Re: Home Equity/Mortgage Loan Denial-Need Resolution | <– Date –> <– Thread –> |
From: Ann Zabaldo (zabaldoearthlink.net) | |
Date: Thu, 13 Jun 2013 05:26:12 -0700 (PDT) |
Bill -- Following on Sharon's comment ... How is Daybreak organized? Is it a condominium? That's what you're financing. I'm sure in your organizing documents a.k.a. "condo docs" there is a statement about the project which clearly states the development is a "condominium" -- that's what the financial institution needs to see. When dealing w/ the world "out there" cohousing is just a condo or Homeowners Association or whatever. It's just mainstream housing w/ a big community building. How did the other home owners get their financing? Best -- Ann Zabaldo Takoma Village Cohousing Washington, DC Principal, Cohousing Collaborative, LLC Falls Church VA 703-688-2646 On Jun 12, 2013, at 10:33 AM, Bill Cunninghame wrote: > > Hello, > > I searched through the cohousing-L archives but didn't find what I was > looking for (possibly due to my search criteria!). I recently applied for > a home equity loan at my local credit union. Though I am a well qualified > borrower, great credit, etc, they denied the application stating "Cohousing > Communities are not a collateral we are able to work with..." What's up > with that? I'm formulating a letter to the credit union CEO, not to > complain (though I want to!) but to invite him and his lending management > to a private open house so we can educate them about cohousing. The > ultimate goal is for them to reconsider my application but if that doesn't > work it could lay the ground work for the next cohousing applicant. Have > you tried this approach or something similar? What worked to convince your > lender to approve a loan against a cohousing home? What didn't work? Your > suggestions are most welcome. > > Bill Cunninghame > Daybreak Cohousing > Portland, OR > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > >
-
Home Equity/Mortgage Loan Denial-Need Resolution Bill Cunninghame, June 12 2013
- Re: Home Equity/Mortgage Loan Denial-Need Resolution Sharon Villines, June 13 2013
- Re: Home Equity/Mortgage Loan Denial-Need Resolution Ann Zabaldo, June 13 2013
- Re: Home Equity/Mortgage Loan Denial-Need Resolution Diana Carroll, June 13 2013
-
Re: Home Equity/Mortgage Loan Denial-Need Resolution Raines Cohen, June 13 2013
-
Re: Home Equity/Mortgage Loan Denial-Need Resolution Sharon Villines, June 15 2013
- Re: Home Equity/Mortgage Loan Denial-Need Resolution John Ullman, June 18 2013
-
Re: Home Equity/Mortgage Loan Denial-Need Resolution Sharon Villines, June 15 2013
Results generated by Tiger Technologies Web hosting using MHonArc.