Jakubowitz & Chuang LLP

Tenant Fair Chance Act Passed By City Council

On February 11, 2010, the New York City Council passed the Tenant Fair Chance Act, which protects prospective tenants from inaccurate court docket reports. In New York City, tenants sued in Housing Court are put on court docket reports, which are used by many landlords in considering applications. In many cases, the docket reports are effectively blacklists. The Tenant Fair Chance Act requires landlords to provide prospective tenants with the names and addresses of any screening companies used to make a decision.

Banks Suspend Foreclosures, But Don’t Modify Mortgages

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. Borrowers who want to modify their mortgages should understand that just getting the preliminary modification is not enough. They still need to get finalized, which requires more paperwork after a three month trial period.

Overview Of Rent Stabilization in NYC

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 will provide an overview of the rent stabilization program in New York City.

Dealing With Cease And Desist Letters

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.

Be Proactive And Stay In Your Home

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.

Mortgage Erased After Bank Lost Paperwork

On October 9, 2009, the federal bankruptcy court in the Southern District of New York wiped out a $461,263 mortgage on a debtor's house after the bank could not prove that it had the right to collect the mortgage. The debtor refinanced a home loan with Mortgage World Banks, Inc. but fell behind. She filed Chapter 13 bankruptcy to restructure her debt. PHH Mortgage showed up at the bankruptcy proceedings as the servicer of the mortgage, which it claimed was held by US Bank. However, PHH could not show the paperwork demonstrating how US Bank ended up with a mortgage that was originally sold to Mortgage World Banks. Thus, the bankruptcy court threw the mortgage out.

Dealing With Home Improvement Contractors

Home improvement contractors are infamously unreliable. It seems like everyone has a horror story about a contractor not finishing a project on time, or using sub-standard materials to finish a job. This article will discuss a few ways a homeowner can find a reliable home improvement contractor, and to protect himself.

NYC Tenant Protection Act

New York City's Tenant Protection Act protects tenants from landlord harassment but is balanced to stop frivolous claims by tenants. Landlords have a pecuniary interest in evicting tenants residing in rent-stabilized or rent-controlled apartments. While there are tenants who illegally sublet their regulated apartments for a profit while they live elsewhere, there are also instances where innocent tenants find themselves being harassed by their landlords. The Act protects tenants who are being harassed by landlords looking to evict them.

Banks More Willing To Modify Mortgages

A report by a federal agency reports that the number of agreements meant to help borrowers have gone up 75% in the last year. The percentage of modifications that involve a reduction in principal tripled from 3.1% to 10%. Banks are starting to realize that foreclosures hurt their bottom lines, so they are willing to give bigger breaks to borrowers to make mortgage modifications work.

Eligibility For Home Affordable Modifications

The mortgage modification program strives to protect homeowners who have been making a good faith attempt to pay their bills, but need help to stay out of foreclosure. The Making Homes Affordable Program allows mortgage modifications that help borrowers who took out a mortgage for their primary residences, and who suddenly lost their jobs, or had their mortgage payments skyrocket, or who suffered hardships such as medical bills. There is no guarantee that everyone eligible for a modification will qualify.