R.H. from Wisconsin writes: Dear Mister Condo, I am president of a condo association. Currently we have 11 existing buildings that are occupied (2 units per building). There still are 7 more buildings that will be built in the coming years. We basically have 58% of the project built and completed. I understand that you…
Tag: Mortgage
No Common Fees Collected on Condo Unit for Six Years!
J.D. from New York writes: Dear Mister Condo, In New York, is there a statute of limitations applicable to a condominium where the entity claiming to be the holdover of the mortgage note has three times, without success, sought to hold a public sale? Now, more than six years have passed since the last payment…
Condo Owner Resident Surrounded by Renters
A.C. from Florida writes: Dear Mister Condo, I am in Florida and one of 2 owners in a 45-unit building. The other owner has turned the building into rental units what can we do to get out of our mortgage and make him pay? Mister Condo replies: A.C., thank you for writing and I am…
Forcing a Unit Owner to Sell to Make Association Fannie Mae Compliant
M.B. from Southern California writes: Dear Mister Condo, There are 51 units in my building in Southern California. I am aware of a Fannie Mae Guideline that states that no one owner can own more than 10% of the units. In my building, there is an owner who owns 13 units which is 25%+. Because…