Deeds and Leases

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.

If you have been following the first time home buyer tax credit you know by now that in order to get it you have to be in contract by April 30 and close by the end of June. The good news is that there is still plenty of time! The even BETTER news is that [...]

Wow, the market is getting busy! The spring has arrived! True to form new listings are pouring onto the market, which I think can be viewed as a good thing. Give buyers a choice. As long as they are properly priced, buyers will purchase them, especially with the $8,000 tax credit until April 30th. The [...]

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 [...]

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 [...]

The impending reversion of the Fannie Mae, Freddie Mac and FHA loan limits back to the old $417,000 conforming loan limit at the end of the year has been postponed to December 2010! In January 2009 the loan limit had been increased in Westchester (considered a ‘high cost’ area) to $729,750. Above this level are [...]