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New Late Assessment Notice Requirement for Florida Condominium, Cooperative, and Homeowners’ Associations

As of July 1, 2021, Florida condominium, cooperative, and homeowners’ associations will be required to send notice of past due assessments before they can collect attorneys’ fees from the delinquent owner. Currently, the applicable statutes require the association to provide notice before a claim of lien securing payment of past due assessments is filed (the Intent to Lien letter) and an additional notice before the association forecloses on its assessment lien (the Intent to Foreclose letter). Senate Bill 56 (SB 56), signed into law by the Governor on June 16, 2021, adds one more layer of notice in the assessment process.   Read the entire article……………………………….

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Rates posted assumes 25% down payment, and an ARM rate first mortgage on a Florida condotel, primary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions
 
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