A dramatic increase in pedestrian accidents in New York is raising local and national consciousness to find preventative measures and solutions that are more in-tune with the behaviors and perceptions of modern day motorists, as well as, pedestrians for more effective results. Traditional issues that have long affected travel safety such as alcohol and drug […]
February 2014
The Legalities of Short-Term Rentals in NYC
As the price of living in New York City (“NYC”) increases, many New Yorkers are turning to a new lucrative way to make some extra money: renting their apartments to strangers for a short-term period of a few days to a few weeks. With the emergence of online short-term rental websites such as Airbnb, Wimdu, […]
Consumer Financial Protection Bureau Changes (effective January 10, 2014)
Newly enacted Consumer Financial Protection Bureau (CFPB) rules designed to protect defaulted homeowners will become effective today, January 10, 2014. Click here to download a client memorandum explaining these changes in further detail. These regulations only apply to servicers, which are defined as people responsible for the servicing of a federally related mortgage loan (including […]
Understanding Reverse Mortgages and the Changes that Lie Ahead in 2014
Few topics in real estate law are more convoluted and difficult to understand than the elusive reverse mortgage. There are three types of reverse mortgages: 1) the single purpose reverse mortgage, offered by some state and local government agencies and nonprofit organizations (this option is the most cost-effective but is not available in every state […]
Demystifying the Infamous HUD at Closings
Few documents baffle attorneys, closing agents and brokers more than the mysterious HUD-1 Settlement State or “HUD” as it is more casually known. The HUD is a federal document that is used to provide Purchasers and Sellers with an itemized breakdown of their closing and mortgage costs in a real estate transaction. The HUD provides […]
Six Months Later – A Look at the New Jersey Expedited Process
As was discussed in depth in a Client Memo sent earlier this year, the new Expedited Foreclosure Process took effect in New Jersey on April 1, 2013. This process, which permits Plaintiffs in foreclosure actions to proceed summarily, was expected to dramatically cut foreclosure timelines for vacant and abandoned properties. While the process has only […]
