Mortgage question-Please Help

I think, I'm not 100% sure, the reason is that if this guy defaults on the mortgage, the co-op reverts back to the cooperation, the bank does not take possession of the property. The bank has to wait for the cooperation to sell the apartment until they can get their settlement.

Try posting this question on LIF under NWR. You will get better responses there.

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Posted by SusiBtoM

I think, I'm not 100% sure, the reason is that if this guy defaults on the mortgage, the co-op reverts back to the cooperation, the bank does not take possession of the property. The bank has to wait for the cooperation to sell the apartment until they can get their settlement.

Try posting this question on LIF under NWR. You will get better responses there.

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You're going to laugh. How do I go about posting that?

agree with above poster.. a co-op is not an apartment you own, rather a share in the total corporation... so if someone defaults, they are defaulting on their shares of the corp, not the unit, so the unit goes to the co-op and when it is sold, the bank gets repaid on its defaulted loan.

Does the purchaser have someone to guarantee his loan.. parents with credit??

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Posted by Madison-Todd2009

agree with above poster.. a co-op is not an apartment you own, rather a share in the total corporation... so if someone defaults, they are defaulting on their shares of the corp, not the unit, so the unit goes to the co-op and when it is sold, the bank gets repaid on its defaulted loan.

Does the purchaser have someone to guarantee his loan.. parents with credit??

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Our agent is working hard with another broker who found a bank tht would be ok with an appliancant w/out credit history.

Their parents should be able to help with the down payment since they want them to have the place. Also, our agent feels they would be willing to help, such as co-sign on the mortgage.