Many owners may receive notice from their Bank or Mortgage Company each year requesting a certificate of insurance to provide proof of coverage. Upon contacting the management company, many of you have been charged a small fee for obtaining this information, and are upset and/or confused by this process.
The Federal Housing Administration recently announced plans to begin disqualifying condominium associations from FHA financing if an association charges a deed-based transfer fee at the time of sale. This puts FHA at odds with the Federal Housing Finance Agency, which earlier this year determined that such fees benefit community associations...
Why does it take so long for a lender to foreclose?
Sometimes the answer to that question depends on where you live. In very large states like California, Florida, New York and Texas, the sheer volume of foreclosures will have a delaying impact on lender foreclosures.
Condominiums are feeling the pinch of the Federal Housing Administration’s new certification requirements as many find themselves ineligible for FHA approval. That’s left owners and buyers without the option of cheaper FHA mortgages.