coop sale - Posted by robert checola

Posted by robert on January 03, 2002 at 13:46:07:

Thank you for your response. I apologize but I am still not clear. Are you saying that a judgement does not atttach to a coop in NY. Is it true that a judgement does not attach to a coop and the title should be clear.

coop sale - Posted by robert checola

Posted by robert checola on December 31, 2001 at 19:56:17:

I am trying to sell a coop in ny and i am having a problem with the buyers bank. I went bankrupt in 1996 and in this bankruptcy was a personal judgement for a debt. This judgement was included in the bankruptcy however ir appeared in the credit search. I have since had it removed from the credit bureaus but the bank is saying that i have to have the lien removed from the property in the court. My questions are-is a judgement a lien, why is there a judgement if it was in the bankruptcy and thirdle I have been told by several attorneys that liens cannot be placed on coops in ny because they are not real property-what is your opinionc

Re: coop sale - Posted by Bronchick

Posted by Bronchick on January 02, 2002 at 13:48:01:

A judgment can be executed on ANY non-exempt property, including your interest in a coop. A judgment, when recorded, becomes a lien on REAL PROPERTY.

A coop is usually considered personal property (in NY, at least, the COOP capital of the world), so the judgment would not create a lien on the coop ownership.