Seeking NY Portfolio Lender for co-op purchase

Do you have a co-op board that will accept your less than 5 year old bankruptcy?

I assume this was chapter 7 bankruptcy? Chapter 11 might be a little more palatable, I'm not at all sure. But Chapter 7 would be rather scary, I should think, to a co op board.

Before worrying about financing, if I were you I would find out about your bankruptcy and the co op board.

If I'm wrong about this somebody set me straight. But remember in a co-op you're essentially a business partner with the other shareholders. They have to want you as a business partner. Your ability to act as a fiduciary of any kind is likely hampered by your bankruptcy filing.

Eric- beside the BK/foreclosure FHA won't finance coops. Can your wife qualify without you on the loan? I have a few lenders that would entertain your scenario but I couldn't comment without knowing the full story. I would be prepared to accept and ARM product in the mid 4% range.

Kharby2 makes a good point about the coop board. Even if you get the bank to finance will the board accept you?

Mortgage Broker here, have portfolio lenders, but getting the board to accept doesn't look good. Maybe try finding a sponsor apartment. Then there's no board approval.

Ellen Silverman
E.S. Funding Co.
esfundingco@aol.com
www.esfunding.instantlender.com
NMLS#60631

Better off renting for another 2 years

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