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Florida county files foreclosure lawsuit

On July 1, Miami-Dade County filed a foreclosure lawsuit against Metro Realty and Opa Lakes Development concerning an apartment complex on N.W. 135th Street. The mortgage was originally granted in 2011 for $2.52 million before being modified in 2012 for the same total. Originally built in 1972, the apartment complex contains 48 units and a total of 52,468 square feet.

Before the foreclosure lawsuit, Metro Realty of South Florida originally purchased the complex by securing an affordable housing loan from the county's Neighborhood Stabilization Program. The next year, Opa Lakes Development took control of the property for $100,000 while keeping Metro Realty as a business partner. After the original mortgage was modified, the new owners kept the Miami-Dade mortgage in order to complete renovations.

According to the complaint filed by the county, Opa Lakes and Metro Realty never completed their planned renovations of the property and failed to pay property taxes on it. The county alleges that the two companies defaulted on the mortgage with an outstanding debt of $2.4 million. Principal Lenders Group reportedly filed a foreclosure suit against Opa Lakes in 2012, but that complaint was dismissed when the loan was sold to WCWH LLC.

When a company or individual is facing the threat of foreclosure on their property, a real estate law attorney may be able to help. An attorney may be able to advise the property owner about all of the options they have to build a defense against foreclosure. Depending on the specific needs of the property owner, possible strategies may involve remaining an owner of the property while refinancing the obligation.

Source: South Florida Business Journal, "Miami-Dade County seeks foreclosure on apartment complex", Brian Bandell, July 11, 2014

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