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Article
and Video Courtesy of Channel 10 News Miami
By Bob
Norman
Published
April 24, 2015
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 Watch
VIDEO
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Thousands of people live in condos across South Florida, but many don't know the potential financial
pitfalls. Investigator Bob Norman says a special assessment levied by the board for what they claim are much needed repairs could drive them right out of their homes.
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Residents at the Embassy Tower 2 building on Fort Lauderdale Beach were outraged after finding out that they had to quickly come up with thousands of dollars.
The reason why they are so upset?
They recently learned that they have only a few months to pay a special assessment of about $ 60,000 -- or
possibly lose their homes. First there will be a lien -- and then foreclosure.
It's a very real possibility! The bills are piling up.
The whopping assessment is for new concrete, windows, sliders and railings.
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The 102 unit-owners were notified by the board on February 20th and were told that the first assessment, roughly $ 20,000 was due six weeks later. About half of the unit-owners didn't make the deadline. All of it is now due on June
10th.
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Residents Jean-Pierre DaSilva and others are scrambling for loans and say they couldn't make it. "We elected this board to look after the best interests of the owners -- and they are going to put us on the street.
Former president and current secretary Jean Sides said that the building nightmare couldn't be avoided. That leaves the question: "Why wasn't something done to reduce the burden?
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The board tried to delay the projects in order to give owners time to do some financial planning, get a part-time job -- or money from relatives."
The board says it's trying to secure a loan for those who can't pay.
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Unit-owner Jean-Pierre DaSilva asked: "Why are we being forced out of our homes we worked so hard for? What will happen to the rest of the people that can't afford it? Where are they going to go?"
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