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Fannie Selling Guide Update on Priority of HOA Fees

Jan 14, 2014   //   by   //   Mortgage News Daily  //  Comments Off on Fannie Selling Guide Update on Priority of HOA Fees

By Around the Web Fannie Mae is revising its policy concerning priority of common expense assessments for mortgages secured by units in condo and planned unit development (PUD) projects to permit no more than six months of regular common expense assessments to have priority over Fannie Mae’s mortgage lien. This policy change does not apply to projects located in a jurisdiction that enacted a law on or before January 14, 2014 that provides for such lien priority for a period greater than six months (for example, Connecticut and Florida). If applicable state law allows for greater than six months of lien……(read more)

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