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Anyone have experience with an apt sold at public auction because the Sh defaulted with his mortg bank? The coop got a letter from a man who says he bought the apt at auction and he wants to close on it asap. The Sh hasn't received notice from anyone, including his bank, that his apt was sold, or what happens next. He needs a lawyer but can't afford one. He called the city, legal aid, etc. but they said they can't help him.
Does the coop have any rights to approve this buyer, like it would a regular buyer? What, if any, is the coop's involvement in this?
Also, anyone know a lawyer who might be able to help the Sh?
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Your best bet is to speak with the co-op counsel. Who went through the process of forclosure: the bank or the co-op for lack of maintenance payment? If the bank did not claim the unit at city hall auction, and someone bought it, then the person has to clear the arrears and legal charges. Also, the person needs to complete a buyer's package and provide financial info before being admitted. If not admitted, then the person may have to sell the unit outright without being able to live in it.
This is very similar situation when a unit is part of a estate. The heir may have to show financial info, etc. to prove that he/she is able to carry the unit; however, if the co-op does not accept the heir, then he/she may have to sell it to obtain the proceeds of the saile of the unit.
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Board Talk members who registered prior to March 9th, 2016 will need to reset their password.