HO-6 Insurance Requirements for Condominium and PUD Properties 

HO-6-CONDOMINIUM UNIT OWNERS COVERAGE

 

Here is an excerpt from a memo sent to us by one of our biggest lenders: 

Borrowers must show evidence of hazard insurance coverage for all condominium projects with attached units, including two- to four- unit projects, that covers fixtures, equipment, and other personal property inside individual units if they will be financed by the mortgage.  Borrowers must show evidence of a “walls-in” coverage policy (commonly known as HO-6 policy) unless they can document that the master policy provides the same interior unit coverage. The master policy must include replacement of improvements and betterment coverage to cover any improvements that the…

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California Attorney General Jerry Brown unveiled a new website aimed at ending abusive practices in the loan mod industry 

Overall this is a good thing, I think consumers should make sure that they are dealing with a licensed person/company when attempting a loan modification.  If things don't work out their should be an accountable individual or entity to deal with for the consumer.  Getting a signed advanced fee agreement is a must.  I'm still not completely convinced that homeowners get the best modifications when representing themselves though...

Also debatable is whether certain homeowners will ever face reality.  The homeowner that choose the 1% option arm over the 5.75% 30 year fixed against the advice of more conservative voices because they…

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