Deficiency Judgments After a foreclosure, the lender may be entitled to a deficiency judgment for the difference between the amount owed on the mortgage and the value of the home. In New York, a lender seeking a default judgment must apply for one before the close of the case. It is important that homeowners talk […]
With the city squeezed for space for affordable housing, policymakers are looking at every possible available square inch of land to construct homes, from church parking lots to NYCHA property. In a report released last week, Comptroller Scott Stringer advocates for the creation of a land bank to exploit vacant land remaining in New York […]
In response to the public health and economic crises caused by the COVID-19 outbreak, the City of New York has postponed the annual tax lien sale until August. Each year, the City of New York holds the sale, resulting in thousands of property owners seeing their debt from property taxes as well as sewer and […]
Testimony before the City Council Committee on Finance: Int. No. 1143: A Local Law to amend the administrative code of the city of New York, in relation to installment agreements for the payment of real property taxes, assessments and other charges Read the testimony here.
Calculations are based on estimates of common homeownership costs, but do not factor in the details associated with a specific property or the financial circumstances of an interested homebuyer. To develop this calculator, the Center relied on both the expertise of industry professionals and publically available data. Repair and maintenance Based on the costs of […]
Once you’ve made the decision to buy a home, it’s important to consider which kind of property is best for you, based on what you can afford and how much time you are willing to commit to maintaining it. There are several home-owning options to consider in New York City: single-family home, multi-family home, condo, […]
You will interact with a number of different people throughout your home buying journey. Below is a brief explanation of the main actors involved in the process and their roles. Pre-Purchase Housing Counselor You may choose to work with a pre-purchase housing counselor at a HUD-approved housing counseling agency before actively starting the homebuying process. […]
Are you thinking of buying your first home? Becoming a homeowner can be an exciting, rewarding prospect, but it’s not without risks. Here are some of the benefits and drawbacks of homeownership. Benefit: You’re No Longer a Renter Sick of dealing with a landlord? When you’re a renter, you can find yourself facing rent increases, […]
Each year, the Department of Finance sells the liens of properties that have unpaid debts — including property taxes, water bills, and other charges — that can result in an increased financial burden for families already behind on their bills. Once a tax lien is sold, a third-party collection agency can add fees and high […]
Reverse mortgages allow homeowners 62 and older to tap into their home equity while remaining in their homes. This product is a useful and necessary resource for many senior homeowners with incomes that are insufficient to cover their living expenses. In ideal cases, reverse mortgages are not due and payable until the borrower dies or […]
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