Last week I wrote about how delinquent condo dues can have a real negative effect on a development.  Now I have first-hand experience!

I have a client who purchased a two bedroom two bath condo in Mount Vernon Lakes in Alexandria.  We're supposed to settle today at 1:00 p.m.  Doesn't look like it's going to happen.  Why?  FHA's new guidelines state that no more than 15% of owners can be delinquent in the condo dues.  As it turns out, just under 16% of the owners in Mount Vernon Lakes are delinquent.  That works out to THREE owners!

The lender I'm working with, Harsh Patel of Prosperity Mortgage, has gone so far above and beyond to try to get this to close.  He contacted the association management company and offered to pay the condo fees of three delinquent owners to get the development to the 15%.  The association said, "No."

Then we tracked down the names of the members of the home-owners board and tried talking to them.  A past vice-president tried to help, but the current President, Robert Willis, said he didn't want to be bothered with it.  Doesn't this guy realize that NO ONE will be able to get an FHA mortgage as long as the current situation exists?  And wouldn't it benefit the management company to get that lost revenue?

Come on, people.  WAKE UP!