Condo association beats bank in million-dollar foreclosure battle
It is a condominium association’s version of winning the lotto.
A big bank missed its deadline to file for foreclosure on a million-dollar condo unit by 10 days.
As a result, Peninsula Condominium Association in Aventura will get to keep the condo — a fancy three-bedroom, three-bathroom bayfront pad that it took ownership of three years ago in its own foreclosure over $61,313 in unpaid fees.
“They got a free condo,” said Michael Cotzen, partner at Hollywood law firm Mansfield Bronstein, which represents the condo association. “You don’t get anything free in this world — but they did.’’
The condo association’s winning argument: The five-year statute of limitations for U.S. Bank to file for foreclosure had passed.
Miami-Dade Circuit Judge Peter R. Lopez agreed.
“We are utterly and completely delighted,” said Edward Steinberg, president of the Peninsula Condominium Association. “It’s a profoundly positive impact for the association.’’
“This is a significant loss for the bank, an example of a bank getting slapped upside the head,” said Ronnie Bronstein, a partner with Mansfield Bronstein. “I think this is an appropriate remedy in this type of situation where associations are left holding the bag.’’