The country's financial downturn has caused major financial difficulties for many smaller condominium associations in Chicago. When just one or two owners stop paying assessments or fall into foreclosure, the effects can be devastating on a small building. Thankfully, the IL Condo Act provides a remedy that can help condominium associations to recover delinquent assessments, and HausFS provides a service to help associations through the process.
The higher home loan limits currently in place are expected to stick throughout 2010, according to National Mortgage News.
The Obama Administration reportedly supports an extension of the current enhanced loan limits for Fannie Mae, Freddie Mac, and FHA loans.
The maximum conforming jumbo loan limit of $729,750 (in the nation’s most expensive counties) is set to expire on December 31, at which point it would drop to $625,500 per the Economic Stimulus Act of 2008.
The true current conforming loan limit is $417,000 for condos and single-family residences.
Serving as a Board member for your condominium association tends to be a thankless job. Owners volunteer their time, effort and resources and often aren't recognized for their hard work. When owners do contact their Board, more often it is to complain or criticize rather than to offer words of gratitude or encouragement.
On behalf of condominium owners everywhere, HausFS and the Chicago Condo Resource would like to say THANK YOU to the individuals who take on the responsibility of serving on their Boards. Your neighbors may not know how hard you work, but we do. And we are grateful that you choose to make a positive contribution with your involvement.
Happy holidays!
The law office of Kovitz Shifrin Nesbit has published an article on how FNMA & FHA Guidelines are affecting mortgages for condo units.
Last night I attended a meeting for a prospective client. The building is only 6 units, but the owners are currently experiencing quite a bit of conflict and there is clearly a lot of tension in the building. At the bottom of it all, however, it's clear that all of the owners care about their building and have put a lot of effort into maintaining their association. They simply haven't been handling the business of the association consistently and in a business-like fashion, have been a bit lax on enforcing rules because they are so small, and have had some communication issues. It's not too late for these owners to get back on track and find a way to live together peaceably.
Otavala Consulting is providing a FREE workshop on Conflict Management this Saturday, December 5th. I can't emphasize enough how beneficial this workshop is for any Board member or unit owner. As I told the owners last night, while some small associations feel they can operate more casually, conflict arises as soon as there is more than ONE person involved! However, it is possible to learn how different individuals approach conflict and, as a result, how to effectively manage conflict in your association.