Now while your reading also realize that in just about every case where a Fannie Mae loan has gone bad there has not been assessment payments sometime in years.
Talk about unfunded mandates just these kill the communities that your homes are part of, again, not kidding.So if the community is dead broke, some with lost corporate charters we estimate that over 50 percent of the Condominiums well not be able to be re certified. At what point in time does that actually register with anyone other then this and a few other blogs.
RECERTIFICATION PROCESSING REQUIREMENTS
1) Determine date project was initially approved (can either check in FHA Connection or on the public web site located at: https://entp.hud.gov/idapp/html/condlook.cfm
2) If project initially approved prior to January 1, 2000, full project approval is required.
3) If project initially approved on or after January 1, 2000, then the project is eligible for the streamlined recertification process.
4) Projects may be recertified beginning six (6) months prior to the approval expiration date or within six (6) months after the approval expiration date.
5) Projects not recertified within six (6) months after the approval expiration date will require full project approval.
6) No new FHA case numbers will be assigned for those projects where the project approval has expired and the project has not been recertified or reapproved.
7) Recertification packages may be submitted by the Lender, Builder/Developer, Homeowners Association, Management Company or an Attorney or Project Consultant who submits on behalf of one of the other named parties. Packages may not be submitted by Borrowers, Sellers and/or Real Estate Agents.
8) Recertification packages may be submitted to the jurisdictional Homeownership Center and processed under the HRAP option DELRAP participating lenders may review and process recertification packages.
9) All documentation and information required on the Condominium Recertification Cover Letter/Document and Checklist must be included in the request for recertification review. Lenders may elect to use their own form; however, it must contain all information required on the examples provided.
10) DELRAP participating lenders must upload all required recertification documentation, including all recorded legal documents, in FHA Connection (FHAC).
11) Regardless of the processing option selected, HRAP or DELRAP, the reviewer must enter the final determination and associated data into the Condominium Maintenance screen in FHAC.
The ICA will be blogging about how to deal with this and offer help to Condominiums get through the process.
Hello Washington DC please stop killing communities.