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Lessons from the Tillary Hotel bankruptcy

Posted by Melvin Monachan | Mar 02, 2021 | 0 Comments

The COVID-19 pandemic has hit real estate hard over the last nine months, and the hospitality industry is struggling. Some New York City hotels were already struggling to make debt payments, and the worldwide epidemic was the final blow. The Tillary Hotel The owner of the Tillary Hotel in Brook...

Foreclosures Spiking in NYC: What It Means for You

Posted by Melvin Monachan | Feb 25, 2021 | 0 Comments

The months of financial hardship during the global pandemic are starting to take their toll among New York City homeowners. Despite numerous federal and state moratoria on evictions and foreclosures, Real Estate Weekly reports that NYC is currently among the top cities in the nation in the number...

Back to Business as Usual?

Posted by Melvin Monachan | Feb 09, 2021 | 0 Comments

With the percent of positive COVID-19 cases increasing week over week, indoor dining shutting down, and Mayor Bill de Blasio indicating that a complete shutdown may be necessary after Christmas, it's hard to imagine when the city that never sleeps will return to normal. However, that in fact, is ...

Reducing Uncertainty When Closing on a New Home

Posted by Melvin Monachan | Feb 06, 2021 | 0 Comments

Buying a home can be one of the largest purchases or investments a person makes in their lifetime. Figuring out the best loan rates, where to purchase, and hoping the sellers accept your offer can make the entire process feel stressful and open-ended. While you can't reduce all of the uncertainty...

Moratorium on Evictions and Foreclosures Extended

Posted by Melvin Monachan | Jan 25, 2021 | 0 Comments

When the COVID-19 pandemic began to rage across the U.S. in March of 2020, and the U.S. shut down businesses to try to slow the spread, the country took a big financial hit. People lost their jobs or faced furloughs and found themselves unable to pay their rent or mortgages. It was truly a scary ...

Foreclosures and COVID

Posted by Melvin Monachan | Nov 16, 2020 | 0 Comments

The economic downturn from the coronavirus pandemic has forced many home and business owners into foreclosure. The federal government has instituted emergency mortgage relief measures, however. How can you use these regulations to avoid foreclosure during the era of COVID-19, and what lessons can...

Don’t Make These Common Foreclosure Mistakes

Posted by Melvin Monachan | Nov 01, 2020 | 0 Comments

Going through a foreclosure is stressful, embarrassing, and scary. It's understandable if you'd like to just hide somewhere until it's all over. Unfortunately, that's not something you can – or at least, that you should – do. Here are three mistakes people often make when they're facing foreclos...

Zoomschooling & Foreclosure

Posted by Melvin Monachan | Oct 26, 2020 | 0 Comments

Last March, Governor Cuomo declared a disaster emergency for New York State, and shortly thereafter, Zoom became America's choice platform for distance learning and remote meetings. Now, as the coronavirus continues to have us reorganizing our lives to meet new challenges, two of the biggest con...

The Harm of Debt-Related Stress: How to Regain Control

Posted by Melvin Monachan | Oct 12, 2020 | 0 Comments

Debt often provides the freedom to achieve specific life goals, like going to college or buying a home. But when your financial obligations seem mountainous, and you're struggling to keep up with payments, it can feel like a 1,000-pound weight bearing down on you. And that's not good for your hea...

Options for Large Loans

Posted by Melvin Monachan | Oct 09, 2020 | 0 Comments

Are you unable to pay off a large loan? You're not alone. Unfortunately, many people can't pay off loans thanks to unexpected issues like job loss, medical bills, divorce, and more. If you're late on payments, it's not too late to take action. Here's what you need to know if you're delinquent on ...

Can I Get a Second Loan Modification?

Posted by Melvin Monachan | Oct 01, 2020 | 0 Comments

After suffering a financial hardship, you obtained a loan modification from your lender that lowered your interest rate and reduced your monthly payment amount. But now, the troubled economy has put you right back where you were before–falling behind on your loan payments and fearful of defaultin...

NYC Housing Court Starts Processing Eviction Requests

Posted by Melvin Monachan | May 28, 2020 | 0 Comments

Governor Cuomo may have suspended evictions in New York, but that doesn't mean everyone can breathe a sigh of relief for now. While he originally declared a moratorium on evictions for 90 days in March—and then extended that until August 20—the NYC Housing Court recently started operating again. ...

NYC Rental Prices May Drop Due to Coronavirus

Posted by Melvin Monachan | May 26, 2020 | 0 Comments

If you're looking for a home to rent in New York City any time soon—or if you're about to renew your lease—you might be surprised by the lower prices and better incentives offered by landlords. According to real estate experts, many landlords are having trouble getting new leases signed lately du...

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