What is the name of your state (only U.S. law)? Tennessee
Greetings!
I have been trying to complete a simple, no cash out refinance on my condo. I was turned down because my HOA does not have the required reserves. Is it a law that they must have a certain amount in reserves at all times? Are the rquirements/law different for different lending instituions or do they all require the same amounts under the law? Is their anything I can do to recoup my losses such as the appraisal fee I paid up front? Needless to say I am very upset with my HOA!
Thanks!
Greetings!
I have been trying to complete a simple, no cash out refinance on my condo. I was turned down because my HOA does not have the required reserves. Is it a law that they must have a certain amount in reserves at all times? Are the rquirements/law different for different lending instituions or do they all require the same amounts under the law? Is their anything I can do to recoup my losses such as the appraisal fee I paid up front? Needless to say I am very upset with my HOA!
Thanks!