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Solution to Ownership for the Condominium - Essay Example

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In the paper “Solution to Ownership for the Condominium” the author various problems faced by residents of the Catalina Isles condominium that prompted inspectors to verify the condition of the place. As stated in the article, “squalid living conditions and hundreds of code violations”…
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Solution to Ownership for the Condominium
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Solution to Ownership for the Condominium

Download file to see previous pages... One resident, a 68 year old woman named Lillian Williams was reported to have expressed her concern for the molds in the next door unit that already contaminated and ruined her personal belongings.The root cause for the problem could be pinpointed to change in ownership for the condominium. The report by Tracy dated April 11, 2011 revealed that buyers for units in the condominium were attracted to purchase under “a complicated reverse-mortgage deal backed by the federal government” (Tracy, par. 10). Further, it was stated that “the former owner of Catalina Isles, Angel Lage of South Florida, has said he has no responsibility for the place because he does not have a financial stake in it anymore. The complex is owned by a homeowners association that relies on maintenance fees and rent for income” (Tracy, par. 11). As there have been a number of units that were vacant, the homeowners association could not afford to regularly maintain the place.With the problems identified, the possible alternative course of action should be taken from the perspectives of the local agency that governs community housing problems, the U.S. Department of Housing and Urban Development (HUD) and from the points of views of the residents of the condominium. Since the local inspectors at Orlando have verified the conditions of the units, those units that were found to have violated the codes for housing could be condemned and residents could be forced to be evicted.From the points of views of the residents....
Since the local inspectors at Orlando have verified the conditions of the units, those units that were found to have violated the codes for housing could be condemned and residents could be forced to be evicted. From the points of views of the residents, they can already opt to vacate the place, especially those beyond repair and seek a reverse mortgage program from the HUD. According to the official website of HUD, a reverse mortgage is “a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you” (par. 2). The advantage of this option is that the residents would not be subjected to hazards of living in that dire condition. The disadvantages, however, are the need to look for another place to live in, and the hustles of applying for the reverse mortgage with HUD. Further, the reverse mortgage option is only available to homeowners who are 62 years of age or older. Another option for the residents, especially of those units that are still repairable, they should shoulder the costs of maintenance and repair themselves. The advantage of this option is that they would not need for another residential place taking time, money and effort to do so. However, they should contend with the costs of repair and maintenance of the units they occupy. An Orlando tax payer expressed his views on the matter saying that “unfortunately, the real losers are the American taxpayers. Why doesn't Lillian Williams just fix and maintain her condo? When my roof leaks, I don't call the news, I just fix it. Where in the constitution does it say that I have to pay for Lillian Williams to fix her dang home? Why should I have to pay to fix ...Download file to see next pagesRead More
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