With all the responsibilities of being a board member and running an association, very little time is taken to explain the routine task of taking meeting minutes. While taking meeting minutes is a routine occurrence, little time is spent with a new board member describing what the purposes of the meeting minutes are and what items should appear in the meeting minutes. Read more.
Higher Costs and Tougher Standards in Store for 2010 FHA Mortgage Financing
Recently, HUD Secretary Shaun Donovan announced applicants seeking FHA financing are going to face higher costs and tougher credit standards. What does that mean for home buyers? Changes being proposed include higher down payments – currently 3.5% but could go as high as 5%; seller concessions cut to 3%; mortgage insurance premiums as high as 3% and a minimum acceptable FICO score not much lower than 620 (which is the score currently used by both Fannie Mae and Freddie Mac.) Read more.
911: Help We Have A Financial Crisis!
The economy has hit many residents hard which in turn has affected associations. Boards are pressured to keep assessments low as a result contributions to reserve funds have been small and much needed maintenance has been deferred. While there may be no painless answer to the funding crisis many associations are facing, there are options for associations to consider.
The HindmanSanchez BOOM Line
During these trying financial times, the BOOM Line is your #1 resource for getting more bang from your association's collections efforts. The 3rd Wednesday of each month, from 4:00 - 6:00 PM, you can speak with one of our collections attorneys regarding your general collections questions - FREE. Simply call 303.991.BOOM (2006). BOOM - your power line to surviving collections.
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