Deficiency Judgment and Taxes

Deficiency Judgments After a foreclosure, the lender may be entitled to a deficiency judgment for the difference between the amount owed on the mortgage and the value of the home. In New York, a lender seeking a default judgment must apply for one before the close of the case. It is important that homeowners talk […]

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How underused property in NYC can be turned into affordable housing

With the city squeezed for space for affordable housing, policymakers are looking at every possible available square inch of land to construct homes, from church parking lots to NYCHA property. In a report released last week, Comptroller Scott Stringer advocates for the creation of a land bank to exploit vacant land remaining in New York […]

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Housing Resource Fair (East New York)

Free Seminars and Info for Homeowners, Future Homeowners, & Tenants! Register to learn about: First-Time Homebuying , Credit repair opportunities, Down-payment and closing cost grants, Lowering property taxes, Paying off a water or property tax lien, Insuring your home, Avoiding foreclosuree, Protecting yourself from real estate scams Plus! City agencies and community-based nonprofits will be […]

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Housing Resource Fair (East New York)

Free Seminars and Info for Homeowners, Future Homeowners, & Tenants! Register to learn about: First-Time Homebuying , Credit repair opportunities, Down-payment and closing cost grants, Lowering property taxes, Paying off a water or property tax lien, Insuring your home, Avoiding foreclosuree, Protecting yourself from real estate scams Plus! City agencies and community-based nonprofits will be […]

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Protecting Senior Homeowners from Reverse Mortgage Foreclosure: A Policy Brief

Reverse mortgages allow homeowners 62 and older to tap into their home equity while remaining in their homes. This product is a useful and necessary resource for many senior homeowners with incomes that are insufficient to cover their living expenses. In ideal cases, reverse mortgages are not due and payable until the borrower dies or […]

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Resolving Tax and Water Liens

Homeowners can have liens placed on their property from city debts, most commonly unpaid property taxes and water and sewer charges. NYC periodically sells unpaid debts to private bidders, who can then add high fees and interest to the amount owed and bring a suit for foreclosure based on the higher amount. Before the lien […]

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Reverse Mortgages

A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a combination financial and actuarial product that allows the homeowner to borrow money with a mortgage that does not come due until the homeowner passes away, sells the property, or defaults on paying property charges (property taxes, homeowner’s insurance, water, etc.). If […]

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Homeownership Data Toolbox

Data is essential to understanding the state of affordable homeownership in New York. We use data visualizations, maps, and more to identify and assess existing and emerging neighborhood needs and to create innovative programs to help middle- and working-class homeowners. Are you a reporter working on a story or a policymaker who needs help understanding […]

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NYC tax lien sale

Each spring, the Department of Finance sells the liens of properties that have unpaid debts — including property taxes, water bills, and other charges — that can result in an increased financial burden for families already behind on their bills. Once a tax lien is sold, a third-party collection agency can add fees and high interest […]

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