Miami, FL, March 14, 2020 --(PR.com
)-- Florida Property Receiver Force offers a solution for Associations inundated with Reverse Mortgages affected by the 2018 Judicial Foreclosure Requirement. During the height of the property bubble, many senior condominium and home owners took advantage of the benefits offered them through Reverse Mortgages, only to see the value of their properties plummet when the bubble burst. With the passage of 2018 Judicial Foreclosure Requirement, Associations can end up with vacant, delinquent and deteriorating properties for years, upon the passing of the owners.
Florida Property Receiver Force’s cost-free Receivership program enables Associations to collect their monthly assessments on these properties up to the time the Lender finally completes foreclosure. Florida Property Receiver Force will file a Petition with the Court to gain appointment for Receivership. Upon appointment, Florida Property Receiver Force will rehab the properties, restoring them to code compliant and habitable condition, occupy the properties with vetted individuals, and make monthly payments to the Association to reduce their debt balance.
Many of these rehabbed and maintained Receivership properties will be sold to a third party, enabling the association to collect their entire delinquent balance, verses "safe harbor" they collect when the Bank takes title.
For more information, visit our website at www.fprforce.com or contact Florida Property Receiver Force by phone at (407) 246-4545.