Following the nationwide mortgage crisis, there is a lot of concern across the country about communities being faced with the prospect of foreclosure. Many states have enacted legislation relating to how to handle properties in arrears…
Tag: Subprime mortgage crisis
After receiving over 4,200 comments on a proposal that would have eliminated flip taxes and transfer fees in co-ops, condos and HOA communities, the Federal Housing Finance Authority (FHFA) has reconsidered its position and will allow …
Not so very long ago, pretty much any individual or corporate entity could get a loan quickly and easily, with only some cursory paperwork separating borrower from lender. The so-called subprime mortgage crisis put a stop to all that, a…
The year 2008 is likely to go down in history as one of the most disappointing (or maybe flat-out alarming) for the U.S. economy in general. To be fair, the city hasn’t suffered as much as most of the nation has—but the co-op and condo …
Q I live in a Mitchell Lama co-op which is starting the process of privatization. We have a very large mortgage that has many years to go until it is paid off. We also have a large reserve fund for various contingencies. At a meeting r…
In the past several years, the real estate market has seen an increase in the number of women purchasing homes. Some of these women are first-time homebuyers entering the market on their own, while others are moving up or downsizing fro…
Some co-op boards and their attorneys are reluctant to allow their tenant-shareholders to obtain reverse mortgages. They tend to apply a forward mortgage criteria and a forward mortgage mindset to such a request - but this type of thinking…
If you were walking down the street and spotted a $100 bill on the ground, would you stop and pick it up? Of course you would, and in the literal sense you could consider this $100 found money. Surprisingly, every day, many members of co-…