A reader writes, “We have been notified that we must apply for FHA approval to provide reverse mortgages for our homeowners. We’ve had FHA approval since 1978. However, we must now begin the process all over. Our master deed contains a ‘right of first refusal’ covenant, which, according to our lender, FHA won’t approve. Has anyone encountered this…
FHA Condo Loan Approval: New Glitches Arise
FHA Condo Loan Approval: New Glitches Arise
In this week’s tip, we provide answers to an HOAleader.com reader’s question.
Our reader writes, “We have been notified that we must apply for FHA approval to provide reverse mortgages for our homeowners. We’ve had FHA approval since 1978. However, we must now begin the process all over. Our master deed contains a ‘right of first refusal’ covenant, which, according to our lender, FHA won’t approve. Has anyone encountered this problem and, other than amending the master deed, come up with a solution?”
Meeting Minutes and why we need them
The minutes of a meeting document the decisions made during the meeting. This provides a permanent public record of positions and actions taken by a board. The secretary of the board is responsible for maintaining all official records, including the minute book of all board meetings. All states require that the associations keep minutes of their meetings and these minutes be available for inspection by the membership.
NASCAR Driver Challenging ARB Guidelines Loses in NC Supreme Court
Here is an interesting article about a NASCAR driver in North Carolina who challenged his HOA board’s decision requiring the removal of a pool house and tiki hut in his backyard. The association claimed Todd Bodine never had ARB approval to build the massive structure. Bodine claimed he was targeted based on his ability to pay the…