Foreclosures of the Week
It looks like the most recent owners stretched too far when they used 95% financing to purchase this charming 4-story brick townhouse at 614 Lafayette Avenue in Bedford Stuyvesant. Now there’s a lien of $701,233 against the property and it will be up for auction on Thursday. The house on the right, 819 East 35th…
It looks like the most recent owners stretched too far when they used 95% financing to purchase this charming 4-story brick townhouse at 614 Lafayette Avenue in Bedford Stuyvesant. Now there’s a lien of $701,233 against the property and it will be up for auction on Thursday. The house on the right, 819 East 35th Street in Flatbush, is remarkable because of the small lien; with only $136,158 owed to the bank and the house easily worth a half million bucks, you’d think that foreclosure could have been averted. Both houses go on the block tomorrow at 3 pm at 360 Adams Street, Room 261.
614 Lafayette Avenue [Property Shark] GMAP
819 East 35th Street [Property Shark] GMAP
In NYS under the right of redemption, a homeowner whose house is in forclusre has the right to buy it out of foreclosure by satisfying any unpaid liens — there have even been cases of homeowners trying to buy their properties back after an auction sale but before the bank had delivered the deed. Banks are often agreeable to this; in one case, in Suffolk County, the auction buyer sued and won and got to kkep the property, but in other cases they’ve simply given up.
Very hard to win these cases, take for ever, and the unscrupulous have a tendency
to use force on old people in these houses. In order to protect one old owner
from harrassment, i stayed in my car and waited for these parasites. They drove off
when they realized someone was looking out for the old guy. it makes me sick to think
how many old people have been moved from
their houses by these criminals.
These felons get federal time, easier,
they get parole and time off for good behaviour. They get a few years and they are out in sixeen months. They make millions off of old people in our nabes. My compaint is that we are supposed to be watching out for the old people in our nabes, we are not supposed to be taking advantage of their situation. In a previous piece in the
Times they wrote about our org. The only calls we had were from people looking for a deal. Trying to make money, not help. I must have had one hundred calls in two days, not to help, not to volunteer; oh no, I had a hundred calls from young people wanting a bargain.
I rest my case . J’accuse.
12:36- The law is called the Home Equity Theft Prevention Act. A homeowner in foreclosure who was defrauded out of his/her home has up to two years to get it back. The law gives a list of requirements that investors have to comply with.
Text of the law:
http://easternabstractny.com/pdf/hetpatext.pdf
or
http://www.kse50.com/billdatabase/billTexts.php?show=NY+SB+4744
I have seen prices jump three hundred
percent in the last few years. Follow the
deeds, follow the paper trail. See who is making the money, see that in reality you have paid way too much. If someone owns a property for two years, buys it for 500k
and sells it for 1.85M you HAVE PAID TOO
MUCH. Most of the development props
were once distressed buildings. Some
distressed props just keep being passed along, banks get taken, we all get taken
Soon the values will drop again, what if
tomorrow your property is worth half.
Developers pay aroung 120 buildable and
if they do a nice job, another 180 to
finish constuction. If they can build
for 280-300 they can afford to charge
1000 a sq ft. put they could make a profit at 460 as well.
Stop talking, go to an auction. There will be people there who will laugh at you, but you have been laughed at before.
Bring cash or money orders, the referedd
will ask to see your money. If you are not in the gang, they will bid you up to high.
It’s how it is done. I helped indict the
crews two years ago. Unfortunately, it is still going on, and on, and on.
If there is a deal to be had, the vultures will have it.
I still work with a charitable org. that
tries to stop these fraudulent practices.I represent the homeowner for free. I suppose what I dislike about Prop Shark, is the fact they used to call homeowners who are in trouble, dead
beats. That really says more about the kids who run the site, rather than the people in trouble.
Is anyone familiar with a recent NYS law that may enable someone who lost their home to foreclosure to regain ownership of it even after a foreclosure sale to someone? I was at a property-owning seminar recently and the speaker as well as several participants were citing this new law. If this is true, Holy House of Sand and Fog!
Actually I have no problem with listing these foreclosures. I just think that the title is too glib.
The paranioa of ppl is amazing.
Keep these listings going I say.
Think about it people. The guy complaining that this is “crass” and “predatory” is trying to throw you off the scent casue he’s an auction hound.
There is a reason he don’t want bstoner drawing attention to this stuff.
Something has to be up with the Flatbush house. With a $136K lien your monthly mortgage payment is less than $1,000 per month. Can’t believe that you couldn’t rent the place out for well more than that and stay current.