Why Are So Many People Falling Behind On Their Mortgages?

The rate of missed mortgage payments rose to a high during the coronavirus pandemic that has not been seen since the 2008 housing crisis. With so many people struggling to stay ahead on their mortgages, many mortgage lenders are afraid of what the future may hold. But why are so many mortgagees falling behind on their mortgages, and what can people do about it? Continue reading “Why Are So Many People Falling Behind On Their Mortgages?”

What is a Short Sale? How is it Different from a Foreclosure?

short sale lawyer Long IslandEach year, hundreds of homeowners fall behind on their mortgage payments or own a home that is worth less than the outstanding balance on their mortgage. As a result, a homeowner in this circumstance may elect to sell their home in a short sale or let it go into foreclosure. Both financial options differ from one another in the timeline and potential ramifications. Continue reading “What is a Short Sale? How is it Different from a Foreclosure?”

Timing the Cycles and Patterns

real estate lawyer Long IslandMuch of your success in real estate depends on timing. As a real estate investor, you should strive to find order in the cycles and patterns of the market. Should you pull the trigger on that seemingly lucrative commercial real estate deal? If you evict your messy, property-damaging tenants now, will you be able to find a suitable replacement? Striking at the right moment can often mean the difference between success and failure. But, knowing when to hunker down and be patient is equally important. Continue reading “Timing the Cycles and Patterns”

Buying A Foreclosed Property May Lead To Eviction

In New York State a foreclosure is a legal action in which the mortgage holder obtains title to a property due to a borrower defaulting on a loan. Once a judgment is obtained, the foreclosed property is auctioned off. A deed, known as a “Referee Deed,” is then created, which transfers title of the real property to the highest bidder. Continue reading “Buying A Foreclosed Property May Lead To Eviction”

NY Building Owners Beware: Advertised Short-Term Rentals of Your Units May Cost You

Recently, the Real Estate Board of New York (REBNY), a politically powerful trade group, has joined forces with the city’s hotel industry organizations in an effort to stamp out advertised short-term rentals and companies, like Airbnb, that thrive on them. On June 17, both houses of New York’s legislature passed a bill that will dispel remote tenants from advertising their units for short-term rentals. Should New York Governor Andrew Cuomo sign the bill into legislation, the building’s owner, not its tenants who advertise the rental listings, will be fined for violations. Continue reading “NY Building Owners Beware: Advertised Short-Term Rentals of Your Units May Cost You”

HUD Guidelines Bring Complex Issues for New York Real Estate

Last April, the U.S. Department of Housing and Urban Development (HUD) announced its new guidelines on fair housing. A housing provider may not refuse to rent or renew a lease to an individual based on his or her criminal background and those who do may be in violation of the New York Fair Housing Act. Prior to this action, denying someone housing based on past criminal records was not considered discriminatory.
Continue reading “HUD Guidelines Bring Complex Issues for New York Real Estate”

Choosing a Residential Real Estate Closing Attorney

The basic role of Real Estate Attorney in a residential real estate closing is to carry out the deal negotiated by the client – that is (i) reduce the client’s deal to writing in the Contract of Sale, (ii) describe to the client what the key terms of Contract of Sale means, (iii) to ensure that the transaction occurs in accordance with those terms, and (iv) if it doesn’t extricate you from the transaction with the least amount of damage. Continue reading “Choosing a Residential Real Estate Closing Attorney”

Types of Deeds in New York State

Real estate deeds are legal instruments that are used to transfer ownership of real property including the land and its improvements (such as a house or buildings) and attachments.  Words used to effectuate the conveyance of property may be grant, assign, convey or warrant, but they basically all do the same thing, they transfer the interest of the person or entity selling the property to the person or entity buying the property. Continue reading “Types of Deeds in New York State”

Rent to Own – Part 1

Home prices are down, sellers are motivated, deals seem to be everywhere, but you are not a cash buyer, and your credit has been knocked down like many who have been struggling and overburdened with debt over the last several years.  Purchasing a home outright is not a viable option, and most likely the home you are looking at is encumbered by a mortgage, so simple seller financing is not an option.  Other structures such as a wraparound mortgage, and creative structuring through the use of trusts and other vehicles (both of which I will get into in a later post) might work, but you need something simple to get the deal done. Continue reading “Rent to Own – Part 1”