Like thousands of local homeowners in their golden years, Rosemary Chandler took out a reverse mortgage in 2005 to help pay her expenses and remain in the Elk Grove home that’s been in her family since the 1940s. The decision worked out fine during her lifetime. But since her death in January 2010, it has …
Monthly Archives: August 2011
Vacant North Lake Way lot with Intracoastal frontage sells for $5.17 million
A vacant lakefront lot near Dolphin Road at 1348 N. Lake Way has sold for about $5.17 million, according to a warranty deed recorded Monday by the Palm Beach County Clerk’s office. With 156 feet of frontage on the Intracoastal Waterway, the lot is 253 deep and lies several blocks south of the island’s northern …
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West Palm Beach firm rolls out a new loan modification for underwater borrowers
Lenders have long resisted cutting loan amounts for struggling homeowners, fearing it would entice more borrowers to default. But one locally based servicer, Ocwen Financial Corp., believes it has found a solution. The company is rolling out a new loan modification plan for underwater borrowers that lowers the amount owed on the loan – thus …
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Depressed prices spur sales of getaway cottages
Michigan’s vacation home market is crawling toward recovery with an uptick in sales, according to real estate agents across the state. But not all regions are seeing progress, most prices remain discounted, and more buyers are paying all cash. Sales have risen in many areas, ranging from the lower west side to the northwest tip …
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Community Law: Owners must OK staggered terms for condo board
Q: If a 1985 amendment to our condominium bylaws provides for staggered terms, but our association did not hold a vote to affirm staggered terms in 2008 or any subsequent year, is our association in violation of the law if we still use staggered terms? A: Yes. Section 718.112(2)(d)1 of the Florida Condominium Act was …
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Community Law: Owners must OK staggered terms for condo board
Q: If a 1985 amendment to our condominium bylaws provides for staggered terms, but our association did not hold a vote to affirm staggered terms in 2008 or any subsequent year, is our association in violation of the law if we still use staggered terms? A: Yes. Section 718.112(2)(d)1 of the Florida Condominium Act was …
Continue reading “Community Law: Owners must OK staggered terms for condo board”