Florida homeowner associations are beset with foreclosures, vacancies and refusals by banks to cover unpaid fees, according to a survey by Fort Lauderdale, Fla., law firm Becker & Paliakoff.

The law firm surveyed condos with foreclosures and concluded that the housing crisis is having a seriously detrimental affect on condo owners.

Two-third of residents in condo communities who responded to the survey said the crisis is reducing revenue and causing a shortfall.

One third of residents say their buildings have postponed upkeep or repair.

More than 90 percent of respondents said state lawmaker should increase the liability of first-mortgage holders for unpaid assessments. Right now banks are only legally required to pay six months of maintenance fees or 1 percent of the mortgage, whichever is less.

Source: Orlando Business Journal, Paul Brinkmann (02/24/2009)