Most residential mortgages are executed by a husband and wife. When you discover that one of their signatures was forged, there are still several means in which your investment may still be recovered:
When real estate is sold in New York State, the seller must pay a “transfer tax.” If the property is located in New York City, or other municipalities that impose transfer taxes of their own, an additional transfer tax must be paid to the municipality as well.
Most people buying houses today have only a vague idea of how the process really works. They know that the contract will be contingent upon their mortgage approval, and that if they fail to obtain a mortgage commitment, their contract deposit will be refunded.
Most mortgages contain an “acceleration clause,” which provides that the lender has the right to accelerate the entire balance of the mortgage in the event of an uncured default.
During the foreclosure process, any party may seek the assistance of a Receiver. The purpose of a Receiver is to maintain the status quo. They manage the property by overseeing maintenance and day-to-day operations, including collection of rent and payment of expenses. A Receiver has the ability to enter into leases, authorize repairs, retain attorneys, etc.
Many individuals selling their homes face the difficult decision of whether or not to hire a real estate broker in order to find a buyer. In order to make this decision intelligently , it is important to understand what the broker does and what the broker will charge for those services.
