Governor Schwarzenegger has signed into law, Senate bill 94..
California law now prohibits Advance fee demand on all/any Loan modifications or loan forbearance service from 1 to 4 unit residential.
This law does not affect agreements entered before October 11, 2009.
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i live a relatively small community of 20 units and i was trying to apply for FHA refinance but found out that the community is not FHA approved. i tried to file the papers to get FHA approve. FHA rejected my request because they said the units do not have enough money in the reserve. where do i go to the check for the reserve, is it the management co. and obviously i doubted they have a small reserve. is it legal for the HOA to put some of the reserve in a established account with a bank? and where do check for this, thanks
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