Profile picture for matamoros1

what happens if I inherited a Co-op in NYC but I can not afford to pay maintenance?

I inherited a Co-op right by Central Park but I'm unable to pay maintenance, I can only afford to pay mortgage.  I'm trying to sell the apt. Can the board do something to take the apt from me??
  • September 25 2010 - Upper East Side
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Answers (6)

Profile picture for robin398
Just a friendly reminder that contact information needs to be in your profile only.  Please do not be a repeat offender.  If others follow this rule then so do you.
  • September 26 2010
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The Building is responsible for paying the maintenance if you default...they could prevent you from selling if your behind in payments. You need to have an attorney look at the offering plan and any amendments to see what the story is....The least of it is the Board can refuse your buyers. I am licensed in NY and NJ and have done many, many coop sales...they can get difficult. You may want to speak to the board and explain the situation adding that you would pay back maintenance, when sold to give them more of an incentive to approve your buyers.....Good luck)
  • September 25 2010
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Are you using a real estate agent to sell the apartment? If not, we would be happy to meet with you to discuss a marketing program to assist in a quick sale. Best regards, Michael J. Dvorkin, SVP Charles Rutenberg, LLC [contact info removed by moderator]
  • September 25 2010
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I agree.   You should consult and attorney specializing in real estate law and/or estate issues.   Good luck.
  • September 25 2010
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Profile picture for jkuhl
If you wish to stay in the unit, you can try for a loan modification with the mortgage holder. Call the lender and speak to customer service or the loss mitigation department. That may bring down your mortgage payment enough that you may be able afford the total costs.

If not available, or if you don't wish to stay in the unit, you can sell it. If the unit market value is more the mortgage, you can make some money. If it is less than the mortgage, you can do a short sale - ask the the lender about how they handle that. It is now well understood by lending institutions (that's an understatement).
  • September 25 2010
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Profile picture for nwhome.us
Talk to an attorney, not the internet.
  • September 25 2010
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