foreclosure question- bank loan judiciary coop non juicia, but I have both RJI apply?

[dazednyer]

What is the name of your state (New York)?

Hello,

My question is regarding possible co-op foreclosure.

I an approaching 4 month maintenance arrears and 4 month mortgage arrears. I am expecting a disability workman’s comp settlement due in August. I have requested deferment for a few months (although when I speak with them they keep saying modification) with the Mortgager with no determination yet.

As I understand it NY mortgage is judiciary (RJI settlement conference required) but this does not apply to co-op. And since it is a co-op does that mean the mortgage lender does not have to participate in Settlement conference? (since combined?)

I believe they both by law have to send a 90 day notice, specific with information, to inform you of the Pending Foreclosure action. Giving one 90 days to make full payments.

So, I will have the funds to pay arrears and continue payments but since co-op is non Judiciary must they also participate in RJI? wasn’t sure if I would be surprised by a 10 day notice sale of the co-op portion. I have received no notice from the co-op board regarding 90 day notice and I am in contact with them updating them of my case, but want to know what to expect.

If this is not the case (Law) could a lawyer intervene and postpone or interrupt if the money was delayed a week or 2 after the 4th month is due.



Thanks

Sam

 

[FlyingRon]

Coop foreclosure is judiciary as well. I don't see anything that differentiates this sufficiently that would bar RJI from being available. Are you current on the loan payments other than owing maintenance fees? Once you have solved the immediate problem with the lump sum you are expecting, what is your future outlook for staying current?

 

[dazednyer]

Coop foreclosure is judiciary as well. I don't see anything that differentiates this sufficiently that would bar RJI from being available. Are you current on the loan payments other than owing maintenance fees? Once you have solved the immediate problem with the lump sum you are expecting, what is your future outlook for staying current?

Thanks for your reply.

I keep reading on line that since co-op are shares, that for them to foreclose on these shares is non judiciary, hence no mandatory RJI. Maybe that means if the mortgage is up to date and the Maintenance is the only arrears?

But to answer, no. I had a workplace accident and was receiving regular benefits. Then a hearing, where the benefits stop while waiting for the hearing date.

I had enough for a while to continue payments then that ran out, I have let the Maintenance management know monies will be available soon to pay off so there has been no action. They are aware of the accident and the case. So not currently paying.

Currently sending paperwork back and forth with the bank for a deferment request but since I know they are judiciary and must comply with a mandatory meeting I know I have added time to get the money and pay it off and continue payments.

With the co-op laws I wasn’t sure if I have that time.

My fear is a hearing is delayed or some other unforeseen event that would hold up resuming benefits. Insurance companies like to hold things up

Want to hang on and protect my house until the settlement.

So, I wasn’t sure if lawyers getting involved would make a difference.