Getting Our Due

Not much to say. My second job as a condo board member/real estate salesperson / mortgage broker has eclipsed much of my mental space and free time. But there appears to be a fat check in the mail for our building, the result of over 6 months of pestering a bank and their attorneys. If only there was a commission I could collect! (Sadly, legally Condo Board is a voluntary, uncompensated position. Thankless, too.)

I don't know if the letters I recently wrote to Tim Geitner, Neil Barofsky (Special Inspector General, Troubled Asset Relief Program), Elizabeth Warren (Congressional Oversight Committee for TARP), my two senators and house representative had anything to do with it, but I'm hoping they might work some magic on the other units in our building. If not, the heads of Fannie Mae and Freddie Mac can expect to hear my important points about the bank bailout and how none of it's made it into our condo association's hands:

Guaranteed Rate Mortgage, which previously approved a loan in our building, now states they can’t approve a mortgage for a couple expecting their first baby next month because Fannie Mae’s rules dictate no more than 15% of the units be delinquent on assessments. The great irony is that my contact on one of our delinquent units, introduced himself as representing Fannie Mae. How can Fannie Mae ask for a low rate of delinquency as approvers, but at the same time be contributing to the delinquency as owners?

It's a Catch 22 situation with the mortgage companies:

1. Units can't sell without an approved mortgage.
2. A mortgage can't be approved with 15% delinquency
3. Our attorneys advise us that banks will not —are not required to— address their delinquent assessments until sale. Return to #1.

I'm going to get this building in order... just in time to move into a house where I own all four walls, pay my mortgage and be done.

And if I can distract Jason from voting on the exterior, it'll look like this:



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