It’s payback time—literally. In Florida, hundreds of homeowner and neighborhood associations are foreclosing on banks that have failed to upkeep their repossessed properties, according to—of all things— a CNN money report.
Florida is one of the states hardest hit by foreclosures, and there are nearly a half-million foreclosed houses now standing vacant and often slowly deteriorating. When a bank forecloses on a house, evicts the family and then repossesses the property, it also assumes responsibility for maintaining the home and yard and paying homeowner or condo association fees.