Lexington Hill Condominiums

This building situated at 15 ft. above sea level is in a FEMA high risk flood zone area (http://www.propertyshark.com/mason/ny/New-York-City/Maps/FEMA-Flood-Zone). The HOA has very inadequate flood insurance leaving the building is essentially uninsured against flood. Unfortunately my mortgage company (one of the preferred lenders) only learned this during the actual closing and refused to... [more]

This building situated at 15 ft. above sea level is in a FEMA high risk flood zone area (http://www.propertyshark.com/mason/ny/New-York-City/Maps/FEMA-Flood-Zone). The HOA has very inadequate flood insurance leaving the building is essentially uninsured against flood. Unfortunately my mortgage company (one of the preferred lenders) only learned this during the actual closing and refused to disperse funds. A no additional cost solution was presented to seller (who presumably has significant influence over the HOA) but the seller refused to communicate thus killing the deal and then raised the price by $88,000. I am told current mortgages in the building may be in violation of FNMA lending standards though I am no expert. If you are interested in a condo here be sure to check with your mortgage company about the above and include in purchase agreement. All this was a sad story for my family after working 6 months on closing this deal. One of those months was waiting for the seller to extend the offering at the last minute) on the deal [less]