Community associations in California are staring at skyrocketing insurance premiums. Some are facing increases of as much as hundreds of thousands of dollars per year. Community finances are being strained and, in some cases, it’s become impossible for new buyers to secure mortgage lending.
Homeowners facing financial hardship due to the COVID-19 pandemic can benefit from an extension to the federal foreclosure moratorium and new rules limiting collections of delinquent mortgage payments.
Fannie Mae and Freddie Mac recently made changes to their lending requirements for condominiums in vacation areas and resort-like communities, but the process may be opaque and difficult to dispute by a homeowners association and its residents.
