Mortgage Terminator: Condo associations sue banks, claim intentional foreclosure delays
After winning a lawsuit against Wells Fargo that claimed the bank purposely delayed foreclosure proceedings on a condominium unit for more than a year, a Pompano Beach condo association has been awarded title to the unit without owing a dime on the original $184,400 mortgage.
The case, brought by the Palm Aire Gardens Condominium Association, is being seen as a precedent that could pave the way for other condo associations facing similar foreclosure delays.
“Banks are delaying foreclosures and abusing the process and our association is struggling financially because of it, that’s why we filed our lawsuit.” said Palm Aire Gardens President Oscar Garcia. “Now we own the property free and clear of the mortgage, which gives us options to sell it or rent it.”