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About Peter T. Roach

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So far Peter T. Roach has created 84 blog entries.

What Is My Home Worth?

How much can you sell your house for? 

The “fair market value” of real estate is defined as the amount that the house will sell for if the seller is not under any pressure to sell and the buyer is not under any pressure to buy. Accordingly, if you are selling your house, have already signed a contract to buy another one, and only have a two-month timeframe to sell, you are under pressure to sell and may have to accept a “below fair market value” offer. (See my article - “Should I Buy a New Home Before I Sell My Own”). 

By |2020-01-09T21:18:58+00:00December 16th, 2016|Real Estate|0 Comments

Should I Buy a New Home Before I Sell My Own?

Should I buy a new home before I sell my own? The short answer is: It depends.

If you want to minimize your financial risk, then you should sell your current house first and then buy a new one. If on the other hand, you want to minimize your inconvenience, then you should buy your new house first and then sell your current one. 

By |2020-07-25T13:46:59+00:00November 23rd, 2016|Real Estate|0 Comments

What It Means to Be “Judgement-Proof”

Prior to the establishment of the United States, people in England who did not pay their debts were sent to debtor's prison. Today, in the United States, there is no debtor’s prison and creditors can only enforce judgments if they can locate the assets of the judgement debtor, and have them sold to liquidate the debt or by garnishing their wages. If a debtor truly has no job or assets, he is said to be “judgement proof” because a judgment creditor has nothing to sell or garnish. Many debtors, however, merely pretend to be judgement proof! They really do have assets, but attempt to hide them. 

By |2020-01-09T21:18:59+00:00October 10th, 2016|Default Mortgage Services, Real Estate|0 Comments

How Is a Collection Agency Different from a Collection Law Firm?

If you are owed a debt that you have been unable to collect, you can hire a collection agency or retain a collection law firm to collect it for you. There are significant differences between the services the two provide, as well as the fee structure charged by each. 

By |2020-07-25T13:38:09+00:00September 22nd, 2016|Miscellaneous|0 Comments

Payoff Letters: The Newest FDCPA Landmines

On December 3, 2015, the United States Court of Appeals, 11th Circuit, decided the case of Kevin Prescott v. Seterus, Inc., 635 Fed. Appx. 640, 2015 U.S. App. LEXIS 20934 (11th Cir. Fla. 2015) and held that the inclusion of estimates or anticipated costs that have not yet been incurred, in a payoff or reinstatement letter, is a violation of the FDCPA

How Bankruptcy Impacts New York’s Statute of Limitations

As noted in my previous article, “Statute of Limitations,” New York’s six (6) year Statute of Limitations is tolled for the time the bankruptcy is pending, (CPLR section 204) and renewed for an additional six (6) year period if the debtor acknowledges the debt in writing. (GOL 17-101) 

By |2020-07-25T13:52:22+00:00July 26th, 2016|Debt Collection, Real Estate|0 Comments

Types of Short Sales—Part Three: FHA

In the first two parts of this series of articles, we discussed the short sale programs offered by HAFA (Home Affordable Foreclosure Alternatives), Fannie Mae (Federal National Mortgage Association; FNMA) and Freddie Mac (Federal Home Loan Mortgage Corp; FHLMC). 

Types of Short Sales—Part Two: Freddie Mac and Fannie Mae

In our last articlewe discussed the different types of short sales available and some of the details of the HAFA short sale program, in particular. In this article, we discuss some of the requirements and provisions of the Fannie Mae and Freddie Mac short sales.

By |2020-08-29T15:18:37+00:00April 14th, 2016|Debt Collection, Real Estate|0 Comments

Foreclosure Actions – How Does Accelerating the Mortgage Affect the SOL?

My previous article regarding New York's Statute of Limitations (CPLR 213) described how New York provides an affirmative defense to actions based upon contractual obligations that accrued more than six (6) years ago.

By |2020-08-29T15:11:00+00:00February 25th, 2016|Foreclosure|0 Comments