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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Why We Need A Homeowner Assistance Fund

There is a lot to praise about President-elect Biden’s proposed $1.9 trillion relief package aimed at combating the economic crisis and COVID 19 pandemic, including stimulus payments, rental assistance and an extension of unemployment insurance. Those efforts will go a long way toward stabilizing vulnerable communities. However, the relief package falls short in addressing the […]

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NYC tax lien sale postponed due to COVID-19 crisis

In response to the public health and economic crises caused by the COVID-19 outbreak, the City of New York has postponed the annual tax lien sale until August. Each year, the City of New York holds the sale, resulting in thousands of property owners seeing their debt from property taxes as well as sewer and […]

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Behind the Calculations: Homebuyer Calculator

Calculations are based on estimates of common homeownership costs, but do not factor in the details associated with a specific property or the financial circumstances of an interested homebuyer. To develop this calculator, the Center relied on both the expertise of industry professionals and publically available data. Repair and maintenance Based on the costs of […]

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Housing Types in New York City

Once you’ve made the decision to buy a home, it’s important to consider which kind of property is best for you, based on what you can afford and how much time you are willing to commit to maintaining it. There are several home-owning options to consider in New York City: single-family home, multi-family home, condo, […]

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Who’s Who of Homebuying

You will interact with a number of different people throughout your home buying journey. Below is a brief explanation of the main actors involved in the process and their roles. Pre-Purchase Housing Counselor You may choose to work with a pre-purchase housing counselor at a HUD-approved housing counseling agency before actively starting the homebuying process. […]

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Benefits and Risks of Buying a Home in NYC

Are you thinking of buying your first home? Becoming a homeowner can be an exciting, rewarding prospect, but it’s not without risks. Here are some of the benefits and drawbacks of homeownership. Benefit: You’re No Longer a Renter Sick of dealing with a landlord? When you’re a renter, you can find yourself facing rent increases, […]

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NYC tax lien sale

Each year, 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 […]

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