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Outcome of lender and HOA foreclosure dispute could affect rates

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Mortgage Professional America | 15 Oct 2014, 08:29 AM Agree 0
What do you think? Sound off in the comments.
  • Glen Weinberg: Fairview Lending | | 15 Oct 2014, 09:48 AM Agree 0
    Very interesting. Being a lender myself this could be problematic since most lenders only escrow for taxes and insurance not HOA dues. For an HOA lien to trump a mortgage will make lenders hesitate on lending in certain areas or complexes. Definitely will be interesting to see how this unfolds, doubt this court case is the last word
  • Bill S. | | 15 Oct 2014, 10:08 AM Agree 0
    Fannie already charges an additional LLPA of 0.75 points on a condo with less than 25% down. I hate financing condos as DU almost always asks for a lender review. The gathering of docs is very time consuming and frustrating. What good is a first lien mortgage if a HOA can supercede it?
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