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Refinancing a coop - procedures

Started by just_asking
about 17 years ago
Posts: 3
Member since: Jan 2009
Discussion about
Do coop boards typically require you to get approval if you refinance your mortgage? What happens if you don't - would they even know?
Response by drdrd
about 17 years ago
Posts: 1905
Member since: Apr 2007

?

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Response by MeMe
about 17 years ago
Posts: 68
Member since: Sep 2007

Yes, you have to get approval from your coop board. Call the management company. It should be simple if you are only refinancing the balance of your mortgage. If you're taking money out the board may require something similar to the financial statements they required when you originally bought the place. I don't think you can do it without their approval -- the bank will want to see the latest financial statements and the coop board has to sign the Aztech agreement.

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Response by nyc10023
about 17 years ago
Posts: 7614
Member since: Nov 2008

They would know because the bank will want a signed Aztech (sp?) from the co-op.

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