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.
News About the Cooperative/Condominium Abatement
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.
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
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
- 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.
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 (
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
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