Deeds and Leases

I realize that brokers are eternal optimists; we have to be or we would end up in insane asylums, especially after the past couple of years. However I sense a glimmer of hope on the horizon. Not only have the past couple of years have been extremely challenging, but in the near term this past [...]

The New York Times Business Day Two States Sue Bank of America Over Mortgages By ANDREW MARTIN and MICHAEL POWELL Published: December 17, 2010 The two states contend the bank misled customers about their eligibility for modifications on their home mortgages.

Do not get me started. They are plenty dumb. I have always found it amusing that an under trained underwriter in Kansas will rip apart an appraisal performed by a professional in NY, when they have never been here, and know absolutely nothing about NY. That’s bad, but this story is far worse. I read [...]

This article from the Appraisal Institute is really quite significant, since for the past year it has been almost impossible to obtain low down payment mortgages unless you went to the FHA. The mortgage insurers (those that have not gone bankrupt), are seeing a loss in revenue due to the rise of FHA financing which [...]

This evening the Yonkers City Council held a special meeting – its last for the year and the end of the term for three Council Members: Sandi Annabi, Liam McLaughlin and Dee Barbato. A long contentious evening ensued with all seven members of the Council excoriating the Yonkers Board of Education for acting in a [...]

New York State will offer cash advances of up to $8,000 on the Federal homebuyer tax credit for borrowers using a State of New York Mortgage Agency (SONYMA) mortgage to purchase a home beginning January 1, 2010. Homebuyers will be able to use SONYMA’s new Tax Credit Advance Loan (TCAL) toward their down payment or [...]

The stringent rules on refinancing is not so different from those on obtaining a new home loan. banks are still gun shy, and tend to overcompensate when underwriting new deals. Too loose when times are good, too tight when times are not so good. It has always been this way, and ultimately we have to [...]

 Earlier this week I came across DSNews.com. What a fantastic resource. I have included a link to the right –>.  If you are interested in the goings on in the distressed real estate market (and who isn’t, even if it is just a perverse voyeuristic interest), it is definitely worth checking out. I have commented [...]

After much debate and wrangling in Washington, President Obama has signed the $8,000 Tax Credit extension into law. While this is welcome news to buyers (and Realtors as well!), it is much more than an extension. Some of the highlights include: * Extension of the program through April 30, 2010. You must be in contract [...]

It look like the $8k “cash for coops” (my version of cash for clunkers) will be extended until April 30 2010 when congress takes a final vote at the end of the week. While details are not finalized, it appears that the income limit will double, and there will be a new provision allowing long [...]