Legal

I’m thinking of purchasing a home. What do I need to know about doing a title and lean search in order to protect myself as a buyer?

Posted December 26 by Jerry Feeney, Leave a comment

Q: I know that before you purchase a house, you should do a title and lien search to protect yourself as the buyer. What are the key factors to look for? What are some “red flags”? What parts of each search document are vital? What are the terms I need to know, their meaning, etc.? Please explain in simple detail… Thank you. Read More.

I haven’t paid my mortgage in over a year and just received a foreclosure notice. What can I do?

Posted July 23 by Jerry Feeney, Leave a comment

Q: I haven’t paid my mortgage in over a year and they just put a foreclosure letter on my door! I have tried to talk to the mortgage company and they will not help me…they told me to just do what I am doing. What can I do to resolve this? Read More.

Douglas Elliman manages my building. Can I use a credit card to pay my monthly maintenance?

Posted April 2 by Team Elliman, Leave a comment

Q: Can I pay monthly maintenance to Douglas Elliman, my building manager, using my credit card? Read More.

We’re being told that there’s an accepted offer on a short-sale property that we love, but I don’t believe that this is accurate information. How do we proceed?

Posted March 29 by Dottie Herman, Leave a comment

Q: I found a short sale that we love, but the real estate office keeps telling us that there is an accepted offer on the property. If there was an accepted offer, then why would they drop the price on the property today? Is there any way around this real estate company? They aren’t being honest and I believe that someone in the office wants the property. Read More.

When I was going through my divorce, the house wasn’t settled. We tried to do a modification, but did not get approved, so the house is on the market as a short sale. My credit has suffered as a result–should I put a note on my credit report to explain the circumstances?

Posted March 12 by Tracy Becker (Credit Expert), Leave a comment

Q: Hello, I live in NJ and recently went through a divorce. At the time of the divorce, the house wasn’t settled.  Now, after trying to do a modification and not getting it, the house is on the market as a short sale. My credit has suffered and I was wondering, if I add a letter to my credit report explaining the divorce and such, will that help me get some credit? Prior to all of this happening, my credit was decent–I had a score of 720. Now it is much lower–in the low 600s. My ex-husband did nothing to help me and won’t even cooperate with the short sale, but my saving grace is that my divorce decree says the house is to be sold. Read More.

I purchased my home in 2008 and received a substantial federal home buyer tax credit, but want out of my house. Do I have to pay the money back?

Posted March 12 by Jerry Feeney, Leave a comment

Q: We live in Tennessee and hate it. We experienced a bad tornado last year, and now there have been tornado warnings issued again. We paid more for our house than it was worth, and have a very high mortgage, but both my husband and I are retired. All in all, it’s a big mess, and we want out of our house; however, we purchased in 2008 and received an $8,000 tax credit. and have read that we’re obligated to repay it if we move out of the house before 3 years are up. We spoke to the IRS, and they said that if we walk away from the home and it goes into a short sale, it might take a while and likely take us past that 3-year mark. How can we get out of this property? We are … Read More.

I want to break my lease early–is there a minimum notice standard in NYC?

Posted March 9 by Jerry Feeney, Leave a comment

Q: I want to break my lease with a shoddy landlord. Is there a minimum notice standard in New York City by law? If so, what is it? Read More.

What do I do if I’m behind on my mortgage payments?

Posted March 2 by Jan Scheck, Leave a comment

Q: I haven’t paid my mortgage in over a year. They haven’t sent us any foreclosure notices yet, but when they do, I was wondering how I should respond and what to do to get loan modification.  Read More.

Who is responsible for Radon Testing when it comes to the passing of title on a property?

Posted March 1 by Jerry Feeney, Leave a comment

Q: I’m attempting to buy a second home in Southwest Florida. The home is 7 years old, and passed the engineer report inspection with flying colors; however, the Radon gas registered at 6.7, which is above the EPA limits of 4.0. The seller refuses to fix the problem, which would cost between $1,500 and $3,000. I called the State of Florida, as well as the bank, and other agencies to see what I should do, and I get the feeling that this is a “buyer beware!” situation. Radon is the second largest lung cancer carcinogen, right behind smoking, and, according to the EPA, causes 20,000 deaths per year. Can you advise me of the realtor’s, bank’s, or state agency’s responsibilities when it comes to the passing of title? I can’t believe how critical it is that this Radon test is … Read More.

I want to make an offer on a Fannie Mae property, but it needs work, so I plan on offering less than they’re asking. What do you think?

Posted February 28 by Jan Scheck, Leave a comment

Q:  I have an opportunity to purchase a Fannie Mae property that needs work, 75% of which I can do myself. I plan to make an offer of about $40,000 less than they want, because the house not only needs a lot of work, but I won’t be able to sell right away, I will rent. Is there anything I should check out beforehand? I know the house is offered AS IS, so I think I have a chance. Thanks. Read More.