Just three days before Christmas John Fuller’s condo was flooded by a broken water main. But he still had a Merry Christmas because he had insurance from West Bend. The worst brings out our best. That’s The Silver Lining.

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If you’re planning to buy a condo or refinancing your condo you might sense the mortgage credit and mortgage refinancing squeeze.

Due to the results of the huge investors like Fannie Mae and Freddie Mac including the new stiffer restrictions by mortgage insurers for condos, being able to refinance your condos mortgage seems to be tougher than one might have thought.

Starting May 1st one of the biggest private mortgage insurers will not cover refinancing condos or new buyers of condos in countless ZIP code areas around the country that have seen a “decline” in mortgage credit and market conditions.

Even if the market was at its healthiest a condo buyer will need to put a minimum of 10 percent down payment. Mortgage insurers would also reject and condo applications if more than 30 percent of the owners of the condo are investors.

Those condo buyers that have a 20 percent down payment would not feel the affects of the mortgage insurers cutbacks. Mortgage insures will continue to refinance mortgages and continue to take applications for condo buyers that have at lest 10 percent.

Huge mortgage refinancing lenders have issued new guidelines that make it tougher for mortgage refinancing lenders to make loans available to buy condos or refinance mortgages.

To insure these guidelines for condo buying or refinancing are followed loan officers now need to take into account the number of condo owners are late on fees, their legal information, the amount of commercial space available and percentage of investors that are owners of condos.

Smaller lenders find these new guidelines for condo buying and mortgage refinancing unfair. The complain that smaller insures due not have the man power to carry the extra work to help mortgage refinancing and condo buying.

Loan officers are required before approving applications for mortgage refinancing or condo buyers to confirm that minimum 10 percent of the condos budget is available for “capital expenditures and deferred maintenance.” Some lenders feel that many loan officers would not approve applications for mortgage refinancing or condo buyers if they see that less than 10 percent of the “budget” is available in non physical items even if it includes insurance.

The bigger mortgage lenders say that although mortgage refinancing and condo buying applications are going to be more difficult because of all the extra paper work including the extra man power needed is going to be difficult it is necessary because of the decline in condo and homes around the country.

President of Family Choice Mortgage Corp a Connecticut based business has said that in these difficult times in the economy potential condo buyers and people who would like to have their mortgage refinanced many will hear that they can not be accepted as qualified buyers until all of the paper work is submitted and qualifies. Some condo buyers and people that want to have their mortgage refinanced even with good credit and equity may find the process difficult.

Some private mortgage lenders are now refusing to approve condo units in the same condo project after a certain percent to help restrict their exposure to any losses.

President Of Equitable Mortgage Corp., Bruce Calabrese has said that even he would have trouble refinancing his mortgages on his two condos even though he is in the business.

-M Petrone

Refinance FAQ & Advice

M Petrone
http://www.articlesbase.com/real-estate-articles/mortgage-refinancing-and-condo-buying-now-much-harder-674646.html

http://www.floreyinsurance.com Cheap Insurance in Pennsylvania. Florey Insurance Agency offers Pennsylvania residents cheap insurance including car, home, renters, condo, motorcycle, health, life, Medicare Supplement, and much more!

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Instant Home, Auto, Renter, and condo insurance Quotes

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I received a call from a man who told me that his home had been destroyed from fire and water damage in Queens. He didn’t have homeowners insurance and the condo association and the owner of the building refused to pay for the contents of his apartment. He didn’t know what to do or where to turn.

When the condo association only wanted to pay to replace the basic walls in his condo and some basic cabinets, without compensating him for any of the personal items in his home, he was frustrated because he knew that they should be paying. Importantly, he had nothing to do with causing the fire or the damage to his apartment at all, and the responsible party was not stepping up to the plate and doing the right thing.

He came to me for help to file a claim against the condo association, the owner of the building, and the roofing company that actually started the fire. Watch the video to learn more.

If you find yourself in a similar situation where your homeowners insurance has failed to pay and compensate you for loss of your apartment or home, I urge you to explore my website http://www.oginski-law.com for more information. If you have legal questions, then I encourage you to call me since I can answer your legal questions at 516-487-8207 or by e-mail at lawmed10@yahoo.com. I welcome your call.

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Insurance Home Auto Jewlery Condo Condo Master Policy Renters Apartment
Learn insurance replacement cost
www.statefundins.com

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I am the tenant of a condo and had accidental water damage to the unit, and floors below. My landlord claims they do not have insurance to cover the damage, but the condo board does and has paid out a $5000 deductible for the insurance for all the units to the insurance company, which I have reimbursed. Now I have been contacted by the insurance company about being charged for the remainder of the damages.

My question is, am I not sheltered by the condo boards insurance deductible?

Your situation illustrates a prime example of why tenants should purchase renter’s insurance. The condo board insurer covered the loss to the condo, but that doesn’t mean the insurer is not going to attempt to recover its payout from the person responsible for the damage. That person is YOU. No, you are not sheltered or covered. You’ve already paid the deductible portion to the condo. Now the insurer involved wants to recover ITS payout. If the condo insurer had a zero deductible, it would be coming after you for the entire amount of the damages. This insurer is following standard practice for such situations. Learn the value of renter’s insurance.

The appraisial value is about $80,000, its 700sq.ft bottom floor unit.

Why didn’t you tell me you were thinking about moving here?

Hypothetical: I determine that all my personal belongings in my condo are worth $10,000 total, and I buy $20,000 worth of coverage. Two years later everything is completely destroyed by some accident. Will I be paid the whole $20,000 by the insurance company (which essentially gives me a $10,000 profit)?

No, you have to prove your losses, draw up a list, use your inventory, etc.

I’ve never seen an "agreed amount" clause on contents. It’s the LESSER of, the value of your stuff, or the policy limit.

It makes the inventory part pretty important.

BUT, the average person has more than $!0,000 of stuff, also.

I have a mortgage for about $157,000. I guess the previous owner paid it off for the year. Any idea how much I will have to pay for 2008? Can I pay in installments?

First, the previous owners insurance will NOT cover you, it is not your policy, it is their policy. They probably cancelled it by now anyway since FL property insurance is so expensive. Your mortgagee will probably want a copy of the master policyi showing building coverage. If they have a flood policy, that can be assigned to you & then you take over the policy.
A condo policy will cover building items you are responsible for (sometimes studs in, sometimes drywall in, sometimes only additions & alterations to the original unit), your contents (usually worldwide with some limitations), your liability (usually worldwide) & your loss of use. It also covers loss assessment. Loss assessment is when there is a loss to common property that is not covered by the association & they assess all of the unit owners a portion of the loss. BUT & this is a big but, only $1,000 loss assessment coverage is for the master policy’s deductible, so if it is a loss to only your unit & the master policy has a $50,000 deductible, your policy will only pay $1,000 towards the deductible. If the loss can be assessed to 50 unit owners (example – loss to the pool house), the coverage is OK. This cannot be increased, it is written into the policy form.
Good luck to you, insurance in FL is very expensive, but condo policies are not as bad as homeowners policies.
Start calling independent agents in FL, they are the only ones that can give you a price for insurance. Don’t go to one of the little start up companies that are not rated by AMBest. Either go to Citizens (I know of someone who got coverage there cheaper than one of the little companies) or be sure the company you get is rated by AMBest (see ambest.com). If there was a big hurricane, they would not have the assets to pay the claims.