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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Nation’s First Homeowner Assistance Fund Launches in New York

Last week, Governor Kathy Hochul announced that New York is the first state approved by the U.S. Treasury to launch a federally funded Homeowner Assistance Fund. For thousands of homeowners who have been struggling to stay in their homes as they face the economic fallout from the pandemic, this means they will finally be getting […]

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Equitable Reverse Mortgage Assistance Program (ERMA)

ERMA offers deferred 0% interest loans up to $25,000 to eligible homeowners with reverse mortgages who are at risk of defaulting on their mortgage or have defaulted on their mortgage due to municipal property taxes, property insurance obligations, or other charges stemming from a temporary inability to pay. Sustainable Neighborhoods LLC (SN) is a wholly-owned […]

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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 set for December 17th, 2021

New York City’s tax lien sale, previously postponed in response to the public health and economic crises caused by the COVID-19 outbreak, has been rescheduled for December 17th, 2021. 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 […]

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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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