JEANNE REARDON - Attorney at Law
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Application Deadline for Making Home Affordable Program (HAMP) Extended
Co-op and Condo Property Tax Abatements
Changes to Fannie Mae and Freddie Mac Short Sales Impact Investors
Home Buyers: Beware of Underground Oil Tanks
What Borrowers Can Do About Low Home Appraisals

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Law Blog

Application Deadline for Making Home Affordable Program (HAMP) Extended

The application deadline for the Making Home Affordable Program which includes HAMP Loan Modifications has been extended through December 31, 2015.

Read U.S. Department of the Treasury Press Release below:


Obama Administration Extends Application Deadline for the Making Home Affordable Program


  Extension through December 2015 Will Provide Struggling Homeowners Additional Time to
Access Sustainable Mortgage Relief and Align End Dates for Key Assistance Programs 

WASHINGTON –The U.

Co-op and Condo Property Tax Abatements

News About the Cooperative/Condominium Abatement
Recently, the NY State Legislature passed bill S2320/A3354, which amended the Co-op/Condo Abatement. For more information and a description of changes, click here.
    
Owners of cooperative units and condominiums who qualify for the Co-op/Condo Property Tax Abatement can have their property taxes reduced. The amount of the abatement is based on the average assessed value of the residential units in the building.

Changes to Fannie Mae and Freddie Mac Short Sales Impact Investors

On January 18, 2013, Fannie Mae and Freddie Mac announced changes to their servicing requirements for short sales. Please see below for some key changes that all parties involved in a short sale should be aware of. These changes apply
to all Fannie Mae and Freddie Mac short sales; with an offer and without an offer.


Title Transfer requirement change:

  • The buyer is prohibited from selling the property for any sales price for a period of 30 days from the date of the
     deed.

  • After a 30 day period, and until 90 days from the date of the deed the buyer is further prohibited from selling the property for a sales price greater than 120% of the short sale price.

Home Buyers: Beware of Underground Oil Tanks

Whether buying a single-family or multi-family home, the prospective homeowner must carefully review the property and perform the necessary due diligence before buying, to ensure there are no buried and leaking underground oil tanks on the property. 

A buried and leaking underground oil tank brings with it immense liability and very often a large cleanup bill for the homeowner. Homeowners are responsible for leaking oil tanks on their property, and the Navigation Law, § 181(1), imposes strict liability (

What Borrowers Can Do About Low Home Appraisals

With record-low interest rates potential home buyers are seeking to buy and current homeowners are seeking to refinance.  But low appraisals are making it difficult or even impossible for some borrowers to take advantage of this boon in record-low interest rates.
 
The problem stems from the fact that home prices have plummeted even further than first anticipated, as wells as laws and rules enacted by legislators and lenders in the wake of the financial crisis which seek to eliminate inflated appraisal valuations and improper pressures on appraisers as seen in the housing boom have now resulted in an “over-correction” or unnecessarily conservative valuations.