Coop forclosure procedure

[pooks79]

I live in New York and am about to miss my first mortgage payment . Due to my pending divorce I'm having a hard time making ends meet , I have been paying my maintenance fees but find I can't do both. I was under the impression I had to be delinquent teo it more months before foreclosure starts but then I read laws r different for coop vs houses. I've been trying to work with mortgage co before I got delinquent but so far they weren't very helpful do wZnted to know what is the sequence of events? Do they notify me or just put my apt for sale? Whst options do I have ? I can't sell as the house appraise for. $50000 less than what I owe mortgage please help !!!

 

[LdiJ]

I live in New York and am about to miss my first mortgage payment . Due to my pending divorce I'm having a hard time making ends meet , I have been paying my maintenance fees but find I can't do both. I was under the impression I had to be delinquent teo it more months before foreclosure starts but then I read laws r different for coop vs houses. I've been trying to work with mortgage co before I got delinquent but so far they weren't very helpful do wZnted to know what is the sequence of events? Do they notify me or just put my apt for sale? Whst options do I have ? I can't sell as the house appraise for. $50000 less than what I owe mortgage please help !!!

Being late on one mortgage payment is very unlikely to result in a foreclosure...being several months late would.

 

[pooks79]

Being late on one mortgage payment is very unlikely to result in a foreclosure...being several months late would.

I understand that but I would like to know how the forclosure process works since it is different from the norm being its a coop. I want to know what to expect and what my options are.

 

[quincy]

I understand that but I would like to know how the forclosure process works since it is different from the norm being its a coop. I want to know what to expect and what my options are.

The following link has information on co-op foreclosure that you may find helpful: http://nyforeclosure.com/mastering/co-op_main.html

 

[OK-LL]

The mortgage foreclosure process will be the same for a co-op as for any other residential dwelling. It is foreclosure by the co-op association which would follow a different process.

 

[pooks79]

The mortgage foreclosure process will be the same for a co-op as for any other residential dwelling. It is foreclosure by the co-op association which would follow a different process.

OK so if I understand what you are saying, if I was late on my maintenance (i.e. common charges) then I would be subject to a different foreclosure proceeding but because I am not late on those but rather the mortgage on the property then I go through the normal judicial foreclosure proceedings?

 

[quincy]

OK so if I understand what you are saying, if I was late on my maintenance (i.e. common charges) then I would be subject to a different foreclosure proceeding but because I am not late on those but rather the mortgage on the property then I go through the normal judicial foreclosure proceedings?

Your understanding is correct.

 

[You Are Guilty]

There is a little more at play with co-ops (in NYC at least). Given the competing lien situation between the lender and the Board, every sale comes with an "Aztec" agreement which defines the bank's lien as primary and requires a few other fun things not found in normal real property (eg, the Board has to notify the lender if you fall behind on maintenance).

On the flip side, that also means you have some avenues for defense available. Eg, http://midtownbankruptcy.com/can-bankruptcy-stop-the-bank-from-foreclosing-on-nyc-my-co-op/