Subject: Re: Refinance Issues with condo association master insurance policy
From: Ronald Shereyk (rshereyk@sbcglobal.net)
Date: Wed Dec 30 2009 - 17:30:55 CST
I refinanced awhile back and did not have that come up.
Ron
#702
--- On Wed, 12/30/09, Barbera, Phil <Filippo.Barbera@gt.com> wrote:
From: Barbera, Phil <Filippo.Barbera@gt.com>
Subject: Refinance Issues with condo association master insurance policy
To: "vanguard-talk@venus.soci.niu.edu" <vanguard-talk@venus.soci.niu.edu>
Date: Wednesday, December 30, 2009, 5:18 PM
To all unit holders who have refinanced recently or tried to:
I have come across a roadblock in my most recent refinance attempt due to an issue regarding the condo association's master insurance policy. The bank with whom I was trying to refinance with requires itself to be listed as a lienholder. I have been told that any bank would require this. However, the agent that services the condo association policy refuses to comply, stating that it is against insurance regulations and also that it is not in compliance with our association's policies.
Have any of you experienced the same issue in trying to refinance? If so, how was it resolved, if at all?
Thanks,
Phil
Owner - Unit #210
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