If I have been paying my maintenance fees on my coop every month, but not my mortgage, what is the timeline for forclosure & the process?

Asked by Newlife, 11005 Fri Sep 2, 2011

Haven't paid my mortgage on my coop in one year due to illness, not being able to work. I HAVE paid my maintenance fees every month. My coop has been up for sale (or short sale) for at least one year & unable to sell, no equity, I am 80 yrs old, what do I do?

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Robbie Vaughn, Agent, Mineola, NY
Wed Oct 5, 2011
Get legal advice from and attorney!
The foreclosure process for a co-op is not the same as condos etc.
Good luck!
0 votes
Tarantej Sin…, , Floral Park, NY
Sun Sep 4, 2011
Newlife, you are in a situation where most of the home buyers are finding themselves today who bought at the peak of the market and now find it impossible to sell at the bottom of the market. For you, may be you took the equity out and you spent it else where or may be you too bought it at the peak (I'm not sure) but bottom line is that you are facing the similar situation where there is not enough equity that you can drop the price and get rid of the place.

Now having a co-op puts you in even tougher place because most of the co-op boards have set up minimum selling price or reserve price under which they would not approve any sale and it doesn't matter if it is a short sale or a foreclosure. There are a few listings on the market that are facing the same predicament. One of those is a co-op in Langdale gardens and the other one is in Forest Hills.

I don't know if you are getting any offers at all, if your place is being marketed properly and if you have had any contracts but your board is not letting it go through. But if your place is already listed then you should have a good conversation with your current realtor first. Make sure he is proficient in short sales process and at the same time you have to speak with your management board also.

I wish you Good Luck and in case if you have any questions, please feel free to call me @ 917-833-3253. My name is TJ and I'm based in Floral Park as well.
0 votes
Fajardo Dela…, Agent, Flushing, NY
Sat Sep 3, 2011
Short sale is not the end of the world and it will pass. If you are a homeowner that is contemplating a short sale you should take the emotions out of your decision (easy for me to say) and treat this as a business decision. We must work just a little harder.
Fajardo Delacruz
0 votes
Martina Ryan, Agent, Flushing, NY
Sat Sep 3, 2011
Foreclosures can take as long as 2 years to materialize & if you file for bankruptcy it can take even longer. This may be a better option for you. Speak with an attorney who deals with this area of real estate. I assume you have tried all other options?
0 votes
Eli Givoni-S…, , Boca Raton, FL
Fri Sep 2, 2011
Drop the price and short sale. Every property usually has a price - supply and demand. Feel free to call with any questions.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes
Therese L Ko…, Agent, Bayside NY 11361, NY
Fri Sep 2, 2011
Hi Newlife, 11005 is a hot selling area right now and has been for some time. Has the listing been on multiple? what advertising has been done? Even if there is no equity- Give me a call -we can discuss some of your options-available for you even through the Holiday weekend-Terry K 718-614-3167 cell or email me therese.korahais@elliman.com
0 votes
Dp2, , Virginia
Fri Sep 2, 2011
You actually might have some other options besides foreclosure provided you move on this expediently. Please feel free to contact me, because I might be interested in the property. You also might want to reach out to some of the investors in your area.
0 votes
Joe Sauter, Agent, Lake Worth, FL
Fri Sep 2, 2011
It varies state by state

Try this site:
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