In July, Florida recorded more foreclosure activity than any other state in the nation, according to the real estate data firm RealtyTrac. Nine of the top 10 metropolitan areas with the highest rate of foreclosures were Florida cities. Florida has ranked number one in foreclosure-related activities for three consecutive months.
While many areas of the country have experienced a drop-off in foreclosures—initial filings, foreclosure auctions and bank owned properties, the state continues to sift through the backlog of foreclosure cases.
Most people know that mortgage lenders and local government can create liens that require foreclosure action, but many people don't know that condominium and homeowner's associations (HOAs) also can create liens that require them to avail themselves of foreclosure laws in Florida. HOAs have specific legal rights and powers over properties in the community.
This authority includes initiating the Florida foreclosure process for issues related to delinquent monthly fees, dues and special assessments.