All Hope of Collection is Not Lost

Traditionally, the key issues when choosing collection methods for community associations have been the owner's equity value and income. The current economic crisis creates complications where there is little or none of either. This article looks at complicated collections, including foreclosure and bankruptcy, and some . . . to read more of this article from Tricia Sarrazin, Condominium Law Group, PLLC click here.

Fannie Mae's Latest Lending Guidelines

How They May Impact Your Condominium Association's Insurance

Fannie Mae's new guidelines were adopted March 1, 2009. To be honest, not too much has changed but there is better clarification of what was meant by the prior underwriting guidelines, the key examples are . . . to read more of this article from Duncan Kirk, CIC, The Unity Group click here.

How They May Impact Your Community Association

There is much ado about new Fannie Mae Lending Guidelines afoot. You might be asking yourself: What is Fannie Mae? Why does it matter? What can or should I do? If you were not asking before you started the first two lines . . . to read more of this article from Jo M. Flannery, Ryan Swanson & Cleveland PLLC click here.

FHA Loans - Approved or Not Approved That is the Question

Many years ago a common question asked to community managers was "Is this project FHA approved?" My response was always the same, "I don't know." This common question faded into the sunset as we entered the creative financing world of the no-payment loans. Conventional loans became the norm, FHA loans became obsolete. We have come full circle now, and the old . . . to read more of this article from Kevin Ducotey, CMCA, AMS, PCAM, Condominium Management click here.

Happenings - Community Association Law Day Exceeds Expectations

Far from the marbled halls of Congress, Andrew Fortin, Esq., CAI's National VP of Government and Public Affairs, surveyed the scene before him in the sleek, spacious Lynnwood Convention Center on Saturday, June 6, 2009. A sea of participants braved an overcast weekend to attend WSCAI's First Annual Community Association Law Day, exceeding both attendance and fundraising goals. The ground breaking event . . . to read more of this article from Lyn M. Archer, CMCA, AMS, Archer Management, LLC click here.

HUD - Underwriting Requirements for FHA Condominium Mortgages

Due to the declining housing market, recent turmoil in the credit markets and residential mortgage industry, the Department of Housing and Urban Development (HUD) has enacted new lending requirements for certain types of federally insured mortgage loan programs. One such rule change . . . to read more of this article from Carson M. Horton, RS click here.

Update to the above article -

Since we submitted the article concerning FHA lending requirements for publication HUD has released their June 2009 Lender Letter. Among the changes to the underwriting requirements for condominium mortgages, which differ from the facts stated in the article, is HUD now requires all associations to be re-approved for FHA financing every 2 years, whereas prior June 2009 once an association was approved they were not subject to re-approval.

HUD has also imposed new restrictions on delinquent assessments; maximum percentages for investor owned units, vacancies, and the number of units within any one community which may be encumbered with FHA insured mortgages.

New Supreme Court Decision Gives Legal "Pass" to Fly-By-Night Development LLC's

Most Condominium declarants (developers) in Washington develop or take ownership of a condominium using a form of corporate entity called a "Limited Liability Company," or "LLC." A Washington LLC exists only so long as its "certificate of formation" is in force. The certificate of formation can be "cancelled" in several ways, including . . . to read more of this article from Leonard Flanagan, Attorney at Law, Levin & Stein click here.