Skip Navigation
StreetEasy

Condo with Litigation

Started by panicking
almost 16 years ago
Posts: 3
Member since: Apr 2010
Discussion about
Does anyone know which banks would provide mortgage to buy a condo under litigation (HOA suing builder)? Is there a way to get around the Fannie Mae underwriting guidelines that doesn't allow for litigation? Would a letter from the lawyers stating HOA will more than likely win help? Can the bank submit a waiver of some sort? PLEASE HELP!!!
Response by shong
almost 16 years ago
Posts: 616
Member since: Apr 2008

A waiver can be submitted depending on what the litigation is and assuming everything else with the condo is approved (pre-sale, owner occupancy, single entity ownership < 10%, <20% commercial, budget with a reserve line item, proper insurance coverages, etc.)
sunny.hong@bankofamerica.com

Ignored comment. Unhide

Add Your Comment

Most popular

  1. Are there any post-election fire sales?
    13 Comments
  2. Pre-election luxury market
    68 Comments
  3. Mamdani and rent control
    47 Comments
  4. Dentist and gold crowns
    23 Comments
  5. sub tenant in place
    13 Comments