Coronavirus: How will Covid-19 Impact your Florida Mortgage Payments? Learn More!

Florida Condominium Association Foreclosures and the Resulting Surplus Funds

Today, we will be discussing Florida Condominium Association Foreclosure Auctions and the Surplus Funds that can result from them. Much like a Florida Homeowners’ Association (HOA), a Florida Condominium (Condo) Association can foreclose on the condominium owner for failure to pay their monthly, yearly, or quarterly dues and/or assessments despite being current on their mortgage. Florida Condo Association foreclosure proceedings are very similar to that of HOA foreclosure actions in the fact that the Condo Association’s attorneys will be aggressive in moving the case along, at a rapid rate, to obtain a Florida foreclosure auction date for the condominium in question.

Furthermore, once the Condo Association’s attorneys obtain a foreclosure auction sale date for the condominium, and it sells, there is a possibility that there will be Florida Surplus Funds available to be claimed after said auction. Florida “’Surplus funds’ or ‘surplus’ means the funds remaining after payment of all disbursements required by the final judgment of foreclosure and shown on the certificate of disbursements,” according to Fla. Statute 45.032(1)(c). The process of claiming Florida surplus funds after the sale of condominium, by way of a Florida Condo Association foreclosure action, is generally the same as claiming surplus funds from a Florida HOA foreclosure auction or Florida mortgage foreclosure auction. Equally similar to a former Florida homeowner’s claim to Florida surplus funds from other foreclosure auctions is that Fla. statute 45.032(2) states “there is established a rebuttable legal presumption that the owner of record on the date of the filing of a lis pendens is the person entitled to surplus funds after payment of subordinate lienholders who have timely filed a claim”, even if the property in question is a condominium.

If you are the former owner of a condominium located in Florida that was foreclosed on by your Condo association and believe that there are surplus funds available to be claimed, please give me a call and I will personally give you a free consultation. In addition, please see my prior blog posting that discusses how you can locate your Florida foreclosure surplus funds, if there are any available, as well as my other blog post that discusses what to do if you are contacted by a Florida foreclosure surplus funds recovery company.

At Haynes Law Group, P.A., we have experienced Attorneys who are well versed in the Florida Statutes that pertain to filing a claim for surplus funds, and have helped to recover hundreds of thousands of dollars in Florida foreclosure surplus funds for former Florida property owners. We handle the filing of foreclosure surplus funds claims all over the state of Florida and will work tirelessly to ensure that you receive your money in the greatest amount possible. Best of all, we represent our Clients on contingency which means we don’t get paid unless you do!

Categories: