FHA released Mortgagee Letter 2012-11 yesterday, which amends ML 2002-19. The Mortgagee Letter clarifies certain things that must be done by the mortgagee of a FHA insured loan. Those affecting associations are: Upon completion of a foreclosure sale, mortgagees must notify the association of the mortgagee’s interest in the property and, prior toGo to Resource
Category: National Legislation
Most boards have experienced more than their fair share of frustrations in the short sale process. In a short sale, the mortgage company accepts less than is due on the mortgage to allow a property to sell to a new homeowner. It is common for the board, manager, or attorney to be contactedGo to Resource
Based upon an almost three to one ratio of comments received by the Department of Justice in favor of further extending the ADA pool compliance deadline, the Department of Justice, in an announcement on May 17, 2012, pushed back the compliance deadline for swimming pool access to January 31, 2013. According to theGo to Resource
The Federal Housing Finance Agency’s (FHFA) March 15 final rule on deed-based transfer fees was a huge victory for community associations across the country. FHFA’s initial proposal would have banned federally backed mortgages for any property in a community association with a deed-based transfer fee. As originally drafted, the rule would have cutGo to Resource
Andrew Fortin recently met with the Acting Head of FHA, Carol Galente and reports that there is some positive movement on the issues that CAI has been raising with FHA related to the condominium project approval process and standards. Click here to read more about the details of this meeting. And, as alwaysGo to Resource