HOA's are like the mob

mommyof4boys

We're trying to refinance our townhouse and qualified for a FHA loan.  In order to do it, the mortgage company called our HOA to get a copy of bylaws and they wanted to charge us 300 dollars for them.  We may lose the ability to get this loan because of this.  It's crazy to have to pay 300 dollars so the federal government can see the bylaws of our association!  The hubby said he didn't want to have to pay for it.  There's a few other papers as well, like proof of the insurance for the outside of the property, etc.  I'm to the point where I say just pay the 300 dollars to get it.  But, it's crazy!

catrynn77

That is completely absurd! Can't you get a pdf copy e-mailed to you or something?!?! What about online? There has to be free access to them somewhere. You weren't given a copy??

SLbride2003

we were given a copy of the bylaws when we bought, and the managment co. gives us a copy of the insureance each year for our mortgage company.  That's insane!

mommyof4boys

When he bought the place he was told either pay for the bylaws or borrow them from someone else.  I just placed a phonecall to figure out what is going on and had to leave a message.

Scianc22

I deal with FHA loans (I work for US Mortgage) and I have never heard of anything like that. The insurance yes absolutely (but you can get a copy of their master policy for free from their insurance agent).

I have had complexes that need to complete a questionaire and they charge $100 (but I can usually put it into the closing costs) if I cant get the bank to waive the requirement.   

If you want to email me I can see what I can do for you. jscianc@gmail.com

 

WestwoodLaw

Your Master Deed and By-Laws are public documents and they are only effective when registered with the County Clerk's office. Go to your country Clerk's hall of records with your property's details like block number and lot number which are printed on your property tax receipt from the city. Hall of Records will print a fresh copy of your Master Deed and By-Laws at 20 cents a page. It will be much neater and readable than any photocopy you get from your association.

Answer provided by -

Westwood International HOA And Condo Law Group

WestwoodLaw

Your HOA is supposed to provide insurance information on demand. However if they do not you can call Department of Community Affairs or write to them. May be the following form will help you. it is the easiest government form that is out there so do not be intimidated. Just look at the last page.

chrome-extension://ecnphlgnajanjnkcmbpancdjoidceilk/http://www.state.nj.us/dca/divisions/codes/forms/pdf_ari/assoc_pkt.pdf

If the link does not work simply type NJ DCA complaint form and you will get it.

Senator Tom Kean has introduced a bill for the same cause as many HOAs failed to provide insurance info to members of HOA after Sandy storm. Read moer here and submit his office your comments.

http://www.senatenj.com/index.php/tomkean/kean-introduces-act-to-protect-homeowners-in-associations/24126

Answer provided by 

Westwood International HOA and Condo Law Group