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Old 06-16-2005, 08:07 AM
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Join Date: Jun 2005
Posts: 1

Changing Co-Ops to COndos

What is the name of your state? New Jersey

Hello , my co-op association is planning on switching to Condos, how will this effect the sharholders. Since the value will increase of each unit, will we have to refinance on our mortgages to cover the difference or do we just reap the benefits of the additional equity in the house. Any help would be greatly appreciated.

Alan
  #2  
Old 06-17-2005, 09:19 AM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by arbjr344
What is the name of your state? New Jersey

Hello , my co-op association is planning on switching to Condos, how will this effect the sharholders. Since the value will increase of each unit, will we have to refinance on our mortgages to cover the difference or do we just reap the benefits of the additional equity in the house. Any help would be greatly appreciated.

Alan
**A: you asked a very good question. It would be up to the lender but there will be mortgage documents to sign.
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