Good news from Supreme Court for NYC renters - rent control stays in place

A lawsuit filed by property owner in New York City went against them at the US Supreme Court. The issue, whether NYC's rent stabilization law requiring landlords to accept rents that are below market value is an unconstitutional taking of property prohibited by the 5th Amendment to the Constitution. The court said it was not. As reported by the New York Times,

Tenants in nearly a million apartments subject to New York City’s rent regulations could breathe a sigh of relief on Monday. The United States Supreme Court, after indicating it might be interested in hearing a challenge to the regulations, decided to let them stand. As is customary when the court declines to hear a case, the justices gave no reasons. There were no published dissents. Perhaps one in a hundred petitions seeking review by the court is granted, meaning that the decision not to hear the case sent no larger message.

The suit did not directly challenge the rent control law, an older system that applies to far fewer tenants. The Harmons said that requiring them to accept below-market rents amounted to an unconstitutional taking of their property.

“We still believe that the Constitution does not allow the government to force us to take strangers into our home at our expense for life,” Mr. Harmon said in a statement issued after the court turned down the case on Monday. “Even our grandchildren have been barred from living with us. That is not our America.”

Obviously, New York City and State officials were delighted with the outcome. Renters vote, too, you know.

Read the full article here.

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if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

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Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com

Good advice about partner's bankruptcy

Bankrate.com's bankruptcy adviser has a timely article on the effect of your partner's bankruptcy.

Dear Bankruptcy Adviser,
I am going to marry someone who has filed bankruptcy. He gave up his house as part of the bankruptcy and came to live with me. His bankruptcy has since been discharged. My house is all paid for, and I have no debts other than a car loan, which I can easily cover. I have an excellent credit rating and have never gotten into difficulties financially. Will there be any problems for me once we are married?

Excellent question, I think.  Here's more,

It's smart to be concerned that your positive financial credit history could be affected by his negative one. I would suggest not putting him on any of your accounts for the foreseeable future. You might want to open up a joint checking account, but try to keep your finances separate until he has recovered his credit rating.

At the end of the day, the goal is to rehabilitate your partner's credit without dragging you down into the muck an mire.

Read more: Make Sure Fiances Bankruptcy Wont Affect You

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com

Mortgage interest rates to rise due to hidden fee

Loan fees are about to rise, and you won't even know it.  The fee in question is a guarantee fee collected by Fannie Mae and Freddie Mac that is part of the interest rate you pay.  It's not set forth on the settlement statement because it does not have to be disclosed.

According to the New York Times,

INSIDE the interest rate quoted on your home lies a small hidden fee that has been charged by government-sponsored entities like Fannie Mae and Freddie Mac for more than three decades. It’s an add-on rate known as the guarantee fee.

Everyone has to make a living, including Fannie Mae and Freddie Mac, don't you think?  But just think of the fees collected over the years that seem to have been squandered in the so-called "sub-prime crisis."  In any event, it means a small rise in interest rates is coming in the days ahead.

Read the full story here.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com

Sometimes “let’s make a deal” works to sell a house.

Fairfield nj title agency refinance stephen's title agency llc

The New York Times Antoinette Martin writes about “Going Beyond Price Cuts” on February 12, 2012.

“A PERSISTENT recession in house sales has led to a surge in “concessions” for buyers. In listings and brochures, and most recently through a program started up on Zillow.com, real estate agents are trumpeting the news: even sellers who have reduced asking prices by a lot are often willing to do more.”

“That means contract concessions, in which sellers may agree to cover a buyer’s closing costs, provide a gift card for a certain amount, pay in advance for renovations, or even subsidize taxes by allocating funds from their proceeds at closing.”

One of the keys is that the seller has to be creative.  Taxes too high?  Pay some of them on a going forward basis.  Buyer is a little cash strapped?  Give them cash.

The house must still fully appraise, but, hey, isn’t that what life’s all about.

Read the full story here. 

Do you have a story about concessions?  If so, we’d like to hear from you.  Please post your comment below.



For your next title order or
Despite what you may have read to the contrary about concessions, “as long as concessions are written into a contract” and are clearly disclosed on the HUD Settlement Statement, … many banks in New Jersey are approving mortgage loans with up to 3 percent of purchase price in seller concessions.”  FHA loans can be approved with concessions as high as 6 percent.

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com