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 [...]
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 [...]
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.
I find it utterly amazing that Patterson credits New York’s 23% decrease in foreclosures in 1st Quarter 2009 as compared to 1st Quarter 2008 (compared to a 24% increase nationally) to his New York Foreclosure Prevention & Lender Responsibility Act of 2008 where the credit should lie in New Yorkers’ steadfast resolve to be [...]
I blogged last week about FHA's new plan to allow prospective purchasers to monetize the first time Home Buyer's $8,000 tax credit and use it as a down payment on the purchase of a home. The Secretary of HUD made statements at a NARS meeting about the revolutionary plan and HUD drafted a Mortgagee Letter [...]
In the post-subprime mortgage world, it has become increasingly difficult for prospective purchasers to obtain a mortgage. Not only is credit worthiness a mandatory prerequisite but there are certain underwriting requirements that can render a property ineligible for financing. Once such underwriting hurdle is known as Seasoning and I am not talking about what you [...]
Governor Patterson signed Governor’s Program Bill #44 into law today as it was passed by the NY Assembly (A.10817-A) and Senate (S.8143-A). The law affects notice provisions in foreclosure actions including extending a “grace period” by adding a 90 Day Pre-Foreclosure Notice. It also extends restrictions and prohibitions to “subprime mortgages”, mortgage brokers, [...]
One of the perks of passing the New York State Bar Examination and subsequently being admitted to the bar as an attorney is
the ability to obtain a real estate brokers’ license by merely filling out a
form and paying a fee. As a matter of fact, an attorney can actually act as a
real estate broker, without [...]