Cohousing-L Mailing List: Re: Supposed Mortgage Problems

[Rob Sandelin (floriferous]

Interesting. I have heard of 6 groups that had to rewrite and remove some
elements from their CC&R's and bylaws because the lenders would not give
them mortgages otherwise. We had a similar situation in my own community,
where a lender refused a mortgage upon the criteria that a prospective
member read the cohousing book. They refused a mortgage until they were
assured, by a written letter,  that the particular criteria for ownership
had been  removed from the bylaws. So it appears that some banks are much
more fussy than others. Obviously your attorney should use boiler plate
legal documents as much as possible, and where it deviates they usually run
such past a lender contact to ensure there are no problems.  This is why you
hire a attorney in the first place to handle these details.


Rob Sandelin
Naturalist, Writer
The Environmental Science School
http://www.nonprofitpages.com/nica/SVE.htm
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