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Master HOA Insurance needed for refinance?
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Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40308245 added 06-13-2011 7:20 PM by lipagold in Archived Deals
I would argue that (provided 90% of the plots haven't been built) the HOA has never been legally transferred to the homeowners per the covenants above. So legally, whoever took over the assets of...
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40307945 added 06-13-2011 7:05 PM by tipsytopsy in Archived Deals
I'm note sure. As per the original covenants, it is considered common property of the HOA 'accessible' to all residents (doesn't say who owns it). But if HOA is not there, who'll really own it? I'm...
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40307745 added 06-13-2011 6:57 PM by lipagold in Archived Deals
As i believe someone pointed out earlier, see it this way: if someone in the common area (that's for the sake of the example is next to your lot) fell and broke her leg because the snow was not...
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40307485 added 06-13-2011 6:46 PM by Dr. J in Archived Deals
who OWNS the common property? perhaps it is for liability reasons. someone has to own it.
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40301847 added 06-13-2011 2:14 PM by cavan in Archived Deals
http://www.hoatalk.com/Search/ForumSearch/tabid/87/forumid/1/postid/60702/view/topic/Default.aspx
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40301157 added 06-13-2011 1:45 PM by tipsytopsy in Archived Deals
As per the PUD plan, the common places (3 parks/ picnic spots including Gazebo's at each location) are to be maintained by the HOA using the membership fees. Other stuff HOA enforces is same like...
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40300769 added 06-13-2011 1:32 PM by Dr. J in Archived Deals
yes BUT who takes care of the common grounds? AFAIK the HOA in your case would be responsible for setting rules (no paining your house pink) and also collecting fees for upkeep of common property....
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40296015 added 06-13-2011 10:37 AM by tipsytopsy in Archived Deals
Thanks for your reply. Yeah it looks like this requirement is fairly recent. I didn't have it a year earlier. Let's see if they're able to understand it or I'll either go with some other lender or...
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40295899 added 06-13-2011 10:32 AM by dealgate in Archived Deals
This was a requirement on our recent refi. If it is a "PUD", the bank wanted one. This apparently is a new requirement that came out of the latest batch of bank regulations. We had an issue with ours...
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40295807 added 06-13-2011 10:29 AM by tipsytopsy in Archived Deals
Thanks! My subdivision is a single family home PUD. I know for Condo HOA's a master policy is a must, but not for SF. It is not that they are loaning to uninsured property. I have a very good home...
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40295405 added 06-13-2011 10:12 AM by lipagold in Archived Deals
from my experience from dealing with the condos here in NYC, a Master HOA insurance is required by a bank to either finance or refinance a condo. i have yet to hear a bank waving this requirement. ...
Master HOA Insurance needed for refinance?
Expired
Thread created 06-13-2011 by tipsytopsy
0 Score 12 Replies 15,295 Views
Post #40294923 added 06-13-2011 9:48 AM by tipsytopsy in Archived Deals
Hello SD'ers, I was in process of refinancing and in necessary documents needed to submit, one is 'HOA Master Insurance'. My subdivision (Planned Unit Development, Single Family detached homes)...

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