2010 New Laws: "HOA� AB 313
(eff. 1-1-10)
Assessments�
AB 313 prohibits an HOA from making assessments on separate interests within the common interest development based on the taxable value of the separate interests according to the local assessor’s office, unless the association was already doing so on or before December 31, 2009, in accordance with its governing documents.� An association that is responsible for paying taxes on the separate interests within the common interest development is not subject to this prohibition.
Adds Section 1366.4 to the CA Civil Code.���
HOA� AB 899�
(eff. 1-1-10)
Disclosures�
AB 899 requires an HOA to include in the Assessment and Reserve Funding Disclosure Summary a specified statement regarding the interest rate earned on reserve funds and the assumed inflation rate applied to major component repair and replacement costs.� The HOA must also provide, at an owner’s request, a new Disclosure Document Index.� Furthermore, all the disclosure documents on this Index can be provided electronically (e-mail, fax, etc.).�
Amends Sections 1350.7 and 1365.2.5 and adds Section 1363.005 of the CA Civil Code.�"
Friday, August 20, 2010
Credit After Foreclosure, Bankruptcy, or Short Sale
Credit After Foreclosure, Bankruptcy, or Short Sale: "Credit After Foreclosure, Bankruptcy, or Short Sale
One of the concerns a consumer has after experiencing a bankruptcy, foreclosure, or short sale (referred to as a 'preforeclosure sale' by Fannie Mae when the owner is in default) is the ability to obtain credit to purchase another home.� Fannie Mae has updated its credit guidelines in the FNMA Selling Guide, June 30, 2010. [ Note:�This is a 1,234 page�PDF document that takes a long time to download.]� This legal article summarizes those guidelines in Part I.� In addition, since lenders use FICO scores�in order to determine the creditworthiness of a borrower, this article covers the impact of a bankruptcy, foreclosure or short sale on FICO scores in Part II.�"
One of the concerns a consumer has after experiencing a bankruptcy, foreclosure, or short sale (referred to as a 'preforeclosure sale' by Fannie Mae when the owner is in default) is the ability to obtain credit to purchase another home.� Fannie Mae has updated its credit guidelines in the FNMA Selling Guide, June 30, 2010. [ Note:�This is a 1,234 page�PDF document that takes a long time to download.]� This legal article summarizes those guidelines in Part I.� In addition, since lenders use FICO scores�in order to determine the creditworthiness of a borrower, this article covers the impact of a bankruptcy, foreclosure or short sale on FICO scores in Part II.�"
Fannie Mae DO - HCLTV to 100%
Fannie Mae DO - HCLTV to 100%: "HCLTV refers to the amount that a HELOC 2nd is set up for at closing, not the amount drawn.
LTV- 1st
CLTV- amount drawn on 2nd at closing
HCLTV- total availablity of credit after closing."
LTV- 1st
CLTV- amount drawn on 2nd at closing
HCLTV- total availablity of credit after closing."
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