I posted a question about what is going to happen to the property owners of the Surfside Condos. Now, we found out more. Here is the description:
As the remaining rubble from the collapse of a 12-story oceanfront condominium was cleared away Wednesday, a Florida judge said victims and families who suffered losses will get a minimum of $150 million in compensation initially.
That sum includes about $50 million in insurance on the Champlain Towers South building and at least $100 million in proceeds from the sale of the Surfside property where the structure once stood, Miami-Dade Circuit Judge Michael Hanzman said at a hearing.
It appears that all condo owners of the Surfside property are going to be wiped out. The whole condo complex will be sold to pay the victims. Is that right?
Also, if one owner was using mortgage to pay for the condo, let us say, the condo is worth $600K and $400k is in mortgage. Will the owner owe anything to the mortgage company?