Saturday, October 16, 2010

Banks have more Condos, coops, and hoas homes in arrears then anyone

We have stated this blog to help bring to the nations attention that the very group that own more units in communities then ever should be allowed by their own under-writting requirements are the biggest deadbeat when it comes to Condo, Coop and Hoa dues payments.
Right now they are reselling units in committees that hey have pretty much drained the accounts, reserves and investments.  And not telling the new owners they have done this.

How can you say this happens just ask any community if the banks are paying the bills let alone telling the community they are the new owners clearing up past dues assessments and reserve contributions; Let alone the special assessments that had to be passed because the unit owners they took the properties from stopped paying their mortgage, on average it's a year delinquent.  That is what they are saying right.

This means that they are many more months years and sometimes in new communities they never paid.  We have whole communities where owners particularly investor owners never paid 1 due payment.

Yet !!!!Fannie Mae just raised the underwriting requirements.   Does this even make sense for a second.

Please visit StateofCommunities to get an overall feel for this Community Train Wreak.

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