Financing in 10014>Question Details

TC, Home Owner in New York, NY

RIFI question in a COOP

Asked by TC, New York, NY Sun May 13, 2012

I was denied by 3-4 banks, I went through a great mortgage broker.I was declined ,not because of my credit score, I was approved but because the SPONSOR owns too many apartments(he remains on this board for over 25 years and I know that is illegal) for one person , according to the Fannie Mae Rules?.not to knowledgeable about that but I guess I will be now.I now have to rely on the food stamp lines and bankruptcy, as I am also disabled and have no access to my equity,.Selling is out of the question and I don't want to give the reason if someone from my building reads this..trying to remain as anonymous as I can ..Thank you

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thanks for answering! My broker was excellent and I knew that it was not his fault because I have the letter stating too many apts owned as investment properties according to Fannie Mae..I am learning quickly before that food stamp line!Thanks I will check out Emigrant because they were my initial bank when we went Coop.Presently I am being offered Harp and was approved in Jan 2012 but that's just for one mortgage...I can not do Chase because they have a SQ FT requirement for mortgages and I have a studio that is less by literally feet but I will ask about REFI.I'll ask again as that's my next call and I think I want to stay within NY because I am getting a feeling my broker was great,I was approved but they were out of state banks...and all this and the bills have to be paid..I am not selling yet,thank you Ella and THE only reason is they started construction outside my window that should last 2-3 years?..I haven't seen anyone for weeks..so that's the story.. I will contact Emigrant first, then WF(but I think I've tried them already)..so many banks, so little TIME!..CASH sounds great but the owners get as little info as possible ,especially from the sponsor, so I can't answer that question about lenders..they hand us the maintenance bill and what it's for...a reason why many people go on and off in one year and a reason, there is NO continuity within any boards, maybe 3 people , at most, stay on for another term..it's ALL about what they can get out of sitting at that board table and not bettering the building. always has been to my knowledge.The things that get accomplished are painting, pointing(years in the making) things like that, we got a new security system that half the tenants don't have a clue how to work…that's just a wee bit of it.
Cash I would have to ask my health insurance people, how that is done because I was told once that it can be put into like an escrow and used only for bills

Thanks so much for your help...I will keep you posted of my results
0 votes Thank Flag Link Mon May 14, 2012
If you cannot get REFI, than if did decide to sell, you could appeal to cash only buyers. Does your sponsor have a lender that has agreed to work with this building? Also some banks have stopped working with Fannie Mae. Try Emigrant, they may work with you or ask your broker to ck them out.

Good luck
0 votes Thank Flag Link Mon May 14, 2012
Have you spoken to Wells Fargo? they are #1 in Manhattan. I can give you contact info for WF person (who refinanced my mortgage) and for a great broker. If this is at all possible, they should be able to find a solution ...It does not hurt to speak with them. Email me if you'd like their info
Elena elena@rakitarealty.com
0 votes Thank Flag Link Mon May 14, 2012
GEEZ>>With my name full out there I am not hiding!!..and I really don't care that this information is public because I was going to take it to the "press" Been in this building over 30 years and should not be treated like this
0 votes Thank Flag Link Sun May 13, 2012
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