New York's Cooperative and Condominium Community
HI...not sure if this is an issue for our building, but do wonder. One of our unit owners seems to have had some major problem with their mortgage. It looks like that when the banks were transitioning...well, somehow, their mortgage account, etc., was not properly filed, recorded and they seem to have not paid in a while. They have a lawyer who is trying to sort it out (it's been going on for a long time...they are trying to find the developer and the original backers...good luck!) but it has not been resolved. They have steadily paid their common charges. There are other issues not related to the mortgage, but which have building implications. So, my question is...if they have not paid their mortgage (and can't seem to find the paperwork?), what does that mean for the building? Are they the owners if they haven't actually been paying for the unit? What does that mean should we decide as a building to address other legal issues with the same unit? Thx.
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