We recently discussed what mandatory foreclosure settlement conferences are in New York. They are a last attempt to help you preserve your home and avoid foreclosure. The types of settlements that can be discussed at these conferences include short sales, deed in lieu of foreclosure, and loan mod...
The Housing Stability and Tenant Protection Act of 2019, which was signed into law in New York in June 2019, has led to the number of eviction cases filed by landlords to plummet. The new laws were designed to limit legal rent increases for rent-regulated apartments. Eviction cases involving non...
Has your mortgage lender filed a foreclosure action against you? If so, then in the State of New York, the law requires settlement conferences where you and the lender can try to work out a settlement in lieu of foreclosure. This is New York's way of giving you one last chance to avoid losing you...
Loan modifications are an alternative to foreclosure. It can help you keep your home and get back on track. For most loan modifications, the reason for the request is economic hardship. You have lost your job or have experienced a medical condition or illness that has put you in serious debt. Wha...
When people or entities purchase condominiums or cooperatives in New York, they usually receive a large document known as an offering plan. This document can be as long as 500 pages in some cases. That alone makes an offering plan daunting and intimidating. This offering plan, however, should not...
Loan modifications are a means to avoid foreclosure and helping homeowners to continue making timely mortgage payments. Loan modifications are useful because they can result in modifications that extend the loan period, lower the principal amount or the interest rate, or change the loan from a va...
Buying a home is – for most Americans – the single largest investment most people make in their lifetimes. As such, they want to protect this investment against things like extreme weather, theft, or fire. For many new homebuyers not represented by a real estate attorney, they fail to go beyond a...
Buying or selling a property is an important transaction that implicates many legal issues. Nassau County real estate attorneys are familiar with New York property laws, know what types of pitfalls can arise during a real estate transaction and can take steps to protect your rights during the transaction. Here are five primary benefits of hiring a Nassau County real estate attorney for your transaction.
Foreclosures are never easy, and some are conducted improperly. When that happens (or even when it doesn't), some former homeowners refuse to leave the property and want to keep fighting for their homes. That's understandable – it's their home after all – but is it legal in New York? Or can the n...
The foreclosure proceeding in New York may or may not have already been started, but if it hasn't, then you are well aware it is imminent. The foreclosure has likely started due to the nonpayment of the mortgage, and that means you may be experiencing financial hardship, but you may also want to ...
Whether you are a landlord or a tenant, it is important to know what defenses can be used when an eviction action is started due to failure to pay rent. Sometimes these actions are necessary and reasonable, but other times they are not. Here's what to know if you are a landlord in New York and in...
In New York (as elsewhere in the United States), discrimination in housing is unlawful. Federal, state, and local housing laws work to ensure housing opportunities are fair and equal. This doesn't mean just anyone can get housing, but the process and requirements must be fair and applied the same...
Pets are great and New York City is home to hundreds of them. In fact, in 2017, the Animal Care Centers of New York City released a press release that New York City pet adoption rate was the highest in the nation. The first pet of preference is a dog. But dogs can be noisy. They can bite. They p...
Facing a foreclosure is something nobody wants. You are still liable for the mortgage in the meantime. The process is long and emotionally traumatizing. To be frank, a foreclosure is also just plain embarrassing. It gets published. Anyone has access to it. Not that any of that should matter, but ...
Are you selling a home – like a condo, co-op, or townhome – and looking to purchase a new home? What happens in those instances where you sell the old home before you can move into your new home? Or what if you sell your old property and purchase a new home but need to make renovations before you...
In the last blog, buyer mistakes are identified and briefly discussed. Here, mistakes made by New York real estate sellers are laid out. It is always important to be aware of these types of mistakes so that you – hopefully – don't make them on your own. But that's also why having an experienced, ...
Both buyers and sellers often make mistake in New York when purchasing or selling real estate property. Making a mistake can be costly. You don't want to make them. In this two-part blog, we first identify mistakes buyers commonly make and then mistakes sellers often make. Read them. Learn them....
A lien on your property isn't really a problem until it becomes one. You can live in your home without even knowing there is a lien. Then, one day you decide to sell your home. When a potential purchaser finds the lien, the problems materialize quickly. The creditor who obtained the lien may hav...
There are thousands of condominiums and co-ops for sale in New York's real estate market today. Many thousands of people are looking to purchase, too. But did you ever think to stop and review the co-op's minutes before purchasing? You may or may not have, and even then, you may not know what to ...
For many business owners, you think entering a real estate contract is standard business, and as such, there's not much that needs to be done but read the contract and sign on the dotted line. You got the price you wanted for rent or for the purchase, after all, and so you think that is all that ...
Most businesses rent space for their operations. As such, a commercial lease is an important part of any business operation. The business environment today is dynamic yet volatile, and a lease can sometimes make the difference in profits. Making sure the lease agreement favors both the landlord a...
Holdover cases are brought in New York to evict a person for reasons other than nonpayment of rent. Holdover cases typically tend to be much more complicated than simple nonpayment evictions. If you are a tenant and an action has been taken against you, the matter should be taken seriously. Likew...
Was your home foreclosed? Did the judge sign a judgment of foreclosure and sale? If so, then your home will be sold at an auction. The plaintiff – likely the lender – will publish news of the auction in a newspaper a minimum of 30 days prior to the auction date. You may or may not receive notice ...
Did the Bank foreclose and sell your home? Many This is always the unthinkable – something we at the Law Offices of Melvin Monachan, PLLC always want to prevent. Banks often want to prevent it, too, because foreclosures usually result in selling the property for less than what's still owed on it....
"We understand that a real estate transaction is typically one of the largest financial transactions of most peoples lives. That is why we take the time to properly guide you and keep you informed about the process every step of the way."
