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The Mortgage Foreclosure Process: What to Expect

Foreclosure laws vary from state to state. In some states, a lender may foreclose without going to court (these are called a “power of sale,” “foreclosure by advertisement,” or “trustee sale” states); some require court action (these are often referred to as judicial foreclosure states).

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Keeping Your Home: Common Misconceptions & Ways to Beat Foreclosure

The down turned economy has left many Americans facing foreclosure of their home – including New Yorkers. But what does the term “foreclosure” really mean? Our New York legal expert explains what it means, the best way to deal with it, how long you can stay in your home and offers advice on how to beat foreclosure.

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Mortgage Prepayment Penalty Provision

A charge the lender makes when a mortgage is repaid before a certain period of time elapses. In effect, you are “penalized” for paying off your mortgage early. Not all lenders impose a mortgage prepayment penalty. From a mortgage lender’s perspective a prepayment penalty helps the lender at least recoup some or all of the significant expense it incurs in putting a new loan on the books. If the loan is to be repaid quickly, such as if you refinance it elsewhere, the lender can incur a loss, as it has not had time to make up the costs it advanced. Lenders also know a mortgage prepayment penalty discourages prepayment.

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Staying in Your House After Foreclosure Proceedings Start

The length of time you will be allowed to remain in the home after a foreclosure varies from state to state. However, no matter the jurisdiction, legally speaking, you do not have to move out immediately after receiving notification of a foreclosure. You may remain in the home until you receive notification of the sheriff’s sale. The notice will include the date and time of the sale.

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Protecting Yourself Before Buying That House

As a new home buyer, prepare yourself to make one of the most important decisions you will make over the course of your life. It is, for many people, the single biggest purchase they will ever make and a major investment in their future. However, while buying a house can be a great way to build wealth and to create a home for yourself and your family, there are also some serious risks in making such an important purchase. As such, there are several key things to think about and look out for when in the process of new home buying.

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Real Property Defined

Real property is generally defined as land and things permanently attached to the land. Things that are permanently attached to the land include homes, garages, and buildings, and may also be referred to as ‘improvements.’ Substances that are beneath the land (such as gas, oil, minerals) are also considered permanently attached. Other items that can be attached to the land but that aren’t necessarily permanent, such as mobile homes and tool sheds, are not considered to be real property.

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Real Estate Syndications

Real estate syndicates create, sell, and operate real estate investments. This type of industry was especially popular in the ’80s, due to the favorable tax shelter treatment offered in the IRC. They offer a veritable myriad of investment scenarios, such as raw land speculation, new construction, new property or rehabilitation. A syndicate may be in the form of a corporation, or full or limited partnerships, with the latter being the most common format. Real estate syndications are not used like they were in years past, given changes in the IRS guidelines and the downturn in the country’s real estate market.

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Enforcing a Zoning Ordinance

If you find that a nearby or neighboring property owner is in violation of the local zoning ordinance, then you have a variety of options. You can either attempt to settle the matter by explaining the zoning ordinance to the property owner, or you can pursue legal remedy by filing a zoning complaint with the local zoning authority. Consult an attorney familiar with the relevant zoning ordinance to make sure you properly understand the law, the violation, and your available remedies.

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