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Daniel Solutions
Daniel Solutions, Attorney
Category: Estate Law
Satisfied Customers: 9934
Experience:  Practicing Attorney for over 20 years and College Professor for over 10 years
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I am currently living in New York City. I have been assigned

Resolved Question:

I am currently living in New York City. I have been assigned as executor of my mothers estate who is decesed. My mother was a shareholder in a coop. Her shares were equal to a 2 bedroom apartment valued at Approx: 275,000.00 with a outstanding mortage of $74,000.00. I have listed the apartment for sale, however to date I have not received any offer.
My question is, can the bank foreclose on an apartment that is apart of an active estate? Secondly can the coop board take the shares?
So far I've been able to pay the mortgage from funds left in the estate however the fund are getting very low and i wont be able to continue paying the mortgage much longer if the apartment is not sold.
The monthly maintainence fee's to the coop board have not been paid for 6 months.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Daniel Solutions replied 1 year ago.

Hello,
Thank you for allowing us to assist you with this problem.

I'm sorry to hear that you are in this difficult situation.

Probate itself does not stop foreclosure. The probate process may slow down the process if the executor/executrix gets involved and negotiates with the lender, but it is not the same as a bankruptcy action which may stay a forclosure for awhile.

when a shareholder dies, the co-op apartment is passed on to a spouse or children as a matter of course. Often, an heir, whether a member of the immediate family or not, will sell the apartment.

The proprietary leases of most co-ops give spouses the automatic right to take over an apartment after the death of the named shareholder.

When it comes to children, the lease usually makes a distinction between spouses and children, the board cannot unreasonably withhold the right of offspring to occupy apartments they have inherited.

So the simple answer to your second question is that should the fees not be paid it is possible that the board could take the coop shares.

I hope you find that this information answers your questions,

Dan

Daniel Solutions, Attorney
Category: Estate Law
Satisfied Customers: 9934
Experience: Practicing Attorney for over 20 years and College Professor for over 10 years
Daniel Solutions and 6 other Estate Law Specialists are ready to help you

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