The Real Deal Miami

Former half-million home sells for $1,900

January 13, 2011 08:19AM

Because of financial problems, Mark Michaelson stopped paying the
mortgage and the maintenance fees on his home in Boca Raton four years
ago, leaving an $18,000 total of overdue assessments and attorneys’
fees. Late in 2009, the Boca Greens Homeowners Association, which
operates the development in which Michaelson lives, filed for
foreclosure, with the home eventually being auctioned Dec. 20. The
association attended the auction and bought the home, which had once been valued at
as much as $460,000, for just $1,900. “Now I am just waiting to be
evicted,” Michaelson said. [Palm
Beach Post]