With the amount of foreclosures hitting an all time peak it is not only the defaulting home owners who are suffering.
Condo Associations throughout Miami and South Florida are under great financial pressure caused by the NON payment of maintenance fees by owners who have stopped paying.
This then leaves the only alternative, to assess or charge the owners who are not delinquent on their maintenance. Eventually this is causing even more people to stop paying even if they are still paying their mortgage.
Although quite a harsh move to restrict access to laundry machines valet parking and Package delivery it seems like one of the only options that the associations can take.
Although by nearly doubling the maintenance it looks like the Flamingo might get back out of bankruptcy soon.
Another tragic result of a delinquency rate of over 15% is that banks and lending institutions will not allow loans to be made for apartments in these condos.