Posted on: 29th Jul, 2010 01:07 pm
Hello All, (I posted this in the wrong forum, Sorry for double post)
Not sure if anyone is familiar with this, but in attempting to keep up with my mortgage payments I had let my maintenance slip behind. I have been paying recently, but am about 6 month behind. They haven't been sending any letters, but I expect one soon.
I read somewhere that the Management company will eventually report it to the bank (BOA) and they pay it and you go into forclosure right away.
I was wondering if anyone has heard of this or had such an experience.
Also, if anyone knows how this is handled in housing court ( NYC)?
If it came to them just taking my apt I would be forced to try to rent or sell, but am not sure if, as a rule, the courts would give you time or if you can essentially be evicted from your co-op.
Sorry for rambling, but I am a bit freaked out.
Any answers deeply appreciated.
Tere
Not sure if anyone is familiar with this, but in attempting to keep up with my mortgage payments I had let my maintenance slip behind. I have been paying recently, but am about 6 month behind. They haven't been sending any letters, but I expect one soon.
I read somewhere that the Management company will eventually report it to the bank (BOA) and they pay it and you go into forclosure right away.
I was wondering if anyone has heard of this or had such an experience.
Also, if anyone knows how this is handled in housing court ( NYC)?
If it came to them just taking my apt I would be forced to try to rent or sell, but am not sure if, as a rule, the courts would give you time or if you can essentially be evicted from your co-op.
Sorry for rambling, but I am a bit freaked out.
Any answers deeply appreciated.
Tere
Hi daltonsjr,
"I read somewhere that the Management company will eventually report it to the bank (BOA) and they pay it and you go into forclosure right away." I haven't heard anything like that anywhere.
You're 6 months behind on your maintenance fees and the homeowners association haven't send you a letter regarding this. Once you receive a letter regarding the payment of the dues, you should contact them and try to set up a payment plan which can make it affordable for you to pay off the dues in full. Thus, you will be able to save the property.
Thanks
"I read somewhere that the Management company will eventually report it to the bank (BOA) and they pay it and you go into forclosure right away." I haven't heard anything like that anywhere.
You're 6 months behind on your maintenance fees and the homeowners association haven't send you a letter regarding this. Once you receive a letter regarding the payment of the dues, you should contact them and try to set up a payment plan which can make it affordable for you to pay off the dues in full. Thus, you will be able to save the property.
Thanks
Thanks for your response.
I am hoping that is what they do. The guy in the management company says he reports it to the bank eventually(he used some formal legal term). Maybe just a scare tactic, although he was not being nasty about it.
I was just concerned because even though it's a co-op and owned, you still are on a prommisory lease and wasn't sure if you could actually be evicted.
And if so, would the courts give you time to sell or force them to give you the time to pay it off or do they just take your apt?
Thanks,
Tere
I am hoping that is what they do. The guy in the management company says he reports it to the bank eventually(he used some formal legal term). Maybe just a scare tactic, although he was not being nasty about it.
I was just concerned because even though it's a co-op and owned, you still are on a prommisory lease and wasn't sure if you could actually be evicted.
And if so, would the courts give you time to sell or force them to give you the time to pay it off or do they just take your apt?
Thanks,
Tere