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|Comments Off on Types of Short Sales—Part Two: Freddie Mac and Fannie Mae

Types of Short Sales—Part One: HAFA

In my previous article, “How Short Is the Short Sale Process?” I described the process of having a short sale approved. In this series of articles, I will be discussing the specific requirements that must be satisfied in order to be approved. 

By |2020-01-09T21:19:15+00:00March 17th, 2016|Real Estate|Comments Off on Types of Short Sales—Part One: HAFA

The 90-day Notice Requirement Extends the Statute of Limitations

New York’s RPAPL 1304 requires that prior to the commencement of a foreclosure action, a notice must be given to the borrower allowing 90 days to cure the default before the plaintiff is allowed to file the summons and complaint.

By |2023-05-25T05:45:32+00:00February 10th, 2016|Real Estate|Comments Off on The 90-day Notice Requirement Extends the Statute of Limitations

Protections Provided by the Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act (SCRA), originally called the Soldiers and Sailors Civil Relief Act (SCRA), was enacted in 1940 to provide protection for members of the armed forces while serving our country. It requires lenders to provide forbearance and the reduction of interest rates with respect to certain obligations of military members, as well as restricting the entry of default judgments or evictions against them and their dependents.

By |2020-07-27T13:24:33+00:00November 10th, 2015|Real Estate|Comments Off on Protections Provided by the Servicemembers Civil Relief Act

What Can a Seller Do When a Buyer Is Unable or Unwilling to Close as Scheduled?

When real estate is sold, the contract typically specifies that the closing will take place “on or about” a specified date. These “words of art” mean that the specified date is merely a “target date” and that the parties intend to close sometime in its vicinity; furthermore, each party will be entitled to an adjournment for a “reasonable time,” if needed, which New York courts have consistently defined as thirty (30) days.  

By |2020-03-31T20:38:38+00:00October 30th, 2015|Real Estate|Comments Off on What Can a Seller Do When a Buyer Is Unable or Unwilling to Close as Scheduled?

Why I Love Teaching at St. John’s University School of Law

I have been teaching at St. John’s University School of Law as an adjunct professor since 1987. Adjunct law school professors teach part-time as opposed to full-time, and are typically lawyers who are brought in to lecture on their expertise.

By |2023-09-06T05:20:42+00:00September 30th, 2015|Real Estate|Comments Off on Why I Love Teaching at St. John’s University School of Law

Mortgages: Adjustable or Fixed Rate; Which Is Better for You?

One of the most important decisions to make when purchasing a home is the type of mortgage to obtain.

A fixed rate mortgage is one where the interest rate remains the same throughout the entire life of the loan, until it is fully paid off.

 

By |2023-09-06T05:20:14+00:00September 14th, 2015|Real Estate|Comments Off on Mortgages: Adjustable or Fixed Rate; Which Is Better for You?

Do We Still Need Assignments of Mortgages in New York?

The Court of Appeals recently confirmed that “the note, and not the mortgage, is the dispositive instrument that conveys standing to foreclose under New York law,” and that “the validity of the … assignment of the mortgage" is "irrelevant!”

By |2023-09-06T05:19:43+00:00August 12th, 2015|Real Estate|Comments Off on Do We Still Need Assignments of Mortgages in New York?
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