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 [...]
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 [...]
JOHNSON v. MELNIKOFF, 2008-08857 [2d Dept 8-4-2009] 2008-08857
Decided on August 4, 2009.
In an action, inter alia, pursuant to RPAPL article 15 to
determine title to real property, the defendant Bank of New York Trust Company,
N.A., appeals, as limited by its notice of appeal and brief, from so much of an
order of the Supreme Court, Kings County [...]
CNN recently posted a video on their website detailing the “shocking” story of a woman who paid her mortgage but whose home is being foreclosed upon, jumping on the fraud bandwagon and telling the stories of homeowners preyed upon by the real estate & banking industry. The video leaves out more than it tells, in [...]
FHA EXTENDS FINANCING FOR IMMEDIATE PURCHASE OF FORECLOSED HOMES Measure seen to bring stability to home values and accelerate sale of vacant properties
WASHINGTON – In an effort to stabilize declining home values in certain neighborhoods, the Bush Administration today announced a temporary policy that will extend government-backed mortgage insurance and allow for the immediate sale [...]