Citibank and Fannie Mae announced that they will suspend foreclosures and evictions for thirty days, which would give thousands of borrowers a brief holiday respite from the legal process meant to take their homes away. At the same time, CitiMortage has converted only 271 out of the 103,478 trial mortgage modifications into final modifications. When faced with their dismal performance in finalizing mortgage modifications, the banks uniformly blamed borrowers who completed the trial period but did not send in paperwork necessary to finalize their modifications. One wonders if these banks could have avoided some foreclosures by finalizing more mortgage modifications.
New York City has a system of rent stabilization that is meant to provide affordable housing to the working class. The rent stabilization program limits the rents a landlord can charge and caps the annual rate of rent increases. Landlords must also offer renewal leases and required services to tenants, who can be evicted only for specific reasons set forth in the law. The subject is controversial and leads to many landlord-tenant disputes. This article provides an overview of the rent stabilization program in New York City.
Cease and desist letters are sent by companies asserting their trademarks, patents, or other intellectual properties. Receiving such a notice can be a nerve-wracking experience. Choosing the right response to such a letter can be crucial for a small business.
People always ask me: Is there any way to lower the principal on my mortgage? The answer is yes and no. Confused? That’s ok – you are just one of millions of homeowners who aren’t clear on what their rights are as homeowners. While the best way to deal with falling behind on your monthly mortgage payments is to modify your mortgage loan, there are other ways to save on your monthly payments.
During the course of the recent housing bubble, lending institutions bundled thousands of consumer mortgages into complicated securities that were sold many times. The transfer records of each mortgage in the bundled securities became increasingly byzantine. When the mortgage market fell apart in the current recession, some of the investors left holding the mortgage-backed securities discovered that there were unable to prove that they owned the right to collect on the mortgages.