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One mortgage is with one bank and the equity line will be with a different. After the renovation the co-op Bd wants to issue a new stock scertificate. What will happen?

1 Thought on I own two apartments that I am going to combine. The 1st has a mortgage. The 2nd has an equity loan. Help?
  1. Reply
    rhsaunders
    September 7, 2012 at 2:45 pm

    Your mention of a co-op board makes this case notably different from what would obtain if these were condominium units; if that were the case, the parcels would continue to be separately taxed and financed and you wouldn’t have to do anything. Here, however, that doesn’t apply; I would go to both lenders and ask for their advice on how to deal with the situation.

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