hello,

We live in New York city and mother-in-law is elderly and disabled.

She just put her paid co-op on the market for sale thru a real estate broker. She has no liquid assets left due to medical illnesses, but her co-op was purchased in cash with no liens or judgements against it. it is totally free and clear. She does pay her monthly maintenance using her ss disability check, which just about covers it.

I have no assets and living on my social security so I cannot help her acquire any loans, but she is worried that the co-op may not sell fast enough, and wanted to find out if she could get a loan for about $15,000.00 using the co-op as collateral. She just wants a little extra cushion of funds. Usually the co-ops in her building sell quickly, but it would not hurt to have some extra cash on the side.

If anyone knows what would be best for her and the type of loan suited for her needs please reply, as I would hate to see her lose her lovely co-op before she runs out of money, and sells it.

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