Posted by Simon on September 21, 2001 at 15:30:52:
I recently informed the management at my coop that I intended to refinance my mortgage and what steps would I need to take, if any, with the management corp. I was thinking they may have some sort of small charge to answer some questions from the bank, as it is with the same bank there is no transfer of shares. To my amazement, they wanted to do a credit check, $90, a $200 application fee and a $250 fee to go over the Recognition agreement and a copy of my 2000 tax returns. The bank were dumbfounded as to why the management were charging me a dime and offered the credit check they were running ($14)to the management company for nothing. They told me the board had to approve the refinance for the coop. Last time I checked it was the bank that was doing the loaning of money. I feel it is absurd that I am being charged these fees and think they are using any excuse to squeeze a few more dollars out of the tenants. Can anyone can shed any light on the legality of this situation?
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