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In a common interest community, it is not in anyone's best interests that real estate deeds change hands in secret.
The mortgage lender will probably be interested in the financial health of the association, its insurance coverage, its Reserve Study, and any disclosures required by law for this type of transaction.
You want the association involved so that your lender is comfortable that the loan is well-secured.
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Can you do a reverse mortgage on a townhome?
You can, if the town home is in an approved FHA complex it makes it much easier. If it is not then you have to apply for a spot approval which is asking for an exception to the requirement that the HOA or complex be FHA approved based on the merits of your particular property.
What does hoa pili mean in Hawaiian?
Close friend
Can a trampoline be put in an area where there is a homeowners association?
With the approval of your HOA it may be, but I wouldn't imagine they are likely to approve it.
Can home owner associations hamper residents from doing a reverse mortgage?
There is no standard. Your mortgage lender or potential mortgage lender is best qualified to answer your question in your particular situation. Your answer also depends on the type of common interest community where you own real estate: HOA, condominium or co-op. Recent federal rulings on behalf of Freddie/ Fannie may affect your ability to obtain a reverse mortgage, and again, your lender/ potential lender can inform you as to the answer you need for your individual situation.
Who pays homeowner assoc. fees the mortgage holder or the deed holder?
The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.
What happens when two foreclosures are filed on a property one by the lender and one by the Homeowners Association several months later. Which one takes priority?
The answer depends on the laws in your state. Some states give HOA liens special priority (super lien status) and places them before a mortgage that was recorded first. In that case, the mortgage company will generally pay the overdue fees if the HOA threatens to foreclose on its lien.If you are not in a super lien jurisdiction and the first mortgage is foreclosed, the HOA lien would be wiped out.
What is mortgage clearance?
This likely refers to the process to ensure that a property is clean of other encumbrances and debts before a new mortgage is given. Some examples if these might be past due HOA fees.
Can homeover's association make your tenant pay rent to them?
I'm no lawyer but... I expect the answer is no, not unless the owner agreed to this in writing. It is common in mortgage contracts to have wording that says the tenants pay rent to the landlord as long as the mortgage payments are on time but as soon as the owner gets behind in payments, the bank can tell the tenant to pay the rent directly to them. So if, for some reason, the owner signed a deal like that with the HOA, then this could happen. Without something in writing, the HOA shouldn't be asking for this.
How do you make changes in a HOA covenant?
To make changes in a HOA covenant, the process usually starts with drafting a proposed amendment. The amendment is then presented to the HOA board for review and approval. Once approved by the board, the amendment is typically mailed to all HOA members for voting. A majority vote is typically required to approve the amendment and make changes to the covenant.
Where can you find a sample of an HOA approval letter for home improvements?
If you need assistance in crafting such an approval letter, best practices dictate that you work with association counsel, so that the owner and the board follow the governing documents and the requirements therein for making improvements.
Do you have to ask hoa to get a 18ft pool?
Read your governing documents, where you can find guidelines about what you can add to your property, and describes the process by which you obtain approval from your board to do so. It's not a good idea to move forward without working with your board: they can ask you to rip it out if you have violated your governing documents by installing it.
Are Homeowners associations allowed to disperse the settlement monies to homeowners only upon their approval?
It all depends on the terms of the association contract you signed when you bought your property. There are all kinds of arcane language limiting a property owners rights in the HOA's. That's why I never buy property in an HOA.
