More Higgins “Gotchas”
This really doesn’t affect me, but there are a couple scenarios where it could indirectly. A new post appeared this afternoon on the building’s mailing list- here is the post:
“Has anyone been able to get refinancing for their mortgage!? Or have sellers been able to sell to buyers who didnt buy all cash?
I have been unable for the past five months to get refinanced because of this HOA lawsuit….
I know of one person who was able to get refinanced while there was a lull in this lawsuit but now we’re back at it.
Even Michael Cohn at Countrywide, who probably got everyone in the Higgins their mortgages (and most loftowners in downtown, for that matter) is unable to help….no loans/refi’s for him so far.
Any advice, info, suggestions, etc would be much appreciated.”
The HOA lawsuit mentioned is a lawsuit against Barry Shy, the primary developer of the Higgins, for various problems and defects that have been discovered since the units were initially sold. I have not seen the actual lawsuit, but it has been going on for well over the 2 years that I have lived here- I can’t imagine it’s going to do much to help each individual owner at this point- and guess what, now it is HURTIMG the owners, at least the person above who cannot re-finance and cannot sell because lendors will not make loans on units in Higgins (according to the poster, again, I don’t know, but it seems reasonable).
Ownership has it’s plusses and minuses…
I’m so glad I didn’t buy during the bubble. I really feel sorry for the people who are trapped. It must be tempting to say the hell with it and just walk away.
April 22nd, 2009 at 3:33 pm