Richard White: Condominium association's underfunded reserves causes red flag situation : Columns : Naples Daily News: "Her neighbor recently applied for a reverse mortgage, but when the bank reviewed the condominium’s association’s financials, the family was turned down because the association has a deficit and no reserves."
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Condo owners are finding out that the screws are being tightened on every side.
1 comment:
The coffers have been cleaned out by CAI management companies and attorneys for years. Is it time to do a little forensic accounting to determine where the money went? Condominium associations refuse to provide information to residents but are willing to turn them over to the mortgage companies? What's the deal, the need for new blood because the current owners are tapped out? Wonder how long it will be before they start submitting fraudulent financials to the mortgage companies - and when the management companies will start being held directly responsible.
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