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
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