The Keys Gate Homeowners have won a legal victory recently that may be a precedent for banks that delay and also baulk from taking title to home foreclosures. The main problem is that when banks face the prospect of taking possession of homes that face home foreclosures, they shrink back, as doing so means that they will have to pay for the maintenance and the upkeep of the homes, even if these are unoccupied and do not earn any rent for the bank, as such. This is where the Miami Association Law Group took the matter to court and also got a ruling in their favor so that banks could be compelled to take possession.

One of the cases that was taken up was that of a home that had become a case of home foreclosures in 2007 itself. But HSBC had not taken possession of the home for more than two and a half years when the home was maintained by the association. The court ruling means that the ownership of the property was transferred to HSBC immediately and the bank had to pay its share of legal fees, court costs and also past assessments. This is only fair and just to the homeowners’ association.

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