LIEB BLOG

Legal Analysts

Monday, February 22, 2010

Foreclosure Redemption - BE WARNED

Nothing is stayed, stopped, or otherwise unless ordered by the Court.

In either a mortgage or tax forelcosure, the only requirement to redeem the property during a foreclosure proceeding is to provide, without condition, the full amount due prior to the property being actually sold. BE WARNED - providing part of the amount due does nothing unless in an express agreement ordered by the Judge.

To be clear, paying part of the money DOES NOT work a statutory stay of the foreclosure proceeding.

There are 2 stay (stop) statutes that are applicable to stop a forelcosure: CPLR 5519 (only applies when there has been a judgment of the court directing the payment of a sum of money) and RPAPL 1341 (only applies to partial foreclosures).

Redemption is the last chance to save a foreclosed property if all else fails. Don't play around, pay everyting and be sure the foreclosure is cancelled. Assumptions make a ____ out of you and me.

Brooklyn Nets

Lets talk about the Atlantic Yards Project. Some local private property owners tried to block the eminent domain taking of the Atlantic Yards by saying the project was not for a "public use". They lost, it is a "public use", but what is a "public use"? It is a project that has a dominant public purpose said the Court of Appeals when defining the area as substandard and insanitary with a need for rehabilitation.

Do you think its fair for the government to take property and allow a developer to make a profit on that property?

Also, did you realize that the Long Island Real Estate Blog includes Brooklyn. Lieb at Law considers any part of the island to be part of Long Island. Do you agree?

More importantly, LETS GO NETS! (now when are we getting LeBron?)

Sunday, February 21, 2010

Cultural Design

The front page of the real estate section from the Times led with an article on adding elements of one's culture to the design of one's home. (see Saturday, February 21, 2010). For example, in my culture, I would add my wedding Ketubah (contract) as a piece of art and mezuzahs to the corners of each entrance to a room because of my Jewish culture and heritage. I think it would be useful for us to make a list of different cultural items that you could expect to be in a home owned by people of different descents in order for real estate agents to identify such items and be respectful of same when advising about staging. Also, do you think that these items should be removed before listing a house as a matter of strategy? I do for resale purposes (potential purchasers may not identify with these items and may even be turned off by them), but good luck selling the homeowner on that idea. People are very intrenched with their beliefs and this could be a conversation that causes a sales agent to lose a client if you don't tread lightly. Also, be sure not to offend. What are your thoughts?