The one year waiver on proof of HO6 policies at closings on FHA loans will expire on April 28, 2011. Therefore, unless your condominium association maintains an “all-in” insurance policy, now is a great time to remind your owners that they must show proof of a current HO6 policy if they are refinancingGo to Resource
Category: Legislative Miscellaneous
Last week the mortgage serving unit of Bank of America filed a lawsuit in Nevada against dozens of homeowners’ associations over fees the associations charged to Bank of America after certain homes went into foreclosure. The suit claims that while Bank of America tendered payment of the 9 month super lien on propertiesGo to Resource
Recently, several major national lenders have responded to the so-called “Robo-signer” scandal by announcing either freezes or new procedures relating to foreclosures in various states, including Colorado. The impact of this national scandal may be somewhat mitigated by Colorado’s status as the lone state that utilizes the public trustee system. Even so, theGo to Resource
This story highlights the potential impact of lack of FHA certification in condominium communities. While we generally think of future sales, the lack of FHA certification can also derail re-financing attempts and it today’s economy with falling interest rates that could be a problem for associations. If your condominium community is not yetGo to Resource
Recently the board of directors of both the Rocky Mountain and the Southern Colorado Chapters of CAI passed motions encouraging the Colorado Legislative Action Committee of CAI (“CLAC”) to seek passage of a concept bill implementing a credentialing program for community association managers. The boards urged that the CLAC do so within theGo to Resource