eClosing

Florida Court Orders Bank to Takeover Condo 

A judge in Miami ordered HSBC Bank USA [stock HBC][/stock] to take over ownership of a condo after the homeowners association (HOA) could not find a third-party buyer. The HOA foreclosed after the homeowner did not pay the association’s fees. However, the property also had a bank lien placed on it by HSBC, and the HOA could not legally sell the property. A Miami-Dade Circuit judge ruled HSBC must take ownership of the home and pay future HOA fees and assessments. The HOA has since waived its claim on the property.