RuthannF (Michigan)
Posts: 1
Posts: 1
Posted:
Our MD and By-laws state that HOA need a Conformed copy of our Mortgage Note. We are located in the state of Michigan. Is this something that should be deleted from our legal documents?
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Started by RuthannF • 7 replies • 1193 views
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DonnaS (Tennessee)
Posts: 5,671
Posts: 5,671
Posted:
Ruthann,
Sometimes, the HOA's get to a point where I think that they just demand too much information from an owner. The entire Mortgage note is not their business and I would refuse to give them personal information. Yes, they should know who has the mortgage and a few bits of information as to insurance coverage and the information as to responsibility in case of a default. But some info is not for just the general publics information.
My Villa association put up a huge fuss with me when I whited out the amount of rent that I am charging my tenants. That IS NOT their business. I show proof of taxes and insurance, and the term of the lease and my tenants names and ages. That is all they should need from me.
I do not play hardball with them. I am on their Documents committee and do other volunteer jobs for them. I am on the BOD where I live so I am not being a hard head, just preserving some privacy.
MicheleD (Kentucky)
Posts: 4,491
Posts: 4,491
Posted:
Donna, I can see your point if the board or the property manager is just making an arbitrary policy to do that, but the poster states that it's part of the Master Deed and By-laws that the HOA is to receive a copy of the conformed note.
If it's part of the document requirements, then wouldn't we have to provide that?
If it's part of the document requirements, then wouldn't we have to provide that?
GlenL (Ohio)
Posts: 5,491
Posts: 5,491
Posted:
Quote:
Posted By DonnaS on 04/21/2008 6:13 PM
But some info is not for just the general publics information.
But some info is not for just the general publics information.
Donna unfortunately I think that ship has sailed. I can go on my county recorders website and view a copy of not only my mortgage on file there along with the mortgage of the previous owner but those of my neighbors. And as this is part of a multi-state database I imagine is the same in many other parts of the country.
Studies show that 5 out of 4 people have problems with fractions
DonnaS (Tennessee)
Posts: 5,671
Posts: 5,671
Posted:
Glen,
I realize that most any records are on file in the County Clerks office and probably a dozen more places. I have issue with nosy people who can have access to owner records in the association offices. There are them out there. My rental is a 55+ places and 2 of the officers are basically nosy females who want to be privy to everything. My refusal to put my rent down is something that they should not know and cannot find out.
As for the Mortgage Documents, the bank or lein holder has just a few papers that they send to the association offices, not pertinant personal information from the entire loan documents.
MicheleD (Kentucky)
Posts: 4,491
Posts: 4,491
Posted:
But if the governing documents request a "conformed copy of the mortgage note," unless the documents are later amended, how can one just refuse to comply?
But I do agree, I would have no idea why, an HOA would need that particular instrument, so I would recommend amending it, too.
However, until they do, they should be making sure they are obtaining it so as to not risk selective enforcement.
But I do agree, I would have no idea why, an HOA would need that particular instrument, so I would recommend amending it, too.
However, until they do, they should be making sure they are obtaining it so as to not risk selective enforcement.
Quote:
Posted By RuthannF on 04/21/2008 3:55 PM
Our MD and By-laws state that HOA need a Conformed copy of our Mortgage Note. We are located in the state of Michigan. Is this something that should be deleted from our legal documents?
Our MD and By-laws state that HOA need a Conformed copy of our Mortgage Note. We are located in the state of Michigan. Is this something that should be deleted from our legal documents?
BradP (Kansas)
Posts: 2,640
Posts: 2,640
Posted:
Quote:
Posted By RuthannF on 04/21/2008 3:55 PM
Our MD and By-laws state that HOA need a Conformed copy of our Mortgage Note. We are located in the state of Michigan. Is this something that should be deleted from our legal documents?
Our MD and By-laws state that HOA need a Conformed copy of our Mortgage Note. We are located in the state of Michigan. Is this something that should be deleted from our legal documents?
Ruthann:
I really don't know why an HOA would need it, I would investigate getting it out of your MDs. In the meantime I don't see anywhere in there that is says a homeowner must provide it. Since it is all public information anyway if the HOA desperately wants it I would tell them to go to the county offices and get it.
BrianB (California)
Posts: 2,820
Posts: 2,820
Posted:
i like your thinking brad.
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