Mortgage decline- roof repair and lawsuit
Started by MyraG
almost 9 years ago
Posts: 1
Member since: Feb 2017
Discussion about 264 Water Street in Fulton/Seaport
Hi- I was just turned down for a mortgage and told no bank will lend here until the roof is replaced and the litigation is settled. Anyone have luck getting a bank to lend with the roof replacement and lawsuits going on? WIthout it, I need to produce an engineer's report saying the repairs have been made which isn't expected until ???
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It am a mortgage broker and can check with a few lenders about the building .
It would help,if you had a heretic condo questionnaire. Feel free to send it or feel free to contact me.
Ellen Silverman
E. S. Funding Co.
Licensed Mortgage Broker since 1990
NMLS #60631
Licensed Real Estate Broker since 1987
esfundingco@aol.com
Sorry, generic condo questionnaire
Hi! Wells Fargo lent in January 2017. Did you try calling them?
Myra, are you working with an agent? Your real estate agent should be helping to guide you to a successful closing in the building. Many mortgage brokers (in the case wells won't lend even though they just did) can approve you vs. the building. You can email me Danielle.Nazinitsky@corcoran.com if you have any questions.
Thanks for all the helpful suggestions. I ultimately walked because the building is undergoing a complete rear facade and roof replacement and the capital account has no $$ for it. An long and large assessment is coming and the prices don't yet reflect it. My lawyer warned about possible building condemnation if the rear facade replacement doesn't go well. That's a nuclear scenario but if I needed to sell, the lawsuit would make it difficult for years to come.
Jan 2019: The building is landmarked and is being restored. There will be an assesment to begin repairs this spring. Lenders are lending.
The back wall repairs will begin later this year and banks are lending on this property.