Leni Morrison Cummins and Rebecca Eschen authored an article in Habitat Magazine on how lenders blacklist entire condominium buildings based upon the Fannie Mae and Freddie Mac guidelines. In order to avoid being blacklisted, condo boards should be aware of exceptions to the guidelines and take steps to qualify for the same. Additionally, boards should attempt to resolve litigation quickly, and consider mediation or arbitration to prevent it, when possible. In certain circumstances, condo board counsel can step in to apply for a waiver.
To read the full article, click here.