Important to Florida Homeowners and Real Estate Attorneys: Seemingly, a brief reading over FLORIDA’S NEW FORECLOSURE BILL HB 87 indicates that condominium or homeowner’s association will not be able to validly assert a cause of action for foreclosure against homeowners! Line 90 of the bill actually reads as:
702.015 Elements of complaint;
2) A complaint that seeks to foreclose a mortgage or other lien on residential real property, including individual units of condominiums and cooperatives…MUST:
(a)Contain affirmative allegations expressly made by the plaintiff at the time the proceeding is commenced that the plaintiff is the holder of the original note secured by the mortgage; or
(b) Allege with specificity the factual basis by which the plaintiff is a person entitled to enforce the note under s.107 673.3011.
Since condominium and/or HOA liens are, by their definition, “other liens” other than mortgagees,it would seem that a condominium and/or HOA CANNOT COMPLY WITH EITHER OF THE “A” OR “B” SECTIONS, as required. According to the bill, unless the foreclosure action is initiated by the mortgagee itself, an HOA CANNOT foreclose!