Our readers should be aware that if the default remains uncured and an auction is necessary, that the distinction between cooperatives and condominiums becomes pronounced. The auction procedure in a cooperative is non-judicial, meaning that it does not require the intervention of a Court, unless a party specifically requests judicial…
The efficient operation of a cooperative or condominium building in New York depends upon unit owners respecting and abiding by the rules contained in the governing documents. Unit owners in cooperatives should refer to their Proprietary Lease, while those in condominiums should refer to their By-Laws. In both cases, the…
It is not uncommon when our firm is involved in litigation against a debtor, that the debtor files for bankruptcy protection. In the United States, bankruptcy law is federally governed, and a debtor in the New York metropolitan area would file for such protection in the United States District Court…
In order to prevent discrimination claims brought by members of legally protected classes (i.e. racial minorities), it is crucial that cooperative boards construct rules with legitimate purposes (beneficial to the cooperative without being a means to exclude) and evenly enforce said rules. Federal Law prohibits the unavailability or denial of…
As the reader of this blog is probably aware, there has been a large increase in personal debt in the United States over the past decade. As credit cards, credit lines, and other non-secured loans have become more easily available, and the stigma against being in debt greatly diminished, the…
The regulation of smoking by cooperative and condominium owners in New York has become increasingly contentious in recent years. The New York Post recently reported that a condominium owner in New York could not be forbidden from smoking in his apartment. While this particular case was decided based upon the…
Often in New York, property is jointly owned by two or more individuals or legal entities, such as corporations. This can happen with both residential property and commercial property. One of the major causes of joint ownership of property can occur when the original owner passes away and leaves the…
When a tenant fails to pay their rent, or remains in a property after the expiration of their lease, legal action is often required. Smaller landlords, such as individuals owning a few properties, or people renting out a house, will consult our firm in order to use the proper legal…
Recently, the New York State law firm of Steven J. Baum P.C. agreed to pay $4 million in fines and penalties after admitting that it failed to verify the accuracy of court documents filed by their firm in foreclosure matters. According to the article, many have criticized the settlement as…
Borrowers have both applauded and also sharply criticized the recent mortgage settlement reached by the attorneys general of all fifty states with our country’s five major loan servicers. In response to alleged mortgage abuses engaged in by lenders, an agreement was reached to reduce the principal balance of some mortgages…