In our last article, we 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.
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.
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.
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.
A Consolidation, Extension & Modification Agreement (CEMA) is an agreement that, as its name implies, consolidates two or more mortgages, extends the term of the obligation secured by them, and modifies its terms.
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.
Is it better to buy or to rent?
Whether you choose to live in an apartment, a townhouse, or a house is a matter of personal taste. The decision to purchase or rent, however, is a financial matter.
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.
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.
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!”
