Supposedly to be in line with recent judicial case law, the New York State Department of Taxation and Finance has reversed its previous position and now declares that the sale of Title Abstracts are subject to sales tax in New York. This new ruling will take effect September 1, 2010. The memorandum issued by the…
Its summer I've been out having fun with my family at the pool, beach, BBQs etc. and unfortunately, my blog posts have become few and far between. However, I wanted to alert everyone to some new posts over at our S&P Networking site: Events: In person networking is vital – online networking often starts the…
So Congress finally got its act together and passed a bill extending the closing deadline for claiming the federal home buyer tax credit for real estate purchases until September 30, 2010. The extension will be retroactive so that the thousands of buyers and sellers who have been mired down by short sales or the lengthy…
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 be…
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.
