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Impact of Mortgage in Forbearance in post-COVID

When a homeowner is experiencing financial hardship to pay the mortgage, the mortgage servicer or lender allows the homeowner to pause or reduce the mortgage payments for a limited period of time while the homeowner can regain his or her financial footing.1 Such temporary pause or reduction in mortgage payments is forbearance. Since Congress has passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in March 2020, a homeowner is eligible for forbearance for up to 12 months.2 ...

Tags: CARES Act, covid-19, Federal Trade Commission, forbearance, mortgage, real estate

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New York Cooperative and Condominium Privacy Concerns

Cooperative and condominium boards are privy to a vast amount of confidential personal and financial information concerning their shareholders and unit owners. A typical cooperative and condominium application requires copies of the buyer’s bank statements, tax returns, photo identification, employment verification, and more.1 Most would probably assume that the information collected by your cooperative or condominium boards is kept confidential. Unfortunately, this may not be the case under N...

Tags: condominium, cooperative, defamation, privacy, privacy rights, real estate

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How a Virus Changed the Market Trend of New York State Real Estate

COVID-19 has forced the world to face challenges never seen before.  Many industries, business, and professions are projecting and planning for the near and far future permanently affected by these long-term challenges. The real estate world is one of many areas hit hard by the pandemic.  However, market prospects and sales continue to rise as a new and diverse demographic of sellers and buyers enter the market.  Home features, structures, and amenities are constantly changing to meet the ...

Tags: covid-19, home improvement, New York, real estate, renovation, safety protocols, sale, state guidelines

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