More than five years after being foreclosed and taken back by its lender, the struggling, mostly vacant Mall at the Source in Westbury has finally found a buyer. A Chinese firm that manufactures and distributes home furnishings, equipment and building supplies is in contract to purchase the 521,486-square-foot mall and plans to turn it into a giant showroom, according to real estate industry sources.
Jacob Inwald of Legal Services NYC writes: Important changes governing pre-foreclosure notices and settlement conferences for reverse mortgages were signed into law on April 20, 2017, requiring 90-day pre-foreclosure notices in all reverse mortgage foreclosures and requiring settlement conferences in many reverse mortgage cases. Foreclosure News
It has become a fairly common practice among commercial and investment real estate owners to hold title to their various parcels in single purpose entities , most commonly limited liability companies . Many times, the use of an SPE is required by a lender or a government program. Foreclosure News
The New York City Housing Authority finalized an agreement last week to transfer 20 vacant single-family homes scattered across Brooklyn and Queens to Habitat for Humanity, which will invest $ 415,000 per home – from city, state and private financing – to bring them up to a state-of-good repair, city officials said. The nonprofit will…
If you're among the many people who watch television programs such as “Flip or Flop” or “Flipping the Block” and think you can become a master flipper yourself, you're not alone. The frenzy for flipping — which refers to homes that have been purchased and sold within one year — echoes the height of the…
The $ 1 billion-plus Ovation development stands to remake the region's longtime corporate headquarters hub and inject an urban mixed-use environment into a suburban county growing faster than any other in the state. Foreclosure News
Lenders to Puerto Rican homeowners have kicked foreclosures into high gear in the aftermath of Hurricane Maria , skirting local and federal borrower protections. According to attorneys and experts, lenders have ignored federal moratoria on foreclosures; placed notices of default in newspapers where they're unlikely to be seen; sent files to homeowners in English rather…
