January 14, 2013
There have been several questions lately about legal issues. Here’s one–a reader asks:
“I live in a Michigan condominium that will have a special vote of our co-owners on 1/24/12 to determine if our association will make application under the HUD Review and Approval process (HRAP) to obtain FHA certification for our Association.”
“In advance of this vote, our Board of Directors issued an opinion letter to our co-owners urging them to vote NO citing outdated 2008 FHA guidelines as the basis for their opinion, even though they are aware of the HRAP requirements that went into effect in 2010. If this proposal is defeated in our election, has by Board of Directors exposed my association to a potential discrimination suit because they intentionally mislead our co-owners in their opinion letter?”
In cases such as these, we advise our readers to consult directly with a lawyer or real estate law expert; not being a lawyer, there’s no way I could possible give this reader legal advice. The ONLY legal advice I’d feel comfortable imparting? “Get a lawyer”.
That may sound a bit sarcastic, but it’s actually quite sincere. Only a trained legal expert could give realistic, constructive advice with any certainty in a situation such as this. The same sort of advice goes for another reader question that came in recently. Here’s part of the reader’s comment/question:
“I have paid MIP for the last 13 years, but my bank never placed on my tax document therefore I did not question if I could include it as a tax credit. I will close on a streamline refi the good thing is I will not have MIP which helps to make the payments lower…” The reader comment seemed to be asking whether he or she could either claim a tax break on mortgage insurance payments, or whether an amended tax return in order to get tax credits on MIP already paid should be filed for the affected 13 years.
Taxes are another area where borrowers should definitely consult a professional. Tax pros know the ins and outs of tax code (state and federal) and are definitely the best people to ask about situations like these. The question is definitely worth asking–the best advice we can give here is that you should definitely ask. You may be surprised at what you learn!
Do you have questions about FHA home loans? Ask us in the comments section.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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