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Article
Courtesy of Bay 9 News
By Ashley Jeffery
Published
September 9, 2014
PALM HARBOR -- Condominium owners at Madison Oaks at Palm Harbor made it through a Friday deadline to keep their homes, but the fight is far from over.
Now that investors purchased 80 percent of the complex, they want to convert the units into apartments for rent.
“The governor needs to step in,” said homeowner Stephanie Krasowski. “I’ve been very responsible with this property, I love where I live and I never intended to sell much less be forced out of my home. “
Condo owners on the property received letters in June stating the investors would be moving forward with taking ownership of the entire property. Homeowners said they are unhappy about the change because the offers they’re getting are much lower than what they can afford.
“I’m left with a deficiency on my loan," said Krasowski. "I’m left without a house. They won’t even give me back my down payment. So I can’t even move on after this.” |
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Homeowner Stephanie Krasowski said she wants the governor to step in and help resolve the issue.
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The law formerly stated that every condo owner would have to agree to dissolve into an apartment complex before it was changed in 2007.
“The statute allows that if 80 percent of the owners of a condominium complex want to dissolve and become an apartment complex and less than 10 percent object, it’s allowed to convert,” said State Representative Carl Zimmerman.
Representative Zimmerman says the law, as it stands, will leave condo owners across the state with consequences at no fault of their own.
"They'll be left with the balance of their mortgage or if the bank is willing to forgive the mortgage, their credit will be ruined," said Rep. Zimmerman. "They will not be able to own a home for the next two years and they'll have to pay income tax on the difference between what they've been offered and the balance of the mortgage,"
Madison Oaks investors have given homeowners the option to rent from them but that's not the option homeowners want.
“I won’t do that," said homeowner Jackie Schafer. "I’m not giving them money for something that is mine.”
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