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FHA Question, Downey, CA

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FHA Question, Downey, CA. I own 2 condos. I was never notified FHA was allowed to laspe July 2011. I am a 30 year broker. Have been to district attorney, Consumer Affairs, DRE. They cannot handle. It costs nothing to renew the FHA, our 116 unit building is grossly overqualified. Members were not contacted about this material fact from Davis Stirling (opinion ?) There is no statute requiring boards to certify their associations for FHA insured financing. "Unless the governing documents provide otherwise,.." Our CC&R's state this as shown below. Does this alter the CC&R's without the required 67% vote of the owners ? Article XII (h) i page 56 Brookshire Manor CC&R's, 1991. ....VA, FHA, FHLMC, FNMA..... Each Owner hereby agrees that it will benefit the Association and membership of the Association, as a class of potential mortgage borrowers and potential sellers of their residential Conddominiums, if such agencies approve the Property as a qualifing subdivision under their respective policies, rules and regulations, as adopted from time to time. end CC&R quote. This causes condos to be worth $30,000 less. We cannot now get a reverse mortgage, nor refinance. The lawyer told them it was OK not to renew. But, I believe they have a fudiciary dity to reasonably maintain property values, even if the Article from the CC&R'S I quoted above does not apply to force them. The lawyer once said they did not want to sign under penalty of pergury as at that time it included a jail sentence ?? Don't know if it still does. I have been through IDR with lawyer and given them notice. Insurance company will not pay me, possibly because they acted outside the scope of their authority ? Frank


my email is frankzakzak at hotmail.com


my password XXXXX XXXXX working and I cant find out new one.


its not sending password XXXXX my email.

Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.

It appears that your CC&R merely provides that the owners consent to FHA certification, but does not require the Board to apply for it. As a real estate professional you will have to try to convince the Board to disregard the attorney and apply. That is, if you feel that such is beneficial to the entire project, and I don't see how it could be anything but. But then I am not participating in your market. In summary, it does appear to be within the discretion of the Board and it is unlikely that a court would intervene.

I hope that this information is helpful. Please click on a smiley face so that I will be compensated for assisting you. If you have a follow up question please send me back a Reply without entering any rating. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Pearl.Com- Just Answer. Your business is appreciated.

Customer: replied 1 year ago.


Doesn't the board have a fudiciary duty to maintain


property values ?

Expert:  Irwin Law replied 1 year ago.

I am not sure about the maintaining property values part, but yes, the Board members are supposed to be acting in the best interests of the association, which might be interpreted as doing what it takes to maintain property values. Why they let the certification lapse and are not renewing it should be explained to all the members. Perhaps the attorney who advised it would be willing to prepare such a letter of explanation.

I hope that this information is helpful. Please click on a smiley face so that I will be compensated for assisting you. If you have a follow up question please send me back a Reply without entering any rating. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Pearl.Com- Just Answer. Your business is appreciated.

Customer: replied 1 year ago.


This is a senior 55+ condos.


Board members are senile.

Customer: replied 1 year ago.

Can I sue Board or get injunction to perform ?


There is no reason why. They are just senile.


 


Is it mandatory they notify owners, or optional ?

Expert:  Irwin Law replied 1 year ago.

Hey, as a senior myself and quite a bit passed 55, that's no excuse for incompetent management. In fact, I'm shocked that seniors would let something like this get by them. They're usually the ones who drive everybody nuts over management issues like this in HOAs. It looks like you have a good campaign issue to try to drum up some opposition candidates in the next board election. That is, if they don't agree to try and reverse the non-renewal and get it done. As I said earlier, Courts usually will refuse to substitute its judgment for that of a Board. If the CC& Rs don't require them to do it, you have little chance of winning a lawsuit over this.

The lawyer once said they did not want to sign under penalty of perjury as at that time it included a jail sentence ?? That's ridiculous. Someone should have asked him to find out how many HOA Board members have ever been prosecuted for perjury based on CC&R documents. And for this, they're giving up a ton of money individually.

 

I hope that this information is helpful. Please click on a smiley face so that I will be compensated for assisting you. If you have a follow up question please send me back a Reply without entering any rating. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Pearl.Com- Just Answer. Your business is appreciated.

Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 4958
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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Customer: replied 1 year ago.


 

Is it mandatory Board notify owners they have let FHA expire ?

Is management co responsible to notify material fact ?

 

Can I send out a letter to owners asking them to

recuse board ?

 

Can I get members to let managements contract expire

via letters and get new HOA lawyer ?


I will put smile on after this answer, thanks.

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