Big Plans On The Way to Help Ailing Homeowners

by Debra J. Guzov on April 8, 2010

Despite news of an improving economy, the number of households facing foreclosure has risen drastically within the past few months. Over 1.5 million homeowners have entered delinquency, struggling to make mortgage payments. The number of foreclosures increased almost 10% in the fourth quarter. Likewise, the number of homeowners who have completed short sales, where the lender agrees to accept less than is owed, has increased.

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Short Sales v. Deed in Lieu of Foreclosure

by Allison I. Scollar on March 2, 2010

A short sale is when a home is sold for less than the mortgage amount and the remaining loan is usually forgiven. However, most lenders have recourse language in the mortgage, which entitles the bank to go after the borrower personally. Even though the bank gets a percentage of its money in a short sale, they still have the right to personally seek borrowers for the difference and costs. Short sales can also have a very damaging effect on a borrower’s credit.

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Impermissible Use of Reserve Funds is on the Rise

by Debra J. Guzov on February 12, 2010

Many developers have fallen hard over the past few years due to projects that just didn’t meet up to expectations. It is not uncommon to find condominiums with only a handful of units sold. Certainly, all of this leads to cash-flow concerns. Unfortunately, it has also led to allegations of wrongful misappropriation of reserve funds.

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GO Litigators Win Dismissal of Suit Against a Financial Services Client and its Officers

by Anne W. Salisbury on January 28, 2010

A GO litigation team prevailed on behalf of one of its financial services clients in a lawsuit filed in New York State Supreme court against the client and several of its individual officers arising out of the Lehman Brothers bankruptcy.

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New York City Gone Green

by Debra J. Guzov on January 8, 2010

New York City has officially gone green. Mayor Michael Bloomberg has recently declared that the City Council has passed a landmark package of green building legislation. The new legislation supports efforts to significantly reduce New York City greenhouse gas emissions.

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