LAM and COOPS
Posted: Wed Nov 03, 2010 9:57 am
Dear Listmates:
Excuse me for probably asking a question that has been answered a few times before, but...I have a client who resides in a property that is part of a Coop and has two loans. Since it is a COOP, she owns shares rather than the physical unit itself. The value of the COOP is less than the value of the first loan. Will a LAM action work for a COOP with these facts, since arguably it's personal property rather than real property - or, alternatively a cram down??? Has anyone does of these for a COOP?
Stephen M. Stern, Esq.
Law Office of Stephen M. Stern, PLC
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