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 […]
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 […]
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 […]
Seven years ago Deonarine Persaud and his wife paid off the mortgage on the single-family house in Cypress Hills, Brooklyn, that they’d acquired in 1989 for $120,000. Shortly after, however, their health started to fail. Persaud had a heart attack, and his wife had to retire early from her job as a nurse because she […]
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Thousands of homeowners in the five boroughs may be surprised to know their outstanding debts to the City will soon be sold to private investors. The City’s annual tax lien sale on May 12, 2016, can be lucrative for both the government and investors — but it can also be devastating for many homeowners. Purchasers […]
For Immediate Release: xxxxx Contact: Jovana Rizzo, 646-200-5329, jovana@berlinrosen.com; Cristian Salazar, 646-796-0898, cristian.salazar@cnycn.org Center for NYC Neighborhoods Launches Tracker To Alert Homeowners To Tax Lien Sale Interactive map at cnycn.org/NYC-tax-lien-sale allows communities and stakeholders to assess the impact on their neighborhoods, help neighbors get off the sale list NEW YORK, NY – The Center for […]
Jennifer Levy with a client at JASA – Legal Services for the Elderly in Queens Courina Yulisa, Senior Program Manager from the Center, sits down for a Q&A session with Jennifer Levy, staff attorney at JASA – Legal Services for the Elderly in Queens (JASA-LSEQ), about their focus on serving senior homeowners. Q: Can you tell […]
Posing with fellow presenters (L-R), Audra Barrow of the Law Office of Audra J. Barrow, Candi Hinton of Transamerica Financial Advisors, Inc, Eustace Greaves of Greaves Financial Services & The Bridge Insurance Agency, Masanna Johnson of Bridge Street Development Corporation, Don Eversley of Bridge Street Development Corporation, Idesta Severin of the Office of Financial Education […]
For many seniors with equity in their homes, reverse mortgages are an appealing opportunity. In a conventional mortgage, homeowners make monthly mortgage payments to their lender and build equity over time in their home. Conversely, in reverse mortgages, homeowners receive money from their lender, with the understanding that they are in essence drawing down equity […]
