Mortgage
Looking Into Due Diligence, Coop Boards, and the Financing Process
I was recently featured in an article by Murray Hill’s real estate brokerage, The Bamberger Group. We discussed the mortgage pre-approval process, the value of an attorney, and how to talk to your new co-op board. You can find the full article on their blog, Bamberger Answers, and excerpts of our discussion below: [The …
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Reading Co-op Financials
OK I know. Let the lawyer handle the financials. But in today’s ever-increasing competitive environment, super brokers are conversant in all issues affecting their clients’ purchases. Understanding all aspects of the deal, makes clients loyal and your advice to buyers and sellers all the more valuable. This is part 1 of a continuing series to …
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An Exchanger’s Guide to Boot
A like-kind or 1031 exchange is a powerful tactic to create enormous wealth over an investor’s lifetime. We discuss the rules regularly here in this forum, but one of the most common questions that causes confusion is the concept of “boot.” Let’s start with the basics, what is boot? Most of us have traded in …
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In the Aftermath Of Sandy
As the recovery from Sandy continues, the financial impact of the storm continues to grow. Here is a brief legal guide that may help those most affected in making decisions. Flood insurance: It’s hard to learn after a storm like Sandy that typical homeowner / condo owner / coop owner insurance policies do not cover …
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Leaving Thousands of Dollars on the Table?
Even the most saavy buyer and seller in New York City may not realize a hidden saving that can cost them thousands in unnecessary recording taxes. And better brokers are versed in this loophole and will alert clients of the potential. Here is how it works. In New York City, there is a tax when …
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The IRS Limits the Interest Deduction on Non-Married Couples
With tax season upon us, a recent IRS ruling has important impact on a subject that will be of interest to many taxpayers who co-own property with a person who is not their spouse. First, let’s review the basic rules on home mortgage interest deduction. Taxpayers who itemize deductions on Schedule A can include interest …
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Behind on a Mortgage? Your Lender Might Want to Pay You!
The big banks have come to the conclusion that more foreclosures will not help the sluggishly recovering housing market. It’s about time. A good alternative to foreclosure or bankruptcy for underwater homeowners – those who owe more on their mortgage than their home is worth – is a short sale. In the beginning of the …
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Refinancing Options for Underwater Homeowners
There is new relief in sight for homeowners “underwater” on their mortgage, where the market value of the property is less than the outstanding payoff of their mortgage. Previously, only those whose mortgage was no more than 125% of the market value of their home were eligible, and then only in certain circumstances. That permitted …
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The Bright Side of Tighter Underwriting Standards
When I first started practicing real estate law many years ago, I remember getting a call from a mortgage broker who was representing my client, the buyer, to give me an update on how the financing was going. “Well,” he started, “we pulled his credit and it was around 620, and this is a …
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