Miami judge grants reverse foreclosure
January 27, 2010 by admin
Paul Brinkman, South Florida Business Journal
Attorneys for the Keys Gate Homeowners Association in Homestead have won a legal victory in a case that could set a precedent for banks that drag their feet in taking title to homes facing foreclosure.
The Association Law Group of Miami won the case on behalf of the Keys Gate HOA using what it calls a reverse foreclosure, designed to speed up the process of awarding a property to a bank, thus making the bank liable for fees and maintenance, even if the property is vacant.
Based on the reverse foreclosure procedure, Miami Dade Circuit Judge Jerald Bagley awarded title of a home in the Keys Gate development to HSBC Bank on Jan. 12.
The home had fallen into foreclosure in 2007. Since then, the home remained in limbo, owned and maintained by the association, (Read more)
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