What's all the terms mean #Covid19 Public Service Announcement
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HERE to SERVE (HtS) is something we all can do. Ask us about it
4 years ago
With 3 out of 4 new homes built as a Common Interest Community "CIC" (i.e., Condominum Cooperative, townhouse and single family homeowners associations) and more than 1 and 6 existing homes already part of one that means over 80 Million Americans are in a CICs and we are going to blog about what is wrong and sometime right in them.
The volume of bank-owned foreclosed homes — known as REOs, or real-estate owned properties — is growing at an alarming rate, compounding the foreclosure crisis by sticking hard-hit neighborhoods with vacant and often trashed homes that drive down property values even more. REOs are foreclosed homes that lenders take back after they don’t sell at foreclosure auctions or sheriff’s sales. They keep the homes in inventory until they can be sold again.The bottom line is that many of these homes( as many as 3 out of 5) are in condos, town home or single family homeowner associations. And, the banks or FANNIE don't want to be on the hook for the assessments.
Delinquent HOA Dues for Units in Attached Condominium Projects
Announcement 07-18 states that when using CPM Expedited Review and Lender Full
Review for an established project consisting of attached units, no more than 15 percent of
the condominium/association fee payments can be more than one month delinquent.
Fannie Mae is updating its delinquent HOA dues policy for the CPM Expedited Review
and Lender Full Review processes to require that no more than 15 percent of the total
units in a project can be 30 days or more past due on the payment of their
condominium/association fee payments. This new policy applies to the review of both
new and established attached condominium projects.
Think about it someone was not paying the mortgage do anyone really think they were paying the community fees.