Having recently issued a decision canceling an Indymac mortgage lien in another foreclosure action, Judge Spinner turns his attention to the outrageous actions of Wells Fargo and holds the mortgage behemoth liable for trespass, resulting in $155,092.00 judgment, in Wells Fargo v. Tyson. At the outset, the court pointed out that the Plaintiff sent a [...]
So I have been playing around with a new feature added to Property Shark: Deep Owner Search. You can type in a person’s name, a corporation name or an address and see what properties are associated with that information. From there, you can also search that person’s associates and so forth. Since I have practiced [...]
Recently, a new group was created on the Scanlon & Pinto, PLLC networking site for Landlords & Tenants. Felicia Pinto has been actively posting about various landlord/tenant issues in an effort to educate clients, Realtors and investors as to the rules governing the landlord-tenant relationship here in New York. We recognize that the [...]
On Friday, January 15, 2010, HUD Secretary Shaun Donovan issued a press release, as part of HUD’s Neighborhood Stabilization initiative, temporarily waiving FHA’s 90 Day Seasoning Rule. Amazingly, HUD is cognizant that the seasoning guideline is having a negative impact on alleviating the problem of abandoned and blighted homes:
“In today’s market, FHA research finds that [...]
In our current distressed market, there are a few avenues available to distressed, underwater homeowners: loan modification, Deed-In-Lieu, short sale or foreclosure. For those that lack the necessary income to qualify for a loan modification, a short sale is often the best choice. If the property is the homeowner’s principal residence, the debt forgiven in [...]
While the first time home buyers are out in force looking to purchase a home, the reality is that a good part of the elusive purchaser pool is made up of homeowners looking to trade up to a new home. Which means, for the most part, they need to sell their current residence to [...]
There appears to be a buzz going around about short-sale flipping and the FBI adding this genre to its list of mortgage fraud. However, not all short-sale flips are fraudulent. This bears repeating: NOT ALL SHORT SALE FLIPS ARE FRAUDULENT. There are many real estate professionals out there closing back to back transactions in a [...]
Inman columnist Bernice Ross posted an excellent article, in response to a Seller’s question, on what to do if your buyer is $5,000 short for the deal. As a New York real estate lawyer, I wanted to add my two cents as to a rather innovative way to close that gap.
New York is one of [...]
If you are a Distressed Consultant, as defined in the NY Foreclosure Prevention & Responsible Lending Act of 2008 and discussed in a prior post, then you need to know how to stay compliant with the law to avoid civil and criminal penalties.