Foreclosure reared its ugly ahead once again today, demonstrating that it truly does not discriminate.
Charter School Institute in Hallandale Beach, Fla., recently fell behind on its $300,000 monthly mortgage commitments after being tenants at 520 NW 5th St. in Broward County for about eight years and, as a result, had no other choice but to pack up and vacate the building.
The school’s founder, Joseph Valbrun, is puzzled with how things turned out:
“I cannot believe they’re doing what they’re doing. We let them know that we had a difficult time like everybody else.”
The Miami Herald reports that Valbrun has known about the looming action for sometime now and as of a 2006 audit the school, under his leadership, had racked up a debt of about $2 million because of several city code violations and a $1.5 million lien.
Regardless of the financial situation behind the scenes this is still all very unfortunate … especially for the approximately 40 students who attended the learning facility.
The silver lining is that those students and their families have not been left totally out to dry: They will be bused to the school’s other campus in Fort Lauderdale, which is about 18 miles away from the Hallandale location.
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