ALJAZEERA AMERICA: Floridians forced to sell their homes at huge losses
A state law can force some Floridians out of their condo units for only a fraction of what they originally paid
ORLANDO – When Amanda Gonzalez bought her two-bedroom condominium near Orlando in 2006, she thought she was getting a foothold on the America dream.
Gonzalez never missed a payment for her mortgage, condo fees or taxes, even after the real estate crash in 2008 and 2009. When she was laid up after an accident, and money was tight, she still kept her books in order. So it came as a shock when the company that sold her the unit told her the complex was being converted into rental apartments (“terminated”), and that she had to accept what the company offered – far less than what she had paid.
Under a Florida law, companies that own more than 80 percent of condo units in one building can terminate a condo complex under certain conditions and turn it into apartments for rent. The companies have to pay the owners they’re evicting the “current market value” for their units, which may not even cover their mortgage. Some owners, who have diligently paid their bills and fees, are left without a home and drowning in debt. Read more: http://america.aljazeera.com/watch/shows/america-tonight/articles/2015/2/6/florida-condo-law.html