FLORIDA – Oasis condo owners could be forced out, but not by the bank

NEWS-PRESS.com:  Oasis condo owners could be forced out, but not by the bank
Condo Purchase – $431,800; Mortgage – $345,520; Current listing – $133,600.
By Dick Hogan
March 29, 2014

Guy Nir and his wife Cheryl are upside down on the mortgage for their downtown Fort Myers condo and worried they could be forced out — but not by the bank. Under a 2007 law passed by the Florida Legislature, the biggest owner in the building — Lofton Island Holdings LLP — has the right to dissolve the condo association and buy the Nirs’ unit whether they like it or not. The Nirs, who live in Sarasota and bought the condo as an investment in 2008, are suing Lofton, a Canadian investment company, to stop the dissolution of the condo association. “The statute, we believe, is just unconstitutional,” said Tracey Starrett, the couple’s lawyer.  Read more:

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