One of the major reality moments of Sex and the City was when Carrie Bradshaw's apartment building decided to turn into a housing cooperative. During this time Carrie figured out she had $40,000 dollars' worth of shoes and no money in the bank. If you find yourself with the same notice in your mailbox, here are some of the next steps to take.

Don't panic, its much like apartment living

One of the differences between a building co-op and a condominium is the rules. For co-ops, there is a board that will run everything for the building. All items from maintenance to enforcing the rules of the building will be set by the co-op board. As a shareholder you will live in your apartment unit, often under a sort of leasing agreement drawn up via contract. Living in a co-op does make you an owner, but a lot of maintenance, rules, and governorship falls on the board's shoulders.

Find out the buy in for each apartment

A housing cooperative means that everyone pays a specific amount to the co-op in the form of shares and owns interest in the building. The shares that you must pay will depend on your specific unit. For example, buying a two bedroom apartment will require the purchase of more shares than the purchase of a studio unit. Find out not only which shares are necessary to purchase the unit that you are in right now and what shares you need to purchase other units. You may find that you can afford a different unit, which will allow you the chance to remain in your building.

Talk to a mortgage lender

Co-op purchasers can get a mortgage for the shares in their unit, just as a condominium or homeowner would get a mortgage for their home. Some mortgage lenders actually prefer co-op owners and can offer favorable mortgage rates, as co-op owners are vetted by the building and then by the lender as a good candidate for ownership. Make sure you have your assets lined up before you go to find a mortgage for your co-op, as owning assets will help you. Unfortunately for Carrie Bradshaw, expensive footwear didn't count as assets, but a well-made diamond ring did. Clean up any poor marks on your credit, create a comprehensive list of your assets and their worth, and then apply for a mortgage loan with confidence. Contact a local lender, like Bank of Blue Valley, for more information.

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