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Wysłany: Pon 10:28, 04 Lis 2013
Temat postu: peuterey sito ufficiale Investors and Home Buyers
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Article Source: uPublish.info
Investors and Home Buyers Enticed Back to the Condo MarketArticle Summary: Investors and Home Buyers Enticed Back to the Condo Market Recent legislation and dramatic moves by Fannie Mae and Freddie Mac could help relieve the condo crisis and help failing condo associations.
Senate 1196: Relating to Community Associations [CPSC] Is available for public review at Follow current updates relating to real estate market changes at [url=http://www.ccjfszqh.com/bbs/read.php?tid=1543978&displayMode=1]woolrich sito ufficiale Retro Furniture Buying Guide - written by Amanda Somers[/url] .Susan Phelps, Investor, writer, & blogger
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**NOTE** - has claimed original rights on the article "Investors and [url=http://www.sidegemeinde.com/peutereyoutlet.php]peuterey sito ufficiale[/url] Home Buyers Enticed Back to [url=http://www.matchdiving.com/luntan/forum.php?mod=viewthread&tid=137538&fromuid=25557]www.riad-marrakesh.fr Can playing determine how children expand - written by Sa[/url] the Condo Market" ... if there is a dispute on the originality of this article ... please contact us via our and supply our staff with the appropriate details of dispute (ie ).
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Recent legislation and dramatic moves by Fannie Mae and Freddie Mac could help relieve the condo crisis and help failing condo associations.
Since 2006, the value of condos in parts of Florida has decreased by half. Investors and their tenants have walked away from units and stopped paying association dues. This has crippled associations and resulted in poor maintenance and repair schedules and decreased values further.
Until recent changes in lending restrictions by Fannie Mae and Freddie [url=http://www.mxitcms.com/abercrombie/]abercrombie milano[/url] Mac to allow those wanting to own and occupy a condo, the low occupancy and high association fee delinquency rates all but squashed the chance for getting a loan for the purchase. Fannie Mae and Freddie Mac, set up by Congress to buy mortgages from private lenders, had imposed lending restrictions in failing complexes because they were afraid of [url=http://www.diecastlinks.co.uk]hollister outlet[/url] being hit by large assessments for maintaining the buildings if approved borrowers defaulted on their loan. This limited purchases to cash buyers. [url=http://www.wiis.fr]louboutin[/url] And "buyer beware" as the dues and assessments were likely to climb higher with increasing numbers of investor units were leased to [url=http://www.corsodiesperanto.it/woolrich.php]woolrich outlet[/url] tenants with no real investment in making a condo complex a home with value added.
Now Fannie Mae has been giving lending approval to dozens of buildings after assessment to determine if the cash reserves are there or at least a plan is in place to raise that cash. Almost 100 complexes from Clearwater to Homestead have been given Fannie's special approval. Fannie Mae already has added 35,000 units in the Miami area to its approved lending list and assessments continue. This will allow owner occupants who are committed to paying the dues to maintain a successful condominium.
At the end of March, Freddie Mac began waiving its lending rules and has started backing mortgages on units in troubled complexes if the seller's loan is already owned or securitized by Freddie.
4,300 units are now listed for sale in Southwest Florida. Sales could also be revived by end of session reforms under SB1196 that encourages investors to purchase blocks of [url=http://www.par5club.com/louboutin.php]louboutin[/url] condo units. Along with easing requirements for things like "retro-fitting" fire sprinklers the 50 bills included requirements for lenders to pay more in Past-due assessments on foreclosed properties and will allow associations to divert tenant rents to pay for delinquent assessments owed by unit owners. The bill creates the "Distressed Condominium Relief Act" to address provisions governing insurance coverage, association record keeping requirements, and tenant obligations to the association.
There is also "bulk buyer" language addressing issues surrounding investor purchases. Investors may have walked away adding to the problem but as the pendulum swings back, investors will [url=http://www.diecastlinks.co.uk]hollister uk[/url] also be part of the solutions.
It sounds like some of the burden will be parsed out to all parties involved. If a bank forecloses or accepts a [url=http://www.rtnagel.com/louboutin.php]louboutin[/url] short sale the lender has been hard-pressed to pay much more that [url=http://www.obpm.org/bbs/home.php?mod=space&uid=69062][/url] 6 months of dues [url=http://www.wiis.fr]louboutin pas cher[/url] to release a [url=http://www.tagverts.com/barbour.php]www.tagverts.com/barbour.php[/url] lien and in case of a foreclosure, [url=http://www.tagverts.com/barbour.php]barbour online shop[/url] the association lien will be foreclosed [url=http://www.marrakech-hotel.fr]www.marrakech-hotel.fr[/url] on as well as the owner. Now, perhaps along with some recovery of loan amounts the lender will pay the association some of the delinquent dues.
The SB 1196 provisions will also allow associations to divert tenant rents to pay for delinquent assessments owed by unit owners.
The bill does not require that the tenant pay any unpaid past monetary obligations of the unit owner thereby protecting the tenant from any unpaid past monetary owner obligations.
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