FLORIDA – Floridians forced to sell their homes at huge losses
A state law can force some Floridians out of their condo units for only a fraction of what they originally paid
ORLANDO – When Amanda Gonzalez bought her two-bedroom condominium near Orlando in 2006, she thought she was getting a foothold on the America dream.
Gonzalez never missed a payment for her mortgage, condo fees or taxes, even after the real estate crash in 2008 and 2009. When she was laid up after an accident, and money was tight, she still kept her books in order. So it came as a shock when the company that sold her the unit told her the complex was being converted into rental apartments (“terminated”), and that she had to accept what the company offered – far less than what she had paid.