Legal Question in Real Estate Law in Florida

FL Condo Foreclosure or Re-Deed?
I am the sole owner of a condo in Ft Lauderdale FL. It was my mom's apartment and she passed away in Nov 07. I sold the apartment to my sister-in-law and did a full closing. I hold the mortgage on the property, and they pay me monthly.
It turns out they don't like living in south Florida, and are continuing to pay the monthly mortgage (to me) and the maintenance to the condo association. They are trying to sell the apartment, but in today's market that is going to be difficult.

PROBLEM: If at some point they say ''we can't afford to pay you anymore, and want to give back the apartment'' can I just have the deed transferred back to me as owner? I was on the deed when my mother died and therefore the apartment became mine. However, this is an over 55 community, and I am only 47.

A) Can the property revert back to me without having to do a full foreclosure?

B) Generally would a condo association allow this type of transfer if the new owner is under 55 y/o?

Asked on 7/11/08, 5:56 am

David Slater David P. Slater, Esq.

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Re: FL Condo Foreclosure or Re-Deed?

a. yes, by filing a new deed.

b. Doubt it, ask the Condo board.

Answered on 7/11/08, 6:58 am

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