Lenders are reluctant to foreclose on condo and homeowner associations, for several reasons. In many states, the association has a super-priority lien, and if the bank forecloses, it has to pay the association several months of outstanding condo dues.Read More »
I cannot recommend using boilerplate forms – even those where you can tailor this to your particular state. Because forms are created to deal with the most basic issues, and do not take into consideration different situations. And forms cannot answer any questions or even provide you advice.Read More »
Carefully read every page of every document you will have to sign at settlement (escrow), and if you do not understand something, ask. If the settlement person is not able or willing to explain, check with your attorney. In fact, if at all possible, consumers should be able to review all of the proposed documents at least one day before the final settlement takes place.Read More »
Thousands of condominiums and housing cooperatives that were damaged when Sandy struck the East Coast last year learned – after the fact – that they were not eligible for money grants from the Federal Emergency Management Agency (FEMA). Unlike single-family homes, which can get both grants and loans, community associations are considered “business associations” and are only entitled to loans. As we all know, loans have to be repaid; grants do not.Read More »
Partition is a matter of right throughout this country, although different states have different rules and procedures. When two or more people own property, and someone wants out of the transaction, they either have to reach a friendly (out-of-court) agreement, or file suit in court for what is called “partition.”Read More »
Mother died April 9, and her will provides a life estate for me. My sister is the executor of the estate, which isn't large. If I move – or don't maintain the house – the proceeds are to be divided three ways, between me, my sister and my deceased brother's family.
Tagged with: Benny KassRead More »