The federal government has made various initiatives to try to help troubled homeowners with their efforts to remain in their homes. I wanted to revisit the current loan modification program, HAMP as well as the refinance program, HARP, that is already in effect for non-defaulting borrowers to refinance their current mortgage. The question is:…
If you are served with a summons and complaint from your Lender seeking to foreclose on your home, you should seek advice and retain a real estate attorney who is well versed in mortgage banking and the laws governing foreclosure in your state. Some of the viable defenses your attorney may raise on your behalf…
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…
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 be…
