Topic: Brooklyn Co-Op Board Unwilling to Provide Docs For Re-Fi
Brooklyn Co-Op Board Unwilling to Provide Docs For Re-Fi
The title says it all really (also I Googled variations on that and couldn’t find anything, so hopefully any answers will make it easier for anyone else with this issue).
I am attempting to refinance my mortage. The co-op president (self managed buidling) is not being forthcoming with following – finanicals for the prior two years, certificate of insurance, budget and co-op questioinaire.
Her justifications are that
- I should have the financials (which is fair enough as I should, but I don’t, so I need new copies)
- The co-op doesn’t have a budget as we’re not required to (!) and that I should put something together based on some *proposal* of expenses from a meeting we had a year ago when discussing whether or not to take out a loan.
- The co-op doesn’t have a co-op questionaire, which I know to be untrue, it was required when I bought my apartment, however I never saw it. My mortage broker provided an example, but I need her to fill most of it out.
- As for the certificate of insurance, she’ll look for it when she has time, but is busy until after 4/15 with her personal work and additional co-op duties. I have offered to gather the information myself, as well as assit with the co-op duties, if she’ll point me in the right direction, but no repsonse. Every time I reach out I get a different answer.
Further complicating matters is that the Treasurer has moved out of the building to travel the world for 6 months. She is not reachable by email. The President assumed her duties so she has all of the documents and there’s no other way for me to get at them.
I’m at my wits end as I’m good to go apart from the co-op documents. This re-fi will “save” me $300pm and I’m getting nothing but pushback.
Additional complications – after 4/15 the reserve will be $0, which is a whole other issue especially since we took out a massive loan to pay for some construciton and which was supposed to leave us with a reserve (I’ll deal with this with the rest of the co-op later as it was only brought to my attention late last week). This means that after 4/15 I won’t be able to re-fi at all, because, depsite my 805 credit and low-debt-to-income ratio, no lender will take on a loan for a building with no reserve, at least not for decent rates.
What can I do? I am very worried about my refi and also that it appears that the co-op board seems to be mismanaging our finances in order to keep maintenance low. I don’t think the financial mangement is malicous in anyway, I hightly doubt anyone is living it up on the loan we took out, however it’s worrying that it was all spent without letting us know. Everyone else in the building has lived here for years and don’t want anything to change, so just keeps quiet.
This sounds more like a rant than I meant it to, but I have a lot of money (for me) tied up in my apartment. I reached out to the other people in the building, but got no response.
Do I need an attorney? I don’t understand why it has to be so difficult.
I did some research and I found out we’re supposed to be having annual meetings, minutes, budgets etc. I plan on setting all of this up going forward, as well as researching what else we need to be doing, but none of that will help me with the re-fi I’m currently attempting.