Obtaining Mortgage Loan On Condo Unit May Depend On Neighbors' Financial Stability

The Washington Post reports:

• Benjamin Chiang nearly lost the chance to refinance his condominium when his lender discovered that many other people in the building were behind on their condo dues. "It made me a little peeved that my loan depended on the credentials and behavior of my neighbors," said Chiang, who bought his Arlington home eight years ago.

• Condo owners share more than roofs and lobbies these days. They also share one another's financial burdens. New mortgage industry policies are forcing lenders to look more closely at the makeup of entire complexes before extending loans to prospective buyers or to people who want to refinance.

For more, see New Condo Loan Rules Put More Scrutiny on Neighbors.