- A mortgage refinance was declined due to questions about the association’s master insurance coverage.
- Multiple lender requests to management went unanswered for weeks.
- This type of delay can impact any owner trying to refinance or sell to a buyer who needs a mortgage.
- Timely and complete responses to lender inquiries are essential to protecting property values.
- Owners deserve clarity on whether our insurance coverage and office support are adequate.
Three Months Of Delays
In November, I was approved to move forward with a mortgage refinance. As with any loan, the bank needed routine information from our association’s management office to complete the process.
Chase first contacted BK1 management on December 11, 2025. The request was re-sent multiple times through December and into January.
According to the Chase bank, many questions went unanswered, and responses were limited. Chase contacted me directly on January 5th with copies of these emails then I spent the next two weeks working to obtain the required information from the association and myself. The FSR Regional Director forwarded this to the board president to assure that she was aware of the situation.
In late January, the bank had a final question regarding the association’s master insurance coverage. That inquiry went unanswered multiple times.
As a result, the loan was declined.
This is not just my situation.
If you plan to:
- Refinance,
- Sell your unit to a buyer who requires a mortgage,
- Or obtain any type of financing,
this could affect you as well.
Here is the message I received from the bank (Full Message below):
“After further review, we will have to decline your no-cost refinance application at this time due to insufficient master insurance coverage within Brickell Key One.”
This raises serious questions that every owner should be aware of:
- Is our master insurance coverage adequate?
- Are lender inquiries being handled in a timely and complete manner?
- Is the office staffed and supported well enough to handle critical requests like these? (Consider that we have no manager for weeks and none of the office staff have been here for even six months)
These are not minor administrative issues. They directly impact property values and owners’ ability to finance or sell their homes.
This is something every owner deserves clarity on.
There a second post on this topic: NOW YOU NEED TO SEE THIS
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