Let’s suppose you’re behind on your payments or in danger of missing a payment. You probably aren’t underwater in this market, but it may be time to sell. It’s not hard to find a buyer (or five) these days, but sellers still have some worries about their buyer getting their mortgage commitment. Rates are relatively … Read More…
Blog
Don’t Expect Lender to be Logical
Categories: Commentary
I’m repeating myself, but as I was updating my database I came across a few old files that reminded me that lenders don’t always do the logical thing. There were several instances, for example, where the lender refused to approve a short sale that would have had the asset cleared off their books immediately, opting … Read More…
Foreclosure Recordings in Westchester and Putnam are Skyrocketing
Categories: CommentaryI’ll post this with the caveat that the public records connected to the MLS are not always 100% accurate, but the data is telling nonetheless. I searched for the number of foreclosure filings in Westchester and Putnam counties for the first two months of 2023 and the same period this year. There were only 15 … Read More…
On Collection Letters
Categories: Commentary, ForeclosureI have seen this hundreds of times with clients and even on my own home when we were in the modification process in 2009: despite being in the process of some sort of relief sanctioned by the lender, you still get collection and demand letters that seem to be unaware that payments are not, in … Read More…
New York’s Shadow Inventory in 2024
Categories: Foreclosure
Since the housing crash of 2008, lenders have learned the lesson of what happens when you flood the market with foreclosed properties: prices crater as they did in the Great Recession. The lesson of the covid moratorium on foreclosures is the converse: when distressed properties virtually disappear from the market, values tend to climb. This … Read More…
Second Liens Can Foreclose- But Not Without Risk
Categories: Foreclosure
Many of the things I write about are from personal experiences. This is one of those times. A second mortgage can indeed foreclose on the property even if the borrower is current on the first mortgage. It would be subject to the first mortgage, which is why it is rare, but it can happen. I … Read More…
Foreclosure Filing Actions are Rising in New York and Connecticut
Categories: ForeclosureI attended a conference this past September on foreclosures, and heard speakers from a number of asset management companies and mortgage servicers who have the state of the industry post COVID and post foreclosure moratorium. Foreclosures are back with more of a roar in states that are not judicial states like New York. New York, … Read More…
Why a Mortgage Forbearance is Always a Smart First Step When Hardship Hits
Categories: Commentary, ForeclosureDuring the COVID pandemic when uncertainty was rampant, the government mandated that lenders extend more aid to anyone economically impacted by the restrictions imposed for public health. There were moratoriums on foreclosures and evictions, and lenders informed borrowers more proactively on the steps to get relief if payments became a burden. My lender allowed me … Read More…
Covid Moratorium on Foreclosures in New York is Ended
Categories: Commentary, ForeclosureAmong the many things that Albany did when the pandemic began was the issue a moratorium on foreclosures and evictions to protect people economically impacted by the shut downs. Given that New York is a “judicial” state, meaning that foreclosure proceedings must go through the courts, over the next year we will see a return … Read More…
Case Study: Spring Valley Short Sale
Categories: Buying a Short SaleThis remains an extremely memorable sale. The seller was relocating to live near their son, who was disabled. The home was extensively modified to accommodate a wheelchair bound person: a fully compliant ADA bathroom, ramps, and even an elevator. I was unsure how ling this might take to sell, as the pool of buyers who … Read More…