Florida homeowners foreclosing on banks

[jeffrey]

...When banks foreclose on a home they become responsible for paying fees to the homeowners association -- both any unpaid fees going back as far as 12 months and all expenses going forward.

In many cases, however, banks are failing to pay, leaving these associations short on cash, according to Miami-based attorney Ben Solomon. But now, homeowners groups are putting liens on the properties until banks pay up and foreclosing on them if they don't...

Florida homeowners foreclosing on banks - Dec. 26, 2012

[siggy_freud]

There is a big market in Florida for house flippers buying the HOA liens, and then renting the properties out until the bank actually forecloses. They get deed/keys to the house for pennies on the dollar, and with foreclosures taking 2-3 years at times, they can make a lot of money before the bank finally takes the home. Additionally, some federal laws prevent foreclosures when a place is occupied with a lease.