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Home News Foreclosure News Condo Terminators Executes First Florida Condo Short Sale

Condo Terminators Executes First Florida Condo Short Sale

by Jon Prior 4:01 PM June 11, 2010

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Condo Terminators , a specialty consulting group of Morningside Mortgage Corp., completed the filing process for the first mass short sale of a condominium in Florida June 9. By using a condominium termination, the owners were converted into renters during the foreclosure process, and the lender was allowed to collect offers on its own terms. Essentially, the condos were converted into apartments. Grant Stern, president of Morningside Mortgage, said it was a non-bankruptcy resolution and one that could lead to more failed condominium conversions. Condo Termination transactions are the only way to resolve Floridas real-estate slump and protect the rights of homeowners, banks and the value of our tax base, Stern said. The Condo Termination law is meant to cut through the tangle of lawsuits and provide fair resolution to the parties of interest, outside of court. Stern said the short sale cleared all liens and liabilities owners had with the lender and is a good solution for underwater condo owners. There are buildings where 50 percent of the owners have negative equity, Stern said. Sunset Lake Villas is owned by Anthony Galeotafiore,

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managing member of AJG Realty development group. He said the condominium termination was the only way out. After all of the units we sold fell into foreclosure, all of the unit owners moved away or rented units without paying HOA dues. Nobody is financing condos, but apartment buildings are bankable, Galeotafiore said. Write to Jon Prior.

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