LM Funding Receives Favorable Ruling in Lawsuit Allowing Homeowners Associations to Continue to Collect What They Are Owed
TAMPA, Fla., Feb. 27, 2017 (GLOBE NEWSWIRE) -- LM Funding America, Inc. (NASDAQ:LMFA), a specialty finance company offering unique funding solutions to community associations, received a favorable ruling from a Federal District Court judge in Florida regarding a proposed class action lawsuit filed by Wilmington Savings Fund Society, FSB (Wilmington).
This is a victory for not only LM Funding, but homeowners associations and responsible home and condominium owners throughout Florida.
"This is a significant win for homeowners associations and every person who pays their fees and mortgages on time each and every month," said R. Dean Akers, Chief Operating Officer of LM Funding. "There are a number of investors trying to profit from expanding a limited exception to paying association dues reserved for legitimate holders of first mortgages. They do this by trying to coerce associations into accepting reduced payments. If associations are forced to accept smaller payments, they have to look to the remaining, responsible home and condo owners in their association to make up the difference...