What amending your governing documents can do to save your association money

Reres_Kathleen

Kathleen Reres

Over the last several years, homeowner’s associations and condominium associations across Florida have taken serious losses and written off large amounts of bad debt due to the housing market crash and the flood of mortgage foreclosures following in its wake. Most associations came to rely upon recovering at last some delinquent assessments once a mortgage foreclosure was finally complete.  Fla. Stat. sections 718.116 and 720.3085 provide that purchasers are jointly and severally liable with former owners for assessments that accrue before transfer of title.  Continue reading