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Old 02-05-2009, 04:00 PM
 
Location: Ferndale, MI
85 posts, read 220,654 times
Reputation: 54
Default If I run out of money what are my housing options?

I live currently in my own tiny co-op on the UWS. For the last 8+ months I have been living on my (rapidly dwindling) savings and unemployment comp. I can continue living this way without a job at least for the next year or so but at some point of time my savings will run out.

What are my options for housing if I have to foreclose on my co-op other than a park bench (is that even an option these days)? Can I appeal to the NYCHA for housing well in advance of a dire foreseeable situation?

I hope to land a job at least over the next year so the above scenario is probably hypothetical...but it is good to know what options exist.
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Old 02-05-2009, 04:23 PM
 
Location: Brooklyn, New York
878 posts, read 1,832,036 times
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Not knowing your particular situation but will your Board let you rent out your co-op? Maybe if they will, you could find a cheaper apartment until you are in a better financial position.

As far as NYCHA, I believe that everything is based on your previous years income or quite possibly the prior 3 years so if that is too high you may not find any relief there. Also, even if it is possible, there is a long waiting list for affordable apartments that are listed by NYCHA. It may be possible to find a co-op apartment (like Co-op City) which has different requirements though.
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Old 02-05-2009, 04:35 PM
 
6,964 posts, read 11,506,392 times
Reputation: 4012
Quote:
Originally Posted by UnemployedFinanceGuy View Post
I live currently in my own tiny co-op on the UWS. For the last 8+ months I have been living on my (rapidly dwindling) savings and unemployment comp. I can continue living this way without a job at least for the next year or so but at some point of time my savings will run out.

What are my options for housing if I have to foreclose on my co-op other than a park bench (is that even an option these days)? Can I appeal to the NYCHA for housing well in advance of a dire foreseeable situation?

I hope to land a job at least over the next year so the above scenario is probably hypothetical...but it is good to know what options exist.
Speaking of doing something well in advance of a dire foreseeable situation, why wouldn't you sell your apartment? There is no reason for you to have the bank foreclose upon you if you sell your unit. The sale of your coop should give you some cash, assuming you have some equity. Surely you at least had to put 20% down? And believe it or not, there are still people buying coops. Check propertyshark for recent coop sales in your neighborhood.
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Old 02-05-2009, 04:45 PM
 
7,081 posts, read 24,184,135 times
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It's going to be tough selling now.

BUT...most boards with shareholders in this situation WOULD permit a limited term (1 year) rental. Have a talk with some people on the board of your building. They're usually pretty good in these situations.
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Old 02-05-2009, 04:47 PM
 
Location: Ferndale, MI
85 posts, read 220,654 times
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Quote:
Originally Posted by Henna View Post
Speaking of doing something well in advance of a dire foreseeable situation, why wouldn't you sell your apartment? There is no reason for you to have the bank foreclose upon you if you sell your unit. The sale of your coop should give you some cash, assuming you have some equity. Surely you at least had to put 20% down? And believe it or not, there are still people buying coops. Check propertyshark for recent coop sales in your neighborhood.
In the first 2 months of loosing my job I was in denial and thought that I would be able to get another one rather quickly - after all this is NY - but now I am more pragmatic. If I sell my co-op in today's market I will have to bring money to the closing (including realtor's fees + the recent downturn in prices). Also I bought my co-op in early 2007 so there is hardly any equity in it. The co-op board is willing to sublet the co-op but they insist on approving the tenant first - which is fine with me. I will most likely choose this option if I don't have a job my June/July - but will still have a negative cash flow.
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Old 02-05-2009, 05:12 PM
 
3,225 posts, read 5,272,779 times
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Quote:
Originally Posted by UnemployedFinanceGuy View Post
In the first 2 months of loosing my job I was in denial and thought that I would be able to get another one rather quickly - after all this is NY - but now I am more pragmatic. If I sell my co-op in today's market I will have to bring money to the closing (including realtor's fees + the recent downturn in prices). Also I bought my co-op in early 2007 so there is hardly any equity in it. The co-op board is willing to sublet the co-op but they insist on approving the tenant first - which is fine with me. I will most likely choose this option if I don't have a job my June/July - but will still have a negative cash flow.
It's a tough predicament to be in and unfortunately many co-op boards, through intransigence and a dose of self-preservation, are apt to dictate both the sales price and rental price for your unit, should you choose one of those options.

There's intransigence, because many are in a cloud of denial where the Board just won't face the realities of today's real estate environment, self-protection becuase they don't want your advertised sales or rental price to "doom" their own units' values.

Are you still pursuing the real estate license?
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Old 02-05-2009, 05:22 PM
 
Location: Ferndale, MI
85 posts, read 220,654 times
Reputation: 54
Quote:
Originally Posted by Miles View Post
Are you still pursuing the real estate license?
Hi Miles, yes I am taking the RE course from NYREI - its a fairly long drawn out process: You have to have classroom training after which you take an inhouse exam. This prepares you for the NY State exam - which on passing gets you a sales persons license. You have to be hired by a RE broker such as Corcoran or Prudential to "practice" being a sales person.

The folks at NYREI (near Times Square) are super nice and flexible.
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Old 02-05-2009, 05:28 PM
 
3,225 posts, read 5,272,779 times
Reputation: 842
Quote:
Originally Posted by UnemployedFinanceGuy View Post
Hi Miles, yes I am taking the RE course from NYREI - its a fairly long drawn out process: You have to have classroom training after which you take an inhouse exam. This prepares you for the NY State exam - which on passing gets you a sales persons license. You have to be hired by a RE broker such as Corcoran or Prudential to "practice" being a sales person.

The folks at NYREI (near Times Square) are super nice and flexible.
Good luck! I did that once but realized I couldn't sell a toothbrush to a guy with a mouth full of cavities. But others became rich doing that - you may well indeed do fantastic in the field!

Regarding your housing options, is your unit too small to accommodate a roommate for an interim period? I know it's a studio but it's been done before.
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Old 02-05-2009, 05:40 PM
 
7,081 posts, read 24,184,135 times
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Quote:
Originally Posted by Miles View Post

Regarding your housing options, is your unit too small to accommodate a roommate for an interim period? I know it's a studio but it's been done before.
The problem with that is that if this person's name isn't on the proprietary lease, the board could potentially evict FinanceGuy.
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Old 02-05-2009, 05:41 PM
 
Location: Ferndale, MI
85 posts, read 220,654 times
Reputation: 54
Quote:
Originally Posted by Miles View Post
Regarding your housing options, is your unit too small to accommodate a roommate for an interim period? I know it's a studio but it's been done before.
Hi Miles, I have been thinking of getting a roommate but worry about the awkwardness when the GF comes over on weekends - she is in grad school in New Haven during the week. Yes, it is a studio...but in a beautiful pre-war.
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