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Things to Consider When Buying a Foreclosure

Posted by Melvin Monachan | Apr 04, 2019 | 0 Comments

​Foreclosed homes are generally residential properties that have been repossessed by a lending institution due to nonpayment by a previous owner. Banks attempt to regain a portion of the outstanding mortgage balance by putting the property up for sale at a foreclosure auction. This process presen...

Mortgage Loan Modification in New York

Posted by Melvin Monachan | Feb 28, 2019 | 0 Comments

During the recent government shutdown in the United States, thousands of federal workers went without pay. Lives do not stop just because the government has shut down. Groceries still need to be bought and bills still need to be paid, including mortgages. Fortunately, there are options when it co...

Tips for First-Time Home Buyers

Posted by Melvin Monachan | Feb 19, 2019 | 0 Comments

Purchasing your first home can be both very exciting and terrifying. As a first-time home buyer, you may not be aware of the types of questions you should be asking. There are several things that first-time home buyers should be aware of beyond location and home size. First-time home buyers shoul...

What Are Real Estate Transactions, Generally?

Posted by Melvin Monachan | Feb 12, 2019 | 0 Comments

The process of buying, leasing, or subletting property all fall under the auspice of real estate transactions. At some point in your life, you will most likely find yourself a party to some sort of real estate transaction. For that reason, it is important to understand what a real estate transact...

Answering a Foreclosure Action

Posted by Melvin Monachan | Jan 22, 2019 | 0 Comments

For those who find themselves faced with an inability to pay their monthly mortgage payment, trying to figure out what to do to save their home can be a confusing and tedious process. Once a foreclosure is initiated, the stress of trying to respond to the lawsuit can quickly become overwhelming. ...

Pros and Cons of Homeownership in New York

Posted by Melvin Monachan | Jan 11, 2019 | 0 Comments

A home is one of the most important--and most expensive--purchases that a person can make in their life. While homeownership certainly has its pros, owning your own home does not come without some downsides. If you're in the process of deciding whether or not to purchase a home, Melvin Monachan h...

Foreclosure Defense Advice for 2019

Posted by Melvin Monachan | Jan 08, 2019 | 0 Comments

2019 is a new year and an opportunity for a fresh start. For New Yorkers who are facing foreclosure, however, the new year can bring a high level of uncertainty about the future. If you're facing foreclosure in New York state, the legal team at Monachan Law has several suggestions to ease the str...

What to Know about Loan Servicers

Posted by Melvin Monachan | Dec 10, 2018 | 0 Comments

If you have purchased a home, you likely obtained a home loan through a lender in order to fund the purchase. While you may think that this means you will pay the lender for the life of your loan, this is oftentimes not the case. The servicing of many loans is dealt with by a loan servicer, who i...

Is a Home Equity Line of Credit Right for Me?

Posted by Melvin Monachan | Nov 28, 2018 | 0 Comments

No matter the circumstances, there may come a time where you need additional funds to pay for whatever life throws your way. Whether you need to pay for repairs to your home or want a safety net to cover unanticipated expenses that may occur down the road, a home equity line of credit may provide...

Understanding Escrow Accounts

Posted by Melvin Monachan | Nov 15, 2018 | 0 Comments

If you are in the process of obtaining a home loan to purchase a new home, your monthly mortgage payment will likely have a great deal of influence on the home that you choose--if you can't comfortably pay the mortgage payment, then you likely won't choose to purchase the home. It's important to ...

Force-Placed Insurance

Posted by Melvin Monachan | Oct 29, 2018 | 0 Comments

Homeowner's insurance is a concept that is familiar to almost everyone who owns their home--most homes are covered by such insurance. The vast majority of the time, homeowners choose their own insurance carrier and policy, even if their insurance payment is escrowed in a mortgage. Sometimes, howe...

Is an Adjustable Rate Mortgage Right for You?

Posted by Melvin Monachan | Sep 26, 2018 | 0 Comments

The home-buying process is a nerve-wracking experience, and obtaining a loan to purchase your home isn't much easier. Multiple times of loans exist in the world of home lending, and it's important to choose the type of loan that is right for you. In some cases, an adjustable rate mortgage (ARM) m...

Common Underwriting Crises and How to Avoid Them

Posted by Melvin Monachan | Sep 19, 2018 | 0 Comments

If you are in the process of shopping for a home in New York, your purchase may hinge on your ability to obtain a mortgage. While virtually anything can cause a loan to go south, several pitfalls occur more frequently than others in the underwriting process which can be detrimental to your abilit...

Self-Help Evictions: What to Do if You Are a Victim

Posted by Melvin Monachan | Sep 17, 2018 | 0 Comments

Most residents in New York state--and especially in New York City--lease or rent property due to the astronomical costs of purchasing a residence and the high demand for a place to live. Unfortunately, this can mean dealing with a difficult landlord. If you are dealing with the wrath of a rogue l...

Common Reasons to Refinance Your Mortgage

Posted by Melvin Monachan | Aug 10, 2018 | 0 Comments

When you enter into a mortgage to purchase your home, you enter into a contract that can last for decades. This does not necessarily mean that you have to stick with the same home loan until your home is paid off, however; if you are unhappy with certain aspects of your mortgage, refinancing your...

The Role of a Buyer's Closing Attorney

Posted by Melvin Monachan | Jul 24, 2018 | 0 Comments

While purchasing a home is an exciting time in one's life, the process can also be extremely stressful. Contracts must be executed, the title must be checked, loan documents must be signed, and proceeds have to be delivered to the right people. Although a lawyer's assistance in a real estate clos...

Choosing the Right Real Estate Agent

Posted by Melvin Monachan | Jun 28, 2018 | 0 Comments

A real estate agent can be an invaluable asset in the real estate process, whether you are buying a home or selling one. You and your agent will likely spend a lot of time with each other during this process, and your sale or purchase can hinge on your agent's ability to perform well. It can make...

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