Community associations have been plagued by failure of banks (mortgage servicers) to complete the foreclosure process in a timely and reasonable manner. There is a solution – file a complaint with the Consumer Financial Protection Bureau (CFPB).
CAI has prepared a guidance document to help community associations take steps to recover from zombie foreclosures – properties where a foreclosure was initiated and the homeowner has walked away, but the bank hasn't completed the process, leaving it in limbo for months or even years. If this is happening, you must protect your community and file a complaint with the Consumer Financial Protection Bureau. Follow this link to find out how to file a Consumer Financial Protection Bureau (CFPB) complaint.
The federal government is undertaking sweeping changes that will determine who gets mortgages, for what type of home and in what type of community. The impact of these changes will be profound and have the potential to impact the value and viability of tens of thousands of homeowner and condominium associations and the homes within them. In fact if there is one element of the federal response to the mortgage and housing crisis, it is that regulators and legislators lack a basic and clear understanding of the principles that govern housing in community associations.
Decisions that Congress and federal agencies are making today will determine the marketability of your home and your ability to get a mortgage in the future.
CAI’s Mortgage Matters initiative is a comprehensive response to critical challenges at the federal level. The common thread to each of these challenges is to ensure that potential homebuyers have access to affordable mortgage products and that the criteria used to determine loans in community associations are realistic measures of an association’s financial health. As the rules being developed today will likely govern mortgages and thus the financial health of associations for the next several decades, the stakes could not be higher.
CAI is working on four fronts to protect America’s community associations:
Through our work in these four areas, CAI is fighting to ensure that homebuyers have access to affordable mortgages for homes in community associations and that associations remain a vibrant part of America’s housing mix.
Common-interest communities including homeowners associations, condominium communities and cooperatives, are home to more than one in five Americans, 65 million people! Because community association residents assess themselves for the upkeep of their communities and their services and amenities, associations save state and local governments more than $40 billion a year in expenses that would otherwise fall on local taxpayers. Because of resident support amenities and rules to protect property values, homes in community associations are also worth more than similar properties that are not located in an association.