Loans For Condos With HOA Litigation
Updated Oct. 24, 2014
The #1 reason for cancellation of purchase contracts for condominiums is "HOA Pending Litigation". This means that he HOA is currently involved in litigation in one form or another, which is prohibited by FNMA, FHMC, and FHA. 90% of the time, the litigation is between the HOA and the builder for "builder defect"...