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Common Real Estate Contract Contingencies Explained

Posted by Melvin Monachan | May 17, 2019 | 0 Comments

A contingency is an addendum to a real estate contract. A contingency acts as a legal safeguard, allowing a party to back out of a real estate purchase or sale if the terms of the contingency are not met. In these situations, the real estate contract is considered legally void. When a contingency...

Protect Yourself Against Down Payment Wire Fraud

Posted by Melvin Monachan | May 13, 2019 | 0 Comments

A prospective home buyer in Massachusetts recently became the victim of a wire transfer scam, causing him to lose his $300,000 down payment for a condo. The man followed the wiring instructions that he received in an email, only to discover at the closing that a wire fraud scammer had stolen his ...

Actress and Filmmaker Sued by Landlord Over Loft Law

Posted by Melvin Monachan | May 07, 2019 | 0 Comments

According to reports, actress Emily Ratajkowski and her filmmaker husband, Sebastian Bear-McClard, have been sued by their New York City landlord for $120,000 in unpaid rent. The landlord's lawsuit claims that the couple has exploited New York's Loft Law allowing them to live rent-free in the 1,1...

Can A Landlord Evict a Tenant for Having a Pet?

Posted by Melvin Monachan | Apr 30, 2019 | 0 Comments

Many landlord-tenant disputes arise when a tenant keeps a pet in a pet-free rental property. In some cases, a landlord may have the legal right to evict a tenant for having an animal in violation of the no-pets term of a lease. In other situations, a tenant may be allowed to keep a pet under the ...

Fighting Off Foreclosure

Posted by Melvin Monachan | Apr 23, 2019 | 0 Comments

​If you've fallen on hard times and are behind on your mortgage payments, don't panic just yet. There are several options you can choose from before being facing foreclosure. Here are some common alternatives. Consider modifying your mortgage Most mortgage companies give you the option of mortg...

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 | 1 Comment

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...

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