Asked by Rm, Playa del Rey, CA • Sun Jun 15, 2008
We are in escrow on a condo and have applied for an FHA loan to purchase. The complex is not on the FHA approved properties list but I'm told that isn't unusual. Spot approvals are often given. But the underwriter says they found reference in the HOA meeting minutes (Feb 2008) to something about a tenant of a homeowner having sued the HOA for an alleged premises liability. The minutes have no detail other than it was forwarded to the HOA insurance carrier. I'm told this means we can't get a spot approval on the premise. We may not get the loan because of this. Is this common? And what do we do to resolve the matter? I assume we call the HOA management firm and find out what is the status of the law suit, but beyond that I have no clue. Any suggestions would be helpful.
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