Michael Hyman, Coral Gables attorney for M2E Client Siegfried, Rivera, Hyman, Lerner, De La Torre, Mars & Sobel, had a few words to say to the Daily Business Review on the Beltway case. Beltway Capital’s case succeeded in the trial court, but not in the appellate court. The safe harbor law states the “first mortgagee” is first in priority. Therefore, first mortgagees will pay 12 months worth of past-due assessments or 1 percent of the original mortgage after foreclosure. According to Hyman, the result of the Beltway case essentially means the community association industry will suffer while the lending industry gains.
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