Changing Co-Ops to COndos

[arbjr344]

What is the name of your state? New Jersey

Hello , my co-op association is planning on switching to Condos, how will this effect the sharholders. Since the value will increase of each unit, will we have to refinance on our mortgages to cover the difference or do we just reap the benefits of the additional equity in the house. Any help would be greatly appreciated.

Alan

 

[HomeGuru]

What is the name of your state? New Jersey

Hello , my co-op association is planning on switching to Condos, how will this effect the sharholders. Since the value will increase of each unit, will we have to refinance on our mortgages to cover the difference or do we just reap the benefits of the additional equity in the house. Any help would be greatly appreciated.

Alan

**A: you asked a very good question. It would be up to the lender but there will be mortgage documents to sign.