Do I have recourse against my condo assoc, for not funding reserves and thus not able to qualify for hud reverse mortgage?

NO, you don't have any recourse. I might be able to help, as every lender has this requirement. If there are other compensating factors strong enough to outweigh that condition, you would have your loan/RM. Give me a call as we have over a dozen RM wholesale lenders. Ralph Guertin 954-274-7725 Ralph@absolutelowrates.com

interesting question. I believe its a question for a Condo Attorney and or Florida Condo Law. I believe the Condo Assoc has a choice to comply with Hud(fha rules) as long as its not discriminatory for housing. Complicated but I admire you asking that question. There are a lot of behaviors that concern me with Condos and it begs to ask the question what often the Condo's Assoc agenda really is. If the Condo is willing to cooperate we can get the condo Hud approved so Fha financing can take place. Maybe you should run to be on the board, Just a thought.. Call me if I can help. I know an attorney that is a friend in Rotary that I can refer you too to ask that question. My Number is 954 558 4430 and please visit my Web Site at www.firstfloridafin.com . Caliber Home Loans, A full service Mortgage Banker. We are not a Broker or a Correspondent Lender. Thanks for the opportunity to serve you

Not really... But this is a great example of why, when getting a mortgage loan on a property that has an association, that lenders also check out the association along with the buyer before approving a mortgage loan. A poorly run association can be a disaster down the line.

Unfortunately I do not believe you do. Florida does not have a good reputation regarding condo management in general but I do not believe you have any recourse.

I agree that you probably don't and that you should contact an attorney for a clear answer. I would also suggest that you start getting in touch with other unit owners and banding together to put some pressure on the association. If people can't buy or refinance with FHA loans, property values eventually suffer as well. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

There is no recourse.. But a great example of why lenders ask for so much info on the association when looking to fund a loan on condos'. Condo's are one of the very first property types to go down in value when the market is declining, and one of the last to go up in value when the market improves.. the lenders know this, and for this reason, look at condo's as a more "Risky" type loan.. for the very reason a lender wont finance a condo should be the very same reason you should not buy one.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com