by: Diana Olick | Stephanie Dhue — CNBC
Florida condominium owners in danger of losing their homes are making a final desperate plea, hoping that Gov. Rick Scott will intervene. These owners are not in foreclosure, nor are they behind on their mortgages. Instead they are being threatened by a group of developers, Madison Oaks Partners, who are using a Florida state law originally designed to protect homeowners from natural disaster, to terminate the condominium agreement and force them to sell their units. The developers seek to convert the Tampa area complex into more lucrative rental apartments. They could take over the complex at a board meeting Sept. 5. Read more.