Renting my condo

[urs]

What is the name of your state (only U.S. law)? California

My homeowner's assoication has a maximum requirement of units that can be rental. This was not in place when I first bought my condo, but had subsequently been passed after living there a few years. I have since been on a list to become a rental unit for almost a year now. Selling is not an option, because the property value is way lower than the remaining balance of my loab. Is there a way to get around this rule? I thought that HOA only had control over the outside of the unit and not the inside. If I want to rent my own condo, I should be able to!

[annmys]

Instead of posting a new thread I will post a related question.

My condo board (in Virginia) is now pushing for us to adopt rental restrictions for our 110 unit building. They are claiming that a new law was instituted with the mortgage "rescue" bill that restricts conventional mortgages for Condos unless the condo building is over 70% owner-occupied. They also claim that if the condo goes below 50% owner-occupied then the only way to buy a condo in that building is with all cash.

This does not seem right to me. Does anyone know where I can read these new laws? Google hasn't gotten me far.

FHA/VA rules still allow for mortgages if a condo is more than 50% owner-occupied, but I don't know how accessible those loans are to the general public.

[Ray Rice]

I just registered for this site to post the same Question. My situation is a little bit diffrent then yours though Ann. I bought my condo 5 years ago here in
California knowing that I wasn't able to rent it out however the association told me at the time it was 78% owner occupied and that it needed to be 80 % owner occupied to be able to rent it out. Well low and behold 5 years later it is still 78% owner occupied . I owe 153,000 and there are foreclosures around 90,000. So selling isn't an option for me either. What is really irritating to me though is if you purchased a condo before 1997 then you are able to rent them out. What are my options? Any Help would be greatly aprreciated

[HomeGuru]

Originally Posted by urs

What is the name of your state (only U.S. law)? California

My homeowner's assoication has a maximum requirement of units that can be rental. This was not in place when I first bought my condo, but had subsequently been passed after living there a few years. I have since been on a list to become a rental unit for almost a year now. Selling is not an option, because the property value is way lower than the remaining balance of my loab. Is there a way to get around this rule? I thought that HOA only had control over the outside of the unit and not the inside. If I want to rent my own condo, I should be able to!

**A: you have not provided enough details.