Mortgage on coop ?

used to be quite common and i assume still is. question is what is going to happen with all of these? underlying collateral is about as good as it gets so i would like to think bank will roll over; then again, who knows in these times?

lduv75, co-ops with relatively-low mortgages tend to let them ride, paying interest only. Always arguments whether that makes sense, but jacking up maintenance to pay off principal raises hackles, so the easy way (interest only) wins out.

Does "very high" mean your prospective apt's share of the mortgage is high relative to what you're paying? If so, I'd worry about having to pony up my share if refinancing doesn't happen. That's historically been unusual if not unheard-of.

If the co-op's small (e.g. a converted townhouse kind of thing) it's a whole different story. Lenders less willing to lend, which impacts everything.

NWT, this is a 30 unit prewar elevator building in a nice location. To answer your question, the principal repayment (apt's share of the mortgage) would represent around 8% of the asking price. Not sure if you would consider it as "very high"...

lduv - if you tell me the coop, I can tell you what info I can get from my coop dept. or attorneys sunny_hong@countrywide.com