Water One Casualty of High Foreclosure Rates
by Brian P. McLean, Leahy.ps
Imagine you live in a condominium, you pay your assessments like clockwork, and you arrive home to find your water turned off because of non-payment. That’s what happened to one Florida Condominium:
“The Miami-Dade Water and Sewer Department turned the water off Wednesday after the condo association failed to pay tens of thousands of dollars in previous water bills.” © MMIX, CBS Television Stations Inc. (http://cbs4.com/local/Mirassou.Condominiums.miami.2.986212.html)
We read a lot in the paper about high rates of unemployment and decreasing property prices. What we don’t read about is how nonpayment of dues by some are affecting people who have worked carefully to save money, live within their means, and don’t take unreasonable financial risks. At many properties they’re paying a higher price because of the misfortune of others. There’s plenty of fault to go around, and it will take months if not years to sort this out.