Asked by Justina Allen, Bloomfield, MI • Wed May 30, 2012
I wanted to use an FHA loan for it but I have been running into issues with condo complexes either not being FHA approved or having their approval expire and not being renewed. But that was until I came across a condo that I fell in love with that is going for short sale that is in an FHA approved complex whose approval had expired. My offer had just been submitted when my Realtor discovered that from the management company handling the HOA that the builder left town and got foreclosed on his construction loans so the complex is bank owned and they donâ€™t care enough to get lose ends tied up to complete it. So my Realtor withdraw my offer since it will be years before it will be FHA approved again.
Since then I have been approved for a conventional loan and am no longer relying on just the FHA loan and the condo is still on the market. Here is my question, if I were to purchase this unit could the bank that holds the lien on the complex come after the owners of the units in some way?
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