BULLETIN NO: 2024-21<\/p>\n
AE<\/p>\n
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BULLETIN DATE | August 1, 2024<\/p>\n
Jeff Spies<\/p>\n
ISSUED BY<\/p>\n
Community Services Manager<\/p>\n
INFORMATION BULLETIN<\/p>\n
MUTUAL<\/p>\n
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Community Services Division<\/p>\n
AUTHORITY<\/p>\n
Resolution 03-24-73<\/p>\n
Resolution 03-24-77<\/p>\n
ADOPTED DATE | July 16, 2024<\/p>\n
SUBJECTS: Revised Third Laguna Hills Mutual Alteration Standard 6 \u2014 Concrete Block Walls<\/p>\n
and Revised Financial Qualification Requirements<\/p>\n
On July 16, 2024, the Third board of directors revised Alteration Standard 6: Concrete Block Walls<\/p>\n
(Resolution 03-24-73) and adopted revisions to its financial qualifications (Resolution 03-24-77).<\/p>\n
See a breakdown of each resolution below.<\/p>\n
By way of Resolution 03-24-73, the board amended Alteration Standard 6: Concrete Block Walls to<\/p>\n
allow for clarification of where modifications can take place and the type of materials and finishes<\/p>\n
that can be used.<\/p>\n
The installations will be considered alterations; all installation costs, maintenance, repair,<\/p>\n
removal and\/or replacement will be the responsibility of the member. The cost to repair any<\/p>\n
damage to mutual property resulting from an alteration will also be borne by the responsible<\/p>\n
member.<\/p>\n
By way of Resolution 03-24-77, the board adjusted the mutual\u2019s minimum net worth and annual<\/p>\n
income requirements based on inflationary rates. The new requirements are as follows:<\/p>\n
Net worth verification was increased from $125,00 to $200,000<\/p>\n
Annual income verification was increased from $45,000 to $60,000<\/p>\n
Guarantors net worth verification was increased from $200,000 to $340,000<\/p>\n
Guarantors annual income verification was increased from $150,000 to $182,000<\/p>\n
The net worth and income requirements for multiple units also were revised accordingly<\/p>\n
The above-mentioned revised requirements become effective January 1, 2025.<\/p>\n
Find the complete Third Alteration Standard 6: Concrete Block Walls at lagunawoodsvillage.com ><\/p>\n
Residents > Manor Alterations > Third Alterations Standards.
\nBULLETIN NO: 2024-21<\/p>\n
AE<\/p>\n
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Find the most recent Third Mutual Financial Qualification Guidelines at<\/p>\n
lagunawoodsvillage.com > Neighborhoods > Realtor & Escrow Information > Financial<\/p>\n
Requirements > Third Laguna Hills Mutual.<\/p>\n
Realtors and escrow officers must inform their staff and clients of these guidelines.<\/p>\n
Important: Please always refer to the website for the most current documents. The location for all<\/p>\n
mutual policies may change with the completion of the redesigned website.<\/p>\n
Email questions about the financial qualifications to resalesrequirements@vmsinc.org and<\/p>\n
questions about the standard to alterations@vmsinc.org.<\/p>","protected":false},"author":2,"featured_media":0,"template":"","document_category":[1227],"document_type":[53],"class_list":["post-50449","document","type-document","status-publish","hentry","document_category-realtor-info-bulletins","document_type-other"],"acf":{"document":48297,"resolutions":null,"legacy_id":"9775","pdf_extracted_text":""},"yoast_head":"\n