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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37639
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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As an HOA, I know we have to have majority vote to get a

Customer Question

As an HOA, I know we have to have majority vote to get a security gate removed, but do we have to have a majority vote from our homeowner mortgage companies?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 year ago.
Good afternoon,
I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.
That's a really good question, and the answer is no, you, as the HOA doesn't need permission from the mortgage lenders.
However the process does not end there. Technically, the members who vote to do away with the gate and eliminate the security of the property may need the permission of their lenders to vote to remove the gate. This is because the agreement between the lender and the member prevent the borrower/HOA member from taking an action that might degrade the value of their property or interfere with the security interest the lender has in the property.
So, while the HOA itself doesn't need permission from the lenders, it is possible that some of your voting members could have a problem if they fail to seek permission to act in a manner which might cause harm to the security interest the lender has in the property they made the loan on.
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
Please remember to rate my service to you so that I can be compensated for helping you.
I wish you and yours the best in 2015,
Doug

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