|Financing - "umbrella" mortgage -- Oman||<– Date –> <– Thread –>|
|From: Fred H Olson (fholsoncohousing.org)|
|Date: Wed, 14 Aug 2002 13:05:02 -0600 (MDT)|
Michael Oman , MFO337 [at] aol.com Wild Onion Cohousing Underhill Center, VT www.wildonioncohousing.org is the author of the message below. It was posted by Fred the Cohousing-L list manager <fholson [at] cohousing.org> because the message included HTML ; PLEASE do not post HTML, see http://csf.colorado.edu/cohousing/2001/msg01672.html -------------------- FORWARDED MESSAGE FOLLOWS -------------------- Dear Cohousers, I am a member of a fledgling cohousing group in northwestern Vermont. We are in the early stages of trying to make our project happen and one of the questions that keeps coming up is financing. We seem to be able to get most of the answers that we need from standard sources, but there is one area that has eluded us. Specifically, does anyone have any experience with an "umbrella" mortgage (i.e. a situation in which the corporation gets the total mortgage and is collectively responsible for performance on it, but issues individual mortgages to the community members)? It seems that this sort of arrangement could have distinct advantages (especially in enhanced "affordability" options) as well as disadvantages. Has anyone used such an arrangement and could you share your experience? Thanks.... Michael Oman Wild Onion Cohousing Underhill Center, VT www.wildonioncohousing.org -- Fred H. Olson Minneapolis,MN 55411 (near north Mpls) fholson [at] cohousing.org 612-588-9532 (7am-10pm Cent time) List manager of Cohousing-L & Nbhd-tc Ham radio:WB0YQM More info: http://www.mtn.org/~fholson/sig-detail.htm _______________________________________________ Cohousing-L mailing list Cohousing-L [at] cohousing.org Unsubscribe and other info: http://www.communityforum.net/mailman/listinfo/cohousing-l
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