Recently our office has been receiving an increased number of calls from Landlords seeking to evict tenants and who have started the process themselves. There are however issues that arise when the eviction process is started without the guidance of an attorney. First of all, there are certain guidelines that have to be followed regarding the time of notice given. Rules pertaining to service of this notice are also not the same in every county. If the service of such notice is untimely, the Landlord will be forced to start over.
Another issue is the language necessary for such notice to be valid. Omitting necessary language can lead to delays in the eviction process as well. Again, having some insight as to the requirements in each specific county will help.
There are several other issues that I choose not to bore you all with. The number one reason Landlords have told us that they chose to try to do their own Notice, was to save money on legal fees. In all honesty, the 30-day Notice is not a large portion of a fee for an eviction. It is certainly not worth the cost to the Landlord that delaying the eviction will cause. As with a lot of legal documents, this Notice can be done on your own. But, it will cost more in the long-run if you do it incorrectly and it needs to be fixed. Therefore, I strongly advise all Landlords to employ the services of an attorney to prepare and serve these documents to ensure their accuracy and compliance with all applicable statutes. As always, if you have any questions, feel free to contact our office at (516) 858-2620!
Can you stop paying your second mortgage?
Sure.
Should you stop paying your second mortgage?
Maybe not.
The prevailing theory is that if your home is worth less than what you owe on your 1st mortgage it is highly unlikely that the holder of your 2nd mortgage will bring a foreclosure action against you.
Well, although it may be rare, we did have a homeowner come into our office this year whose 2nd mortgage was being foreclosed although his home’s value was less than the amount owed on the 1st mortgage. Additionally, lenders can, and some will, “sue on the note” (bring an action against you to recover the money you promised to repay them) rather than bring a mortgage foreclosure action.
On the brighter side, we have seen 2nd mortgage payments reduced by as much as 80% a month. Also, some lenders are willing to accept as little as 10% of what is owed on the 2nd mortgage as full payment. Additionally, if bankruptcy is an option, you might be able to “strip off” a totally unsecured second mortgage by filing a chapter 13 bankruptcy (see filing bankruptcy to save home from foreclosure).
We are often asked about paying and not paying second mortgages. Our answer: We can not advise you without knowing your specific situation and considering the particular options available to you. So, make sure you are fully informed before making a final decision.
As always, The Law Firm of VAUGHN & WEBER, PLLC is here to assist you. We are conveniently located in Mineola, NY. You can Contact us at (516) 858-2620 to speak with an attorney.
Should a buyer allow a seller to remain in the home after the closing?
Usually not a good idea.
The parties enter into what is known as a “Holdover agreement” or “Post-closing possession agreement.” We don’t normally recommend these agreements, but they are sometimes necessary. Hopefully, the following will provide you with some insight as to why these agreements are not normally recommended by our firm:
The good
- The deal gets done sooner rather than later.
- The buyer leaves a hefty sum in escrow to cover “rent” and property damage.
The bad
- The seller needs more time to move or refuses to leave as scheduled.
- The escrow money is not enough.
The ugly
- The seller causes serious damage to the property.
- Legal action is required to recover possession of the premises.
- Legal action is required to resolve a dispute over the escrow funds.
Please visit our Real Estate category to Learn more about real estate.
As always, The Law Firm of VAUGHN & WEBER, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NY. Contact us at (516) 858-2620 to speak with a real estate attorney.
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