Stephanie Krasowski says she'll be forced to file bankruptcy if her complex is terminated. America Tonight

Not far from the Cunninghams, Stephanie Krasowski said she'd be plunged $100,000 in debt if she loses her legal battle to stop the termination at a complex called Madison Oaks. In her case, the owners are using the condominium association’s bylaws to convert the complex from condos to apartments.

A statement from Madison Oaks Partners LLC, which owns most of the units, said Madison Oaks is a “failed condominium” complex in danger of falling into “irreparable neglect.”

“This has never been a failed community. We are 100 percent occupied,” Krasowski countered. She's formed the organization Floridians Against Condo Takeover to rally condo owners facing terminations and to urge lawmakers to amend the law.

“There are no agencies in the state of Florida that are regulating what these bulk buyers or investors are doing," Krasowski said. "They're literally coming in here, doing whatever they feel that they can do, and getting away with it. There's nobody helping us."

If the termination goes though, Krasowski said she'd have no choice but to file for bankruptcy.

The state Department of Business and Professional Regulations records how many terminations take place, but a spokeswoman said the statute does not give the agency authority to regulate terminations.

State Rep. Chris Sprowls, a newly elected Republican in Krasowski’s district, is drafting a bill amending the state’s condo termination bill when Florida’s part-time legislature begins its 60-day session in March.

But it might be too late for the Cunninghams and thousands of other Florida condo owners living under the threat of a takeover. If theirs comes to pass, the Cunninghams say their $160,000 investment would simply evaporate, as would their dream of spending the winter months of their golden years in Florida.

“We’ve worked all our lives. We’ve been very responsible financially," said Joe Cunningham. "Yet someone could come in and take our home away from us.”