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Great news in the in Sun Sentinel this morning….Florida Gov Charlie Crist signed a new law yesterday to help sinking condo associations stay afloat in these arduous times…Bill SB1196 requires lenders that foreclose on condo units must now cover 12 months of unpaid home owner assessmentsor 1% of the original mortgage debt whichever is less. This will immediately help struggling associations and take some of the burden of the paying owners who were being hit with additional assessments and help to keep the buildings up to par with their maintenance and amenities.

Tags: Charlie Crist, Condo Reform, SB 1196

Posted on Wednesday, June 2nd, 2010 at 8:34 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.