I agree fully that it takes so long due to the fact it's huge amount of paper work with very little help, here's a more efficient wed site flooded with BLOWOUT bargin investment properties www.realitor.com or www. rebuildus.com Good luck on your journey toward success & wealth !!!... more
Planned unit developments also have HOA fees and can look just like a regular subdivision. We must get a PUD rider when someone finances in one.
Fannie Mae defines a PUD as follows:
1. Planned Unit Development (PUD) â€“ General Definition. A real estate project in which each unit owner has title to a residential lot and building and a nonexclusive easement on the common areas of the project (for example, a clubhouse, pool, playground, entrance/exit, etc). The owner may also have an exclusive easement over some parts of the common areas (for example, a parking space). (See, FNMA Seller/Servicer Guide, Chapter 3, Glossary).
2. Planned Unit Development (PUD) â€“ Specific Requirements for Classification as a PUD. (See, FNMA Seller/Servicer Guide, Chapter 2, Section B4-2.3-01) A Planned Unit Development (PUD) is a project or subdivision that consists of common property and improvements that are owned and maintained by a homeownerâ€™s association for the benefit and use of the individual PUD units. In order for a project to qualify as a PUD, the following elements must be met:
a. There is common property for the project; and
b. Each unit ownerâ€™s membership interest in the homeownerâ€™s association must be automatic and non-severable; and
c. The payment of assessments related to the units must be mandatory; and
d. The project must not be a Condominium.
NMLS # 6395
Financing Kentucky One Home at a Time... more
If you are looking for a guarantee that the first bank will not pursue you for the amount you owed, I would suggest you speak with an attorney. Some people have been successful in negotiating short refi's, where the loan amount is actually reduced and part forgiven. Then you could stay in your house. It might be something you could discuss with your current lender.... more