Legal Question in Real Estate Law in Georgia

my reverse morgage application was turned down because my condo association is not FHA insured. Do they have to be in the state of Ga


Asked on 4/07/11, 11:53 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

For that particular lender, which is what matters, the answer appears to be yes.

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Answered on 4/08/11, 4:58 am
Cyrus Malekabadi Law Offices of Cyrus K. Malekabadi

Each lender can decide whether to approve or disapprove your loan application based upon that. Your lender apparently requires that the condo association be FHA insured. Look at your declaration to determine whether your condo association has violated any of the provisions of the declaration pertaining to FHA compliance. If the condo association completely disregarded these provisions you may be able to sue for breach of fiduciary duty.

Most likely you'll need a lawyer to review all that for you.

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Answered on 4/08/11, 7:53 am


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