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Miami condo expert facing foreclosure on his own unit

A Miami man and his wife were served with a foreclosure notice on July 23 regarding their oceanfront condominium in Miami Beach. Bank of America is attempting to collect almost $240,000 from the couple for their 994-square-foot condominium on Collins Avenue. The dollar amount represents the principal balance, plus interest and advances.

According to the suit, payments have not been made on the property since late 2011. This is not the first foreclosure action on the couple's condominium. A predecessor of Bank of America filed similar action in 2009. However, that action was resolved and the case later dropped.

The man is known in the local real estate market as having the ability to take advantage of the market's ups and downs. During the time the Miami real estate market saw some of its worst years, he began a company that provided information on short sales and foreclosures. When the market later began to recover, he switched his efforts to collecting data on the pre-construction market and writing a monthly newspaper column. He also conducts real estate tours by bus and boat.

Lenders are bound by certain rules when it comes to collecting debts or pursuing foreclosures. If it can be shown that a lender violated the law in any of their efforts, their actions be stopped, and in some cases it may be possible for the debtor to seek compensation. For some property owners, it is possible to file lawsuits against lenders. Anyone who is facing foreclosure might want to talk with an attorney who has experience in real estate law in order to find out what legal options are available.

Source: Miami Herald, "South Florida condo expert faces foreclosure on his Miami Beach condo", Martha Brannigan, August 24, 2014

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