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

Did You Know 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 |2020-01-09T21:19:16+00:00February 10th, 2016|Real Estate|0 Comments

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|0 Comments

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|0 Comments

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 |2020-03-31T20:40:29+00:00September 30th, 2015|Real Estate|0 Comments
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