K.W. from New London County, Connecticut writes: Dear Mister Condo, My daughter owns a condo in a small development, there is only one building with 4 units which she bought less than 2 years ago. Two other units have also recently sold within the last year. My daughter recently received a letter from a Real…
Tag: Mortgage
When Do Mortgage Companies Pay HOA fees?
C.R. from Bucks County, Pennsylvania writes: Dear Mister Condo, Do mortgage companies ever pay HOA dues other than the initial few payments? Mister Condo replies: C.R., it is not unheard of for mortgage companies to pay HOA dues in a few circumstances. Banks and mortgage companies do not typically do this but there are a…
Vacant Condo Units Cannot Be Sold Due to Deed Restrictions
R.K. from Massachusetts writes: Dear Mister Condo, I have worked in Condominium Management for 15 years. I currently own and operate a small management company in Massachusetts. I have been awarded Manager of Year through CAI New England, and I have problem I cannot solve and need help! At the very least, perhaps you have…
Streamlined FHA Rules and Condo Ownership Requirements
M.W. from Tolland County writes: Dear Mister Condo, With regards to the condominium approval process for FHA, I have heard that since HB 3700 was passed. My understanding is that the changes would streamline the application process (possibly extend approval periods), increase investor owned units from 50% to 65% and ease restrictions related to transfer…