90 Day Pre-Foreclosure Notice

On June 25, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

90 Day Pre-Foreclosure Notice

I just received a 90 day pre-foreclosure notice; what does this mean?

NY foreclosure law now requires that a 90-day pre-foreclosure notice be sent to many homeowners facing foreclosure.  The 90-day notice requirement must be sent to homeowners, at risk of foreclosure, who own and occupy a 1-4 family dwelling as their principal residence.

The notice has to be in 14 point type and sent at least ninety (90) days before a lender, an assignee or a mortgage loan servicer commences legal action against the borrower. The 90 day foreclosure notice shall include the following:

“YOU COULD LOSE YOUR HOME. PLEASE READ THE FOLLOWING
NOTICE CAREFULLY”
“As of ___, your home loan is ___ days in default. Under New York
State Law, we are required to send you this notice to inform you that
you are at risk of losing your home. You can cure this default by making
the payment of _____ dollars by ____.
If you are experiencing financial difficulty, you should know that
there are several options available to you that may help you keep your
home. Attached to this notice is a list of government approved housing
counseling agencies in your area which provide free or very low-cost
counseling. You should consider contacting one of these agencies
immediately. These agencies specialize in helping homeowners who are
facing financial difficulty. Housing counselors can help you assess your
financial condition and work with us to explore the possibility of
modifying your loan, establishing an easier payment plan for you, or
even working out a period of loan forbearance. If you wish, you may also
contact us directly at __________ and ask to discuss possible options.
While we cannot assure that a mutually agreeable resolution is
possible, we encourage you to take immediate steps to try to achieve a
resolution. The longer you wait, the fewer options you may have.
If this matter is not resolved within 90 days from the date this
notice was mailed, we may commence legal action against you (or sooner
if you cease to live in the dwelling as your primary residence.)
If you need further information, please call the New York State
Banking Department’s toll-free helpline at 1-877-BANK-NYS
(1-877-226-5697) or visit the Department’s website at
http://www.banking.state.ny.us”

Ideally, the 90 day pre -foreclosure notice is sent prior to the start of the foreclosure action and allows a homeowner to work with their lender to prevent the foreclosure of their home.   If you have received a 90 day foreclosure notice, you should consider calling a foreclosure defense attorney to discuss your options.

Long Island Foreclosure Attorneys

As always, the  Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, NYContact us at (516) 858-2620 to arrange a consultation with a foreclosure defense attorney.

Please visit our Foreclosure category to learn more about foreclosure issues.

Buying A Home

On May 28, 2010, in Foreclosure, Real Estate, by Robbie L. Vaughn, Esq.

The Home Buying Process

The Home Buying Process

Buying a home can be exciting and joyous. However, the home buying process can get a bit confusing at times. We often act as the buyer’s attorney during real estate transactions. In an effort to answer some of their questions, we provide our real estate clients with the following overview of a real estate purchase . We hope that you find it useful as well:

BUYING A HOME (an overview):*

1.   The Buyer usually contacts a Real Estate Broker to help locate a property he/she would like to purchase.

Real Estate Broker–  Any duly licensed or authorized person, firm, or corporation who for a fee or commission lists for sale, sells, or exchanges real property.

2.  The Broker helps the buyer find a home.**

3. The Broker usually conducts a Comparative Market Analysis to help determine the value of the home.

Comparative market analysis– An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.

4.  The Buyer usually makes an offer by submitting a real estate binder.

Real Estate Binder–   An agreement intended to evidence a modest payment toward the purchase of real estate as evidence of good faith on the part of the purchaser and acceptance by the seller. (A real estate document generally used in residential transactions).

5.   Seller accepts or rejects the offer.

6.   Assuming the offer is accepted, the buyer then hires an engineer/home inspector.***

7. Once both parties have agreed to move forward, the seller’s real estate attorney drafts and sends a proposed contract to buyer’s real estate attorney.

8. Contract terms are negotiated by the real estate attorneys.

9. Buyer meets with his lawyer for the “contract signing.”

10. Buyer’s  real estate attorney collects the down payment check, which is made out to the seller’s real estate lawyer “as attorney,” to be held in escrow, by the seller’s attorney, until the closing.

11. The signed contract and Down payment are forwarded to the Seller’s attorney.

12.   Buyer receives a copy of the fully executed contract, signed by all parties. This is then used to obtain a loan  (Commitment Letter) if necessary.

Commitment Letter– A promise by a lender to make a loan with specific terms for a specified period.

13. Buyer’s attorney orders a title examination & survey.

14.   Once all issues are resolved and the lender gives a clearance to close, a real estate closing is set.

Real estate closing– The transfer of the real estate title from seller to buyer according to the sales contract. All parties, as well as a title closer and bank attorney, arrive to conclude the transaction.  The buyer receives the title and keys to the real estate and the seller receives the balance of the purchase price.

**The Broker will likely request/require you to obtain a mortgage pre-approval before they begin showing you homes.

***The inspection can be done after step 12 if the parties agree. This is usually accomplished by placing an “inspection contingency” clause in the contract.

As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.    Contact us at (516) 858-2620 to arrange a consultation with a Real Estate Lawyer.

*The above is merely an overview of a real estate transaction. Additional and/or different steps may be required during a particular transaction. This is not legal advice. ++All rights reserved.

Please visit our Real Estate category to Learn more about real estate.

Chapter 7 or 13 Bankruptcy Case by Spouses

On May 4, 2010, in Bankruptcy, by Robbie L. Vaughn, Esq.

Joint Bankruptcy Filing

Husband and wife joint bankruptcy filing.

Yes, a husband and wife can file a joint bankruptcy case under chapter 7 or chapter 13.  When a joint bankruptcy case is filed, only one bankruptcy petition is filed and only one filing fee is paid to the court.  However, both husband and wife must complete the required pre-filing credit counseling course and the required post-filing financial management course. The more difficult question is whether or not spouses should file a joint bankruptcy case. A knowledgeable bankruptcy lawyer can assist you in making that decision.

As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.  Contact us at (516) 858-2620 to arrange a consultation with a bankruptcy attorney.

Please visit our Bankruptcy category to learn more about filing chapter 7 or 13 bankruptcy.

Evicting a Problem Tenant

On May 3, 2010, in Landlord-Tenant, by Robbie L. Vaughn, Esq.

Evicting Problem Tenants

Evicting Problem Tenants

So, you have had it with your tenant and want them out. Evicting a tenant can be a tricky and lengthy process.

The following is very general overview of the eviction process*:

1. Determine the status of the person occupying the premises (i.e. tenant);

2.Determine what grounds you have to evict (i.e. breach of lease terms);

3. Determine the type of action you can bring (i.e. non-payment);

4. Determine what notice must legally be given to the occupant (i.e.  3 days);

5. Give the occupant the appropriate notice in the appropriate manner;

6. File the appropriate petition in the appropriate court;

7. Have the tenant appropriately “served”;

8. File proof of service with the court;

9. Wait for tenant to answer or default;

10. Go to court!

*The above is merely an overview of the eviction process.  Additional or different steps may be required to evict a particular tenant.

If you are having trouble evicting a tenant we may be able to help you evict them so that you can re-let your apartment, sell your home, etc. We were recently successful in using the landlord-tenant court to get a tenant, that had not paid rent for over eight (8) months, out of a landlord’s apartment building in a matter of days.

Nassu County Eviction Attorney

As always, the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island.

We proudly assist residents of Long Island: Nassau county, Suffolk county, New York City: Queens, Brooklyn, Bronx, Staten Island, and Manhattan with their landlord tenant matters.

Call (516) 858-2620 to arrange a FREE consultation with a Landlord Tenant attorney!

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan