Forbes

Condo Terminators Completes Florida’s First Mass Short Sale

MIAMI, June 10 /PRNewswire/ — Condo Terminators, a specialty consulting group of Morningside Mortgage Corporation, in Bay Harbor Islands, Florida, has completed the filing process for Florida’s first mass short sale of a failed condominium conversion on June 9 at the Sunset Lake Villas Condominium in Margate, Florida. This project is expected to lead a wave of Condominium Terminations, resulting in mass short sales of failed condominium conversions, reversion to apartment buildings, and the debut of a new legal instrument, the Plan of Termination.

Sunset Lake Villas is majority owned by Anthony Galeotafiore, Managing Member of AJG Realty LLC development group of Bethpage, New York. Sree Reddy, Esq., LLM, of the Miami law firm Roth, Reddy PA, drafted the Plan of Termination and represented the Developer at today’s proceedings.

Condo Termination was “the only way out,” said Galeotafiore. “After all of the units we sold fell into foreclosure, all of the unit owners moved away or rented units without paying HOA dues. Nobody is financing condos, but apartment buildings are bankable.”

Condo Terminators provided specialty business advice to the Developer and transactional advisory services to his council and accepts projects for these services throughout the state of Florida.

“Condo Termination transactions are the only way to resolve Florida’s real-estate slump and protect the rights of homeowners, banks and the value of our tax base,” says Condo Terminators President Grant Stern. “The Condo Termination law is meant to cut through the tangle of lawsuits and provide fair resolution to the parties of interest, outside of court.”

For questions and further information, please visit http://www.condoterminators.com or contact Grant Stern directly at 305.219.0326 or [email protected] or Anthony Galeotafiore, President of AJG Capital of Bethpage, NY, at 516-933-3507 or [email protected].

This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at http://www.ereleases.com.

SOURCE Condo Terminators