Other necessary costs of ownership consume a quarter to half the amount borrowers could potentially put toward loan payments. Repost from OC Housing News 2011-2016 Homeowner Association Dues and Fees Many modern planned communities have homeowners associations formed to maintain privately owned facilities held for the exclusive use of community residents. These HOAs bill the owners monthly to provide these services. They have foreclosure powers if the bills are not paid. HOAs are given the authority to enforce the covenants, conditions, and restrictions (CC&Rs) and to manage the common amenities of the development. It allows the developer to legally exit responsibility of the community typically by transferring ownership of the association to the homeowners after selling off a predetermined number…[READ MORE]

American housing policy should be neutral on whether a family or individual owns or rents. Instead, politicians embrace policies that favor homeownership at all costs -- costs that often prove to be very high. Repost from OC Housing News 2011-2016 I am a supporter of homeownership — not loan ownership as it’s become perverted into — but real homeownership free of encumbrances like a hefty mortgage. Most people who achieve home ownership go through a period of indebtedness because few can save enough (or get gifts from relatives) to buy a house for cash. Those that achieve home ownership do so through disciplined repayment of mortgage debt without adding to it to supplement consumer spending via the home ATM. Anyone…[READ MORE]

Other necessary costs of ownership consume a quarter to half the amount borrowers could potentially put toward loan payments. Repost from OC Housing News 2011-2016 Homeowners Insurance Homeowners insurance protects the property owner against loss. It’s nearly always required by lenders because they want to protect the value of their collateral if they should need to foreclose on the property. Even if a lender doesn’t require it, the risk of catastrophic loss makes such insurance a necessity even for those who pay cash. Who would want to lose half a million dollars or more in a fire? A standard policy insures the structure and documented personal property within. In addition, the package policy covers liability and legal responsibility for property…[READ MORE]

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