B.G. from outside of Connecticut writes: Dear Mister Condo, I have a reverse mortgage on my condo and have not been able to keep up with the condo fees. I have a hearing with the board this week .Can the board take my condo? Mister Condo replies: B.G., as yesterday’s column about the association’s right…
Search Results for: mortgage
Condo Unit Mortgages and the Board’s Right to Know
M.M. from Fairfield County writes: Dear Mister Condo, Do owners that carry a mortgage have to give that information to the board? Several people are objecting to releasing private information. Mister Condo replies: M.M., most condominium associations that I know of do have provisions that allow or require unit owners to divulge first and second…
Condo Reserve Fund Mortgage Advice
T.C. from New Haven County writes: Dear Mister Condo, From the point of view of a financial institution funding mortgages to acquire individual condo-units, what, in your opinion, is a good level of reserves for a condominium complex in terms of multiple of monthly operating expenses? How about % of assessed value of complex? Mister…
Can the Association Foreclose on my Condo if there is no Mortgage?
J.R. from Hartford County, Connecticut writes: Dear Mister Condo, I own my condo outright; no mortgage. I owe condo fees. Can the association foreclose on my condo if there is no mortgage? Mister Condo replies: J.R., you bet ya! Non-payment of common fees is a big no-no in the world of community association living and…