014, 09:04 PM
 
3,826 posts, read 5,805,690 times
Reputation: 2401
I don't think it going to fly to be honest. They cannot made people sell their condos for current market price if the loan balance is greater and force people outside if they have nowhere to go. Condo owners went public with this story. They will be fine.
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Old 06-10-2014, 10:38 PM
 
Location: Columbus, OH
500 posts, read 1,173,907 times
Reputation: 757
Why would any mortgage company agree to a short sale where the owners are willing and able to pay the full balance? This is ridiculous. The mortgage companies are just going to roll over and say,"Oh, OK, if you say so, big investors!"?? Doubt that.
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Old 06-10-2014, 10:52 PM
 
12,973 posts, read 15,800,908 times
Reputation: 5478
Quote:
Originally Posted by cmjones311 View Post
Why would any mortgage company agree to a short sale where the owners are willing and able to pay the full balance? This is ridiculous. The mortgage companies are just going to roll over and say,"Oh, OK, if you say so, big investors!"?? Doubt that.
Does not need lender agreement. It becomes a problem for the prior owner not the new owner. Statute trumps the mortgage holders rights.
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Old 06-11-2014, 07:16 AM
 
3,826 posts, read 5,805,690 times
Reputation: 2401
It cannot be true. How it comes a prior owner problem if he 1) does not want to sell and 2) does not qualify for short sale? How could anyone kick you out from your home, make you move to the street, pay you market value and make you pay remaining balance to your lender? It's a total BS.
I wish a very good attorney could step up and stop this nonsense.
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Old 06-11-2014, 07:27 AM
 
27,214 posts, read 46,745,966 times
Reputation: 15667
Quote:
Originally Posted by EngGirl View Post
It cannot be true. How it comes a prior owner problem if he 1) does not want to sell and 2) does not qualify for short sale? How could anyone kick you out from your home, make you move to the street, pay you market value and make you pay remaining balance to your lender? It's a total BS.
I wish a very good attorney could step up and stop this nonsense.
Eminent domain is something similar!

It seems someone was "smarter" and got this voted in and never foreseen this to be possible and to happen but someone who was smart enough to see what the rules are is now using them and it seems legal but very unfair.

Unfortunately many things in life are unfair and many things are not even things we can comprehend to be possible.

But just as Obamacare was put down our throats and Pelosi stating we will read it later and find out later what is exactly in the bill, we now are stuck with that bad bill which affects way more people instead of upfront knowing what would be included and implementing it step by step and making changes as we all can agree on were needed instead of a massive bad bill.

Obamacare may be an example that is too big to compare it with but in the end it is similar that people need to know what the consequences can be and in the article it clearly shows that was something that hardly anyone knew. Most likely the people who voted to the change didn't know hat they voted on and probably are scratching their heads that is would be a result.

Unfortunately unfair doesn't make it illegal but it still is sad and heartbreaking for the people who like their place of living and are about to loose them if nothing can be done to change this.
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Old 06-11-2014, 10:36 AM
 
12,973 posts, read 15,800,908 times
Reputation: 5478
Quote:
Originally Posted by EngGirl View Post
It cannot be true. How it comes a prior owner problem if he 1) does not want to sell and 2) does not qualify for short sale? How could anyone kick you out from your home, make you move to the street, pay you market value and make you pay remaining balance to your lender? It's a total BS.
I wish a very good attorney could step up and stop this nonsense.
Of course it can be true. And it was designed to fix a different problem. So an unintended consequence.

It is a standard problem with condominium ownership. What do you do when the place gets old and rundown or partially damaged in a natural disaster? How do you end the condo if one owner is willing to hang in there?

This law may be deficient in detail but it may still be required. The problem is that a loss has occurred and the law does not deal with it well.
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Old 06-11-2014, 10:43 AM
 
12,973 posts, read 15,800,908 times
Reputation: 5478
Quote:
Originally Posted by bentlebee View Post
Eminent domain is something similar!

It seems someone was "smarter" and got this voted in and never foreseen this to be possible and to happen but someone who was smart enough to see what the rules are is now using them and it seems legal but very unfair.

Unfortunately many things in life are unfair and many things are not even things we can comprehend to be possible.

But just as Obamacare was put down our throats and Pelosi stating we will read it later and find out later what is exactly in the bill, we now are stuck with that bad bill which affects way more people instead of upfront knowing what would be included and implementing it step by step and making changes as we all can agree on were needed instead of a massive bad bill.

Obamacare may be an example that is too big to compare it with but in the end it is similar that people need to know what the consequences can be and in the article it clearly shows that was something that hardly anyone knew. Most likely the people who voted to the change didn't know hat they voted on and probably are scratching their heads that is would be a result.

Unfortunately unfair doesn't make it illegal but it still is sad and heartbreaking for the people who like their place of living and are about to loose them if nothing can be done to change this.
Bentle you right wingers seem to have only one tool...a hammer..."Obamacare is"...and you use that hammer without regard to its applicability.

The law likely fixes a real problem. It could be better done and may well be correctable. That sort of fine tuning can be expected on any law.
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