Quote:
Originally Posted by neckdweller
It's not really a specific bank - this is being driven by Fannie Mae and from what I understand it really boils down to whether or not the appraiser recognizes that it's a private road. If they are not on the ball they may not realize it thus they don't check the box requiring a maintenance agreement.
|
Correct. This new regulation has been put in place by the government. I live in an association that has been established and functioning for 50-years without incident. Now lenders are asking what happens if the roads in the development don't get plowed when considering loan applications. It doesn't matter that the roads have never been a problem, there are year round residences in the development and there is lots of expensive real estate. Nope. This is a new regulation brought about by Dodd Frank and the like and it is here to protect you. Its unintended consequence is folks are having difficulty getting financing.
I can't wait for Obama Care. I'm pretty certain that after folks are subjected to its wrath the GOP will be well positioned for the 2014 mid-term elections.