In Mortgagee Letter 2011-22 dated June 30, 2011, the U.S. Department of Housing and Urban Development (“HUD”) consolidated and updated the requirements and procedures for its condominium approval process.  The new requirements clarify, expand, consolidate, and update the preexisting guidelines and replaces exisitng mortgagee letters (2009-46a, 2009-46b, and 2011-03).  The new requirements will take effect 60 [...]

Late last year the Federal Department of Housing and Urban Development (“HUD”) passed new regulations regarding their requirements for approving condominiums for FHA loans. (see previous posts below.) In the past, the obligation for obtaining approval generally fell on a developer or lender’s shoulders, but the process was also a bit simpler (with the ability [...]

Every economic downturn requires members of the bench and bar to become acquainted with the foreclosure confirmation process outlined in O.C.G.A. § 44-14-161. Georgia law allows non-judicial foreclosures of real property mortgages, but requires lenders to “confirm” the foreclosure sale in order to pursue a monetary judgment against a foreclosed debtor, through a judicial process [...]

With the recent changes in FHA requirements regarding condominium approvals (see prior discussions from our archives), it may be in the best interests of condominium associations to consider taking the steps to ensure that their condominium is approved by FHA. Being on the approved list will assist unit owners within the condominium in their sale [...]

As we have been reporting, the ongoing saga regarding the oversight and approval of condominiums continues . . . On November 6, 2009, the Fair Housing Administration (“FHA”) published Mortgagee Letter 2009-46B regarding the implementation of a new approval process for condominium projects and insurance requirements for mortgages on individual units within condominiums. The new [...]

Implementation of the Fair Housing Administration’s new policy for condominium project approval and unit financing will be delayed until December 7th, 2009, as announced on October 21, 2009. According to the notice to real estate professionals from FHA, when released in two weeks, the new guidance will: 1) offer additional leniencies to address the difficult [...]

  This June, the Federal Housing Administration (“FHA”) announced that, pursuant to the Housing and Economic Recovery Act (“HERA”) of 2008, it is implementing a new approval process for condominium projects.  This new program will allow lenders to determine project eligibility, review project documentation, and certify compliance with applicable U.S. Department of Housing and Urban [...]