New York is a judicial foreclosure state and the process can take over a year to proceed from Summons & Complaint through judgment and then auction. A homeowner has a right to redeem up and until auction, but unlike many states, there is no right of redemption after Sale (but see Bill proposing to allow [...]
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 [...]
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 [...]
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 [...]
Banks, Servicers & the Government continue to try to stave off the growing tide of foreclosures. They are devastating our citizens, neighborhoods and economy. News is buzzing about Fannie Mae’s new policy, announced this past Thursday, to rent homes instead of foreclosing. Loan Audit Blog reports that Fannie Mae, through its new “Deed for Lease” [...]