Cohousing-L Mailing List: Re: Exterior modifications

[Diana Carroll (dianaecarroll]

>
> > Our "schedule of beneficial interest" is part of our docs and is
> registered
> > with the county Registry of Deeds.  Changing it would require getting the
> > approval not just of all the unit owners, but all the primary mortgage
> > lenders too. We've never done that, because the process seems pretty
> > daunting!



>
> Eastern Village has reportedly done this twice and it was not a hassle.
> It's paperwork. If you have a member who is good at lists and tracking
> details, it just means sending a letter to each of the banks (which you
> should have on file anyway). Many of them will be the same.
> What is daunting to one member will not be daunting to another.



Actually what I'm daunted by isn't just the work, but by negotiating with
lenders.  I see the conversation going like this:
us: Hey BigBank, the owner of this unit added a deck and thus increased
their proportion of the condo fees they owed.
BigBank: You mean you increased our liability in the case of foreclosure?
 No way.  The owner will need to refi at a bazillion percent interest to
make us agree to that!
us: Um...okay, never mind about that.
BigBang: Actually since you brought it up, now we know, we're going to pull
some legal maneuvers that put the owner in a bind, bwahahaha.
us: Well...fuck.

Diana