Nadel & Ciarlo, P.C.

New York City Real Estate Law Blog

What is a special forbearance?

Life is unpredictable. No matter how much we try to plan for the future and allocate our finances accordingly, events happen that can change our situation. Unexpected hardships can arise if we unexpectedly lose our jobs or become ill, for example.

When unexpected hardships arise, we may struggle to be able to pay necessary expenses such as our mortgage for a certain amount of time. As a result, it's common to fear foreclosure. If you are struggling financially and want to avoid foreclosure, seeking special forbearance could be a great option for you.

The most common causes of real estate disputes

If you are currently involved in a real estate transaction, you will want to do whatever you can to prevent disputes from taking place. Disputes are never ideal for any party, because they waste time, can be costly, and are stressful.

It is important that you are aware of the most common causes of real estate disputes, even if you are not currently involved in one. This will give you the information you need to help you to prevent disputes from arising in the future.

Your landlord isn't always obligated to make repairs to your home

Real estate such as apartment buildings or homes must be regularly maintained to remain habitable. If small plumbing, electrical, or heating and air problems are left unaddressed, then they have a way of becoming much larger issues. If you're a renter, then you may assume that any and all problems are the sole responsibility of your landlord. That's not always the case, though.

The first thing that you should do when something goes wrong in your home is to dig out the lease and read over it. You'll want to scan through the terms and conditions listed to see what they say about who's responsible for the particular concern that you're having. If it doesn't clearly address it, then you'll want to search through New York state and city laws to see what it says about it.

Rent stabilization law draws New York landlords into lawsuit

Rent stabilization is always a hot-button topic for landlords and tenants alike in New York. However, the new changes to the rent rule put in effect by Gov. Andrew Cuomo have ignited a new firestorm.

Recently, Cuomo signed a package of bills that virtually overhauled the existing rent laws. The new legislation affects the income and assets of the landlords for about 1.3 million apartments that are either rent-controlled or rent-stabilized.

What does the housing market look like in 2019?

If you're looking to buy a home or any other type of real estate in 2019, you need to know what the market looks like first. This may not dictate your decision -- if you need to buy, you need to buy, no matter what the market does -- but it can help you make an informed decision. The more you know about the process in advance, the better off you'll be.

With that in mind, here are a few 2019 market trends to consider:

  • Prices have been going up, and they're going to keep doing so. This is a far cry from the low prices back around 2011 and 2012. Prices have skyrocketed and the market has really rebounded in the wake of the recession.
  • One major reason for those high prices is that there is a housing shortage. More people want to buy than are looking to sell. This makes it very competitive. It can mean that homes sell for over the asking price as buyers try to outbid one another.
  • Mortgage rates have also been on the rise, largely for the same reason. People are willing to take on higher rates and have the money to do so. However, some experts think that the rate of increase will slow down.
  • If you're interested in a new build, many builders are focusing more on starter homes. These are smaller houses aimed at first-time buyers. With more potential buyers than sellers, though, it just makes sense to build the small, more affordable houses that these buyers want.

New York rules on rent-stabilized property set to expire soon

There's only a month to go before the rules that currently govern rent-stabilized apartments in New York expire -- and the issue is igniting a firestorm from both tenants and landlords.

In brief, here are some of the issues that are creating conflict and alarming just about everybody on both sides of the fence:

Zoning restrictions impact both use and land value

Zoning restrictions can lead to complicated real estate transactions and even disputes when the restrictions are not clear or are misrepresented in some fashion. The reason that these situations are so tricky is that the restrictions from the city can have a massive impact on both the way that you can use the land and the value of that land.

For instance, a piece of land with no zoning restrictions has the highest value, in many cases, because it has the widest pool of potential buyers. Anyone can buy it and use it as they see fit. As soon as zoning restrictions start to come into play -- saying that a property can only be used for manufacturing, for instance, or commercial enterprises -- the potential pool shrinks dramatically. Anyone who has other plans for the development either has to look elsewhere or consider asking the city for a variance. A variance isn't a given and many buys won't want to deal with it anyway, so the value plummets.

Is it possible to defend against eviction?

If you have received an eviction letter from your landlord in New York, it is likely that you will be feeling worried about your future housing options. Losing your home so unexpectedly can be upsetting and will feel unfair. You may be wondering whether there is any legal action you can take to prevent eviction actions from taking place.

It can be possible to defend yourself from an eviction notice if the landlord did not have grounds to evict you. The following are some options that you may be able to use depending on your specific circumstances.

Don't get into assumption financing without careful consideration

What is assumption financing in regard to a home mortgage?

Essentially, it means you obtain an ownership interest in a home from someone else by accepting the responsibility for the payments and terms of the existing mortgage. Often, the original buyer will also remain liable for the loan as well -- just in case you default. (On rare occasions, the bank may agree to release the original borrower from liability.)

Understanding the steps to getting a short sale approval

If you are feeling overwhelmed by your mortgage, and you need to get relief from the repayment obligations, your best option might be to go through a short sale. In order to do this, you will need approval from your mortgage lender. In the best-case scenario, they will permit you to go through a short sale and write off the mortgage, even if the equity generated from the home is not sufficient to do so.

Going through a short sale is difficult for a number of reasons. It is important that you understand the steps required before embarking on the process.

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