The Real Deal Miami

Condo associations reach breaking point

October 17, 2008 11:03AM

Condominium residents who haven’t fallen behind on mortgage payments are bearing more of the brunt of association fees, and are getting fed up with defaulters. Complicating the issue are units in the hands of lenders who aren’t foreclosing and adding to the financial strain. Miami Beach Commissioner Jerry Libbin calls it a death spiral; he says state law now gives banks little incentive to foreclose.