#5) The new rules ensure that consumers receive “good faith estimates” of the costs of a mortgage earlier in the application process and that the disclosures better explain the costs and terms of a loan. The disclosures will cover areas such as the potential for mortgage payments to increase, any penalty for paying off the […]
Category Archives: Rochester NY Real Estate Legal Issues
Shopping for a mortgage takes time and effort. Choosing the wrong mortgage can be very costly. It could lead to the loss of your home if you can’t afford the payments. But new federal consumer protections will increase the likelihood of finding a fair mortgage that you can afford for many years. The new rules […]
The New York State Legislature created the Rochester Housing Court in 1978 to address a crisis of deteriorating housing stock that continues today. The Housing Court has the duty to protect and promote the public interest. It fashions innovative remedies for the thousands of building code violation cases that it handles each year. The Rochester […]
If you are a New York resident and are having trouble paying your mortgage, or are at risk of foreclosure, contact a not-for-profit housing counselor in your area. Not-for-profit housing counselors provide free, professional advice. They can help you assess your options, negotiate with your lender and find free legal services and other resources in […]
Contractors or landlords are required to have tenants sign a PRE-RENOVATION DISCLOSURE FORM beginning December 22, 2008 which indicates that the tenant has received the EPA’s RENOVATE RIGHT: IMPORTANT LEAD HAZARD INFORMATION FOR FAMILIES, CHILD CARE PROVIDERS, AND SCHOOLS lead hazard information pamphlet before starting renovation of residential buildings built before 1978. This pamphlet must […]
State-chartered banks may no longer exercise residential mortgage “due on sale” clauses upon the borrower’s death or inter-family transfers. A mortgage “due on sale” clause requires that the borrower pay the full balance of a mortgage when the property is sold. Federal law prohibits federally-chartered banks from treating property transfers between family members as a […]
Rumors have been circulating recently that granite — the popular kitchen countertop material — emits radon gas. Radon is an odorless, colorless gas created from the natural breakdown of uranium in rocks and soil. It is radioactive and at high concentrations with prolonged exposure, has been linked to lung cancer. The principal source of radon […]