Messed up/Late rental payments- Coop board approval?

[Anonymous]

Calling all Coop Board experts or anyone who may be able to help!

I've basically screwed up in a major way by consistently paying my rent late- to the point that the landlord has sent pre-eviction papers to me several times over the last few years.  I'm fully aware that I've been highly irresponsible in this regard...I'm not questioning that part and have only recently  (last couple months) started to pay in a more timely manner.  Now, that I've decided recently that I want to purchase a coop apartment (New York city), the reality has struck that I will have to provide a reference letter from my landlord in order to get approved by the Coop Board.  The landlord will not be able to send a good reference letter obviously.  As Coop Boards are notorious for rejecting applicants that they simply don't like, I am quite nervous that they have good reason not to accept me.  What, if anything, can I do to help rectify the situation or at least reduce the impact?  Would a personal letter from me accepting responsibility and vowing that I will not do it in the future help me or hurt me?  Does the landlord send a line by line breakdown of when all payments have been made?  I know that I must pay my rent from this day forward on time but any other ADVICE OR INFORMATION will be gladly accepted.  Thank you in advance for not scolding me!!

[Anonymous]

The thing that's hurting you he most is CONSISTENT late pays...it's not like you were lates...a couple of times...I'm no expert...but I think it's going to be hard...it would be another thing...if you were late on CC payments...or something else...but to be late on rent...kinda says...how you would be with a mortgage...in their eyes...a letter might help...but again...that's might not be very believable...because of the CONSISTENCY...

ANYTHING'S POSSIBLE!!!

[MattH]

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@Anonymous wrote:

Calling all Coop Board experts or anyone who may be able to help!

I've basically screwed up in a major way by consistently paying my rent late- to the point that the landlord has sent pre-eviction papers to me several times over the last few years. I'm fully aware that I've been highly irresponsible in this regard...I'm not questioning that part and have only recently (last couple months) started to pay in a more timely manner. Now, that I've decided recently that I want to purchase a coop apartment (New York city), the reality has struck that I will have to provide a reference letter from my landlord in order to get approved by the Coop Board. The landlord will not be able to send a good reference letter obviously. As Coop Boards are notorious for rejecting applicants that they simply don't like, I am quite nervous that they have good reason not to accept me. What, if anything, can I do to help rectify the situation or at least reduce the impact? Would a personal letter from me accepting responsibility and vowing that I will not do it in the future help me or hurt me? Does the landlord send a line by line breakdown of when all payments have been made? I know that I must pay my rent from this day forward on time but any other ADVICE OR INFORMATION will be gladly accepted. Thank you in advance for not scolding me!!

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Stay in your rental for another 18 months, during which time you maintain an utterly perfect record of paying all your obligations. Also during which time the values of NYC properties may well drop further from where they are now.

[Anonymous]

Thank you both.  I can actually hear the realistic doubt when saying "Anything's possible" and you are right- the likelihood of acceptance from a coop board is probably slim.  Oh, I'm so upset with myself.  Credit is over 750 and it means nothing of course to a board.  Does it matter that I haven't cared about paying on a timely basis bc we didn't have elevator service for 5 months or a hole in my bathroom ceiling waiting to be fixed for 2-3 months on 2 separate occasions or lack of a working shower for 2-3 days at a time on 2-3 occasions?  That is all the truth but no.  I have just been utterly ridiculous with paying my rent on time.  Unfortunately, I don't have the money to purchase a condo where I would not have to deal with a board.  As for the second response, I have allowed the idea of putting off a home purchase to cross my mind.  Who knows, it may be the better option or only option if being realistic.  You know when you get an idea in your head and think you have your actual finances in order and start looking for a place and then find out "Yes, dummy, they will want a letter from your current landlord", oh, the air just flies out of the balloon.  Well, thanks again, and if anyone has further ideas or was in similar circumstances, I would appreciate any responses.

[MattH]

...Unfortunately, I don't have the money to purchase a condo where I would not have to deal with a board...

The main reason why condos cost more than co-ops is precisely because the board can veto any sale -- AND it also means if you buy a co-op when you want to sell it you will face the issue of getting your buyer approved!

[Anonymous]

Yup, that is the kicker.  With condos, you don't have to provide your life history.  As long as the owner is willing to accept your offer, you are able to make the necessary down payment, and a bank is willing to give you the additional funds, you are in!!  You just have to be able to afford it which I cannot at least at this time. 

I guess I am worried that if I wait a year perhaps to buy (which will give me the time to establish at least a year of consistent on-time payments with my rent), the sales prices will have increased beyond my means and interest rates will go up a lot (which is not hard to imagine given these last couple of weeks).  Well, maybe I should start playing the lottery and then I won't have to worry about a coop board having to approve me