Condo has maintenance fee and tax propery - Page 3

Foxrac · 07-02-2007, 08:26 AM

Quote:

Originally Posted by Reba

The association takes them to court. In every case that they've done that, the HOA has won. They collect the HOA fee AND court costs. Also, until the court case is resolved, the HOA has a lien on the house.

Oh really? Does they will lose their home after done with court?

I had found that HOA had been lien on the house then owners cannot sell it until pay off.

I have other question, what happen if your neighbors that abuse their properties, make looks like ghetto, such as Detriot-style environment.

Reba · 07-02-2007, 08:36 AM

Quote:

Originally Posted by Pacman

Oh really? Does they will lose their home after done with court?

No, they don't lose their home. It's small claims court with a magistrate. They just pay the fees that the court orders.

Quote:

I had found that HOA had been lien on the house then owners cannot sell it until pay off.

Right.

Quote:

I have other question, what happen if your neighbors that abuse their properties, make looks like ghetto, such as Detriot-style environment.

If the things they do are against the covenant agreement, then first they are warned. If they ignore the warning, then they are taken to court. I've lived here 17 years, and I've never seen a property get that bad yet. Of course, we don't see the backyards and inside the houses.

Our HOA is rather weak and doesn't strictly enforce the rules. Each HOA is different.

Foxrac · 07-02-2007, 09:01 AM

Quote:

Originally Posted by Reba

No, they don't lose their home. It's small claims court with a magistrate. They just pay the fees that the court orders.

Right.

If the things they do are against the covenant agreement, then first they are warned. If they ignore the warning, then they are taken to court. I've lived here 17 years, and I've never seen a property get that bad yet. Of course, we don't see the backyards and inside the houses.

Our HOA is rather weak and doesn't strictly enforce the rules. Each HOA is different.

Oh, I got it...

Thanks for explain about HOA.

I'm learning about HOA, that's new to me.

TFWFalcon · 07-02-2007, 09:41 AM

Quote:

Originally Posted by deafaussie

Hahaha, youre missing out everything. I guess youre Deaf and first home buyer. You are entitled to the 4% mortgage via Guild Mortage at Las Vegas. Guild Mortgage receives funding from Fannie Mae for distribution. Previous homebuyers do not.

I get chuckled after many Deafies ask where do you get 4% from and I cant believe they are living under the carpet and didn't know anything.

Put your head up and do a search in Google. 'Homechoice' 'disabled' 'mortgage' and you will get many hits

Do not try lie post here ok! and your details is not accurate. many mortgage banks not show 4%. It is Fannie Mae has only 4% so it was for disabled and low income. Plus you mention 450,000 loan and 70,000 for equity. That is disfigure mathematic.

Foxrac · 07-02-2007, 10:04 AM

deafaussie, it's okay but some members don't believe that what you said.

I'm suggest you to scan the info about home mortgage then open the MS Paint to censored your home address and your private information then proof to them.

I'm one member that believe what you said.

TFWFalcon · 07-02-2007, 10:26 AM

Quote:

Originally Posted by Pacman

deafaussie, it's okay but some members don't believe that what you said.

I'm suggest you to scan the info about home mortgage then open the MS Paint to censored your home address and your private information then proof to them.

I'm one member that believe what you said.

Question Pacman....you have own a house? and know what is equity?. I am not try bickering you.

Foxrac · 07-02-2007, 10:42 AM

Quote:

Originally Posted by TFWFalcon

Question Pacman....you have own a house? and know what is equity?. I am not try bickering you.

No, my uncle does own house.

I have no idea about equity...

***VamPyroX*** · 07-02-2007, 11:53 AM

Quote:

Originally Posted by shel90

There are condos in Rockville, MD selling for $500K and up...it is FUCKED up! Pardon my language...lol!

Yeah, I could get a nice 2-story 5-bedroom 4-bathroom house for under $300,000.

webexplorer · 07-02-2007, 01:07 PM

Quote:

Originally Posted by VamPyroX

Yeah, I could get a nice 2-story 5-bedroom 4-bathroom house for under $300,000.

Who is going to clean 4 toilets?

besemiasno · 07-02-2007, 11:00 PM

Quote:

Originally Posted by webexplorer

Who is going to clean 4 toilets?

Your mom.

deafaussie · 07-03-2007, 01:23 AM

Quote:

Originally Posted by TFWFalcon

Do not try lie post here ok! and your details is not accurate. many mortgage banks not show 4%. It is Fannie Mae has only 4% so it was for disabled and low income. Plus you mention 450,000 loan and 70,000 for equity. That is disfigure mathematic.

Traditional banks cant lend that low. Only one mortgage company can and thats the Guild Mortgage in Las Vegas and this company receives the funding from Fannie Mae & State goverment for distribution to borrowers.

It is specifically designed for first home buyers with disabilities & low and middle income.

However, do your homework and No I am NOT LYING.

I want to share with my fellow people who doesnt know about this product and i thought its a good way to spread the word.

deafaussie · 07-03-2007, 01:25 AM

Quote:

Originally Posted by Pacman

deafaussie, it's okay but some members don't believe that what you said.

I'm suggest you to scan the info about home mortgage then open the MS Paint to censored your home address and your private information then proof to them.

I'm one member that believe what you said.

Good idea and I will do that

webexplorer · 07-03-2007, 11:50 AM

Quote:

Originally Posted by besemiasno

Your mom.

ha ha ha. You smartass!

besemiasno · 07-04-2007, 03:36 AM

Quote:

Originally Posted by webexplorer

ha ha ha. You smartass!

diehardbiker · 07-04-2007, 04:51 AM

20% downpayment is true ONLY when there is no mortgage insurance involved. You can find them with only 3% down payment, and then bank lend you 97%. That is historically maximum.

How do they decide based on risk factor? Simple, the more risk your are, the more you pay for interest rate.

To be able to borrow more than 80%, expect to pay mortgage insurance for the first 12 years for 30 yr mortgage, or 7 years for 15 years mortgage.

I would NEVER go for less term on mortgage. I think 30 years is perfect. My advise to opt for 30 yrs EVEN if you think you can afford the 15 years term. You STILL can pay off in 15 years IF you take out 30 years mortgage.

Those who offers you with 3% down paymen usually backed by FHA, and FHA really helps alot, they will help you up to $350K loan, regardless of where. They even throw in some grants to help with closing cost.

So, my point is 20% down payment isn't really requirment after all.

Quote:

Originally Posted by Kalista

The down payment is usually what the bank will require. If there is more risk involved ie. first time borrower then they may require more of a down payment. The 20% is based on ave. cost of a $250,000 condo x 20% = $50,000. Most banks will not loan more than 80% of the amount of the condo cost ie. 100% condo cost - 80% amount of loan = 20% down payment required. So, for example if the cost were more; say $300,000 for the condo, you would need 20% or $60,000 cash to put down before they would allow you to borrow the 80% remaining balance or $240,000 amount of mortgage over 30 years.

RedheadGrrl · 07-04-2007, 02:58 PM

Quote:

Originally Posted by shel90

U want expensive? Try Maryland...condos sell for about 250 K and above. Townhouses about $350 K and above (good condition good neighborhoods) and houses .....forget it! No wonder I dont own a house yet!!! GRRRRR

Hey I went to the townhouses in MD. They are cheap than you thought. one floor Townhouse from 189k to 200k. I almost bought it but I found a good home.

webexplorer · 07-04-2007, 03:45 PM

Quote:

Originally Posted by diehardbiker

20% downpayment is true ONLY when there is no mortgage insurance involved. You can find them with only 3% down payment, and then bank lend you 97%. That is historically maximum.

How do they decide based on risk factor? Simple, the more risk your are, the more you pay for interest rate.

To be able to borrow more than 80%, expect to pay mortgage insurance for the first 12 years for 30 yr mortgage, or 7 years for 15 years mortgage.

I don't quite understand about a house mortgage insurance. I thought that a bank mortgage is added on a house insurance fee which is required. If I don't pay the insurance when my house is destroyed by fire, the bank loses 80 percent that go out of business. But, banks are not that stupid...

shel90 · 07-04-2007, 05:56 PM

Quote:

Originally Posted by webexplorer

I don't quite understand about a house mortgage insurance. I thought that a bank mortgage is added on a house insurance fee which is required. If I don't pay the insurance when my house is destroyed by fire, the bank loses 80 percent that go out of business. But, banks are not that stupid...

Homeowner's insurance is required and that is to cover damage or loss to the property.

Mortgage insurance is for people who are borrowing 100% financing.

My husband is using his VA (due to being in the Marines) loan for 100% financing and because it is a VA loan, we wont have to have mortgage insurance.

If we were using a convential loan, we will have to pay mortgage insurance.

Canuckian_Chick · 07-04-2007, 07:47 PM

Quote:

Originally Posted by besemiasno

You're right about HOA is good for guaranteeing that your home is sold or bought at a fair price without being devalued by the neighbors' neglect of their own properties. I'd still go with an HOA, but would watch out for fees or prices to make sure they're reasonable.

yes I agree with you as it's the corporation's responsibility to keep it up to par...

diehardbiker · 07-04-2007, 10:58 PM

Mortgage insurance and hazard insurance is MAJOR different! Hazard insurance covers fire, lawsuits (if somebody gets hurt on your property), Identity thieves, any human cause damages. Generally they do not cover flood/"act of god" insurance (They are seperate and funded by Uncle sam and not cheap). Mortgage insurance is a agency that you pay and in the event you default your mortgage payment, that insurance company takes over the property and buy that porperty out to the bank (pay off to the bank) then sells the property at auction. Usually mortgage insurance will be cancelled once the equity is less than 80% of orignal appraisal value.

Quote:

Originally Posted by webexplorer

I don't quite understand about a house mortgage insurance. I thought that a bank mortgage is added on a house insurance fee which is required. If I don't pay the insurance when my house is destroyed by fire, the bank loses 80 percent that go out of business. But, banks are not that stupid...

diehardbiker · 07-04-2007, 11:01 PM

Almost right, Mortgage insurance is required if borrowing more than 80%, and yes VA mortgage offers 100% financing to veterans. That is true. FYI not all damages are covered by hazard insurance. They covers just fire, and maybe some "act of god" damages. If your property got flooded and no flood insurance, your pretty much out of luck even if you got hazard insurance.

Quote:

Originally Posted by shel90

Homeowner's insurance is required and that is to cover damage or loss to the property.

Mortgage insurance is for people who are borrowing 100% financing.

My husband is using his VA (due to being in the Marines) loan for 100% financing and because it is a VA loan, we wont have to have mortgage insurance.

If we were using a convential loan, we will have to pay mortgage insurance.

Reba · 07-05-2007, 07:27 AM

One big difference between the insurances:

Mortgage insurance protects the mortgage lender.

Hazard insurance protects the home owner.

diehardbiker · 07-05-2007, 08:52 AM

Right on, Reba!

Quote:

Originally Posted by Reba

One big difference between the insurances:

Mortgage insurance protects the mortgage lender.

Hazard insurance protects the home owner.

TFWFalcon · 07-06-2007, 09:28 AM

Quote:

Originally Posted by deafaussie

Traditional banks cant lend that low. Only one mortgage company can and thats the Guild Mortgage in Las Vegas and this company receives the funding from Fannie Mae & State goverment for distribution to borrowers.

It is specifically designed for first home buyers with disabilities & low and middle income.

However, do your homework and No I am NOT LYING.

I want to share with my fellow people who doesnt know about this product and i thought its a good way to spread the word.

yes, It is nice give share with someone. but in other way don't try lie ok!. I talk with my hearing friend who work for realtor agent. He answer me. I start laughed. I cannot understand why several ppl post make up or start lie.

webexplorer · 07-06-2007, 10:32 AM

Quote:

Originally Posted by TFWFalcon

yes, It is nice give share with someone. but in other way don't try lie ok!. I talk with my hearing friend who work for realtor agent. He answer me. I start laughed. I cannot understand why several ppl post make up or start lie.

Who lied you?

07-02-2007, 10:04 AM	#65 (permalink)
Foxrac o_O Join Date: Mar 2005 Posts: 13,404	deafaussie, it's okay but some members don't believe that what you said. I'm suggest you to scan the info about home mortgage then open the MS Paint to censored your home address and your private information then proof to them. I'm one member that believe what you said. __________________ Obama-Biden '08

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07-05-2007, 07:27 AM	#82 (permalink)
Reba Premium Member Join Date: Jun 2004 Posts: 16,396	One big difference between the insurances: Mortgage insurance protects the mortgage lender. Hazard insurance protects the home owner.