570 Yonkers Avenue, Yonkers, NY 10704   Tele: (914) 965-1011  Fax: (914) 965-0019
James G. Dibbini & Associates, P.C.
  • Home
  • The Firm
  • Practice Areas
    • Evictions & Landlord Tenant Matters >
      • Nonpayment Proceedings >
        • Starting a Nonpayment Proceeding
        • Notice of Petition and Petition
        • Jurisdiction
        • Judgment of Possession and Warrant of Eviction
      • Holdover Proceedings >
        • Starting a Holdover Proceeding
        • Use and Occupancy Payments
        • Notice >
          • Predicate Notice
          • Notice to Cure
          • Notice to Vacate
        • Types of Holdover Proceedings >
          • Non-Primary Residence Litigation
          • Owner Occupancy Proceedings
          • Unauthorized Occupants
          • Overcrowding of Premises in Violation of Local Code
          • Unauthorized Pets
          • Unauthorized Alterations or Repairs
      • Marshal's Notices
      • Other Eviction Issues >
        • Rent Regulation Laws >
          • Rent Stabilization >
            • Emergency Tenants Protection Act of 1974 (ETPA)
            • Ability to Modify a Rent Stabilized Lease
          • Rent Control
        • Late Payment or Nonpayment of Rent
        • Ability to Charge and Collect Late Fees
        • Tenant Habitability
        • Apartment Succession Rights
        • Rent Collections
      • Motion Practice >
        • Order to Show Cause
      • Licensor/Licensee Actions
      • Section 8 and Other Public Assistance >
        • Other Housing Agencies
      • Emergency Relief >
        • Stay of Evictions
        • Yellowstone Injunction Actions
        • Emergency Access
    • Leases >
      • Commercial Leases >
        • Personal Guaranty
      • Residential Leases >
        • Unregulated Property
        • ETPA New Standard Lease Addenda
      • Subleases and Assignments >
        • Landlord Consent to Sublease or Assignment
    • Litigation >
      • Court System
      • Breach of Contract
      • Partition Action
      • Property Disputes >
        • Easements
        • Adverse Possession
        • Title Actions
      • Foreclosures
      • Enforcement of Promissory Notes
      • Negligence Defense
    • Division of Housing and Community Renewal Representation >
      • Division of Housing and Community Renewal
      • Other Divisions and Units Under the DHCR
      • Apartment Registrations
      • Rent Regulated Property
      • Rent Overcharge Proceedings
      • Succession Rights
      • Deregulation of Rental Property >
        • Destabilization
        • Major Capital Improvement Increases
        • Vacancy Decontrol
        • Luxury Decontrol
      • Technical Compliance by Landlords of Rent Increases
      • Owner Occupancy Proceedings
      • Non-Primary Residence Litigation
      • Surcharges for Tenant-Installed Appliances
    • Administrative Hearings >
      • Petition for Administrative Review (PAR)
      • Tenant Protection Unit Audits
    • Appellate Practice >
      • Article 78 Proceeding
    • Cooperative Apartments >
      • Cooperative Eviction Proceedings
      • UCC Article 9 "Foreclosure" Sales
      • Subleasing Your Cooperative
    • Code Violation Hearings
    • Other Real Property Matters
  • Client Reviews
  • Media
    • Newsletters
    • Blog
    • Videos
    • Presentations
  • Contact Us
  • Resources
    • Forms and Helpful Links
    • Tips for Landlords in New York
  • Community Outreach
  • Current Events

To All Westchester Property Owners and Landlords: Westchester Rent Guidelines Board Approves Rent Increases

6/25/2015

0 Comments

 
Starting October 1, 2015, property owners of rent-stabilized apartments in Westchester County will be able to increase their legal rents. The Westchester County Rent Guidelines Board approved an increase for one year leases from 1.5% to 1.75% and an increase for two year leases from 2.5% to 2.75%. For units where heat and hot water are not included, the owner rates are 1.4% for a one year lease term and 2.2% for a two year lease term. The vacancy increase will remain 20% for two year vacancy leases and 19% for one year vacancy leases. 

Westchester County has more than 25,000 rent stabilized apartment units with the majority of these units located in Yonkers, Mount Vernon and New Rochelle. These communities along with 15 other municipalities in Westchester County have adopted the Emergency Tenant Protection Act of 1974 (ETPA) and are subject to the rent adjustments by the Westchester County Rent Guidelines Board. The following municipalities subject to the ETPA in Westchester are: Croton, Dobbs Ferry, Eastchester, Greenburgh, Harrison, Hastings, Irvington, Larchmont, Mamaroneck Town, Mount Kisco, Mount Vernon, New Rochelle, Pleasantville, Port Chester, Sleepy Hollow, Tarrytown, White Plains, and Yonkers. 

Property owners of rent-stabilized buildings are required to submit rent registrations each year to the Division of Housing and Community Renewal and these registrations include the current rent and the rental increase. If property owners charge more than the legal rent, they can be subject to serious and costly penalties.

Collectively, the attorneys at James G. Dibbini & Associates, P.C. have over 20 years of experience helping property owners and landlords understand their rights under the ETPA, increase their legal rents and ultimately destabilize their apartment units so they are no longer subject to these rent increase rates. To learn more about whether these rent increases apply to your apartment buildings or if you have any questions regarding rent stabilization, give us a call at 914-965-1011 to set up a consultation. 

This James G. Dibbini & Associates, P.C. Blog post is a publication of James G. Dibbini & Associates, P.C. All Rights Reserved. Quotation with attribution is permitted. This blog post offers general information and should not be taken or used as legal advice for specific situations, which depend on the evaluation of precise factual circumstances. Please note that James G. Dibbini & Associates, P.C. does not undertake to update its publications after their publication date to reflect subsequent developments. Prior results do not guarantee a similar outcome. This publication may contain attorney advertising.

0 Comments

Ways to Stop Paying For Private Mortgage Insurance

6/19/2015

0 Comments

 
Are you wasting money on Private Mortgage Insurance? Private Mortgage Insurance (PMI) protects lenders against loss if a borrower defaults. You are most likely paying for PMI if your mortgage on your home was 80% or more of the purchase price. The cost of PMI is added to your monthly mortgage payment and costs about .25% to 2% of your loan balance per year which can be a significant amount of money. However, you don't have to pay for PMI forever. The Homeowners Protection Act of 1998, which applies to new mortgages originating on or after July 29th 1999, states three ways PMI can be canceled or terminated. Please note that the following do not apply if you are behind on any mortgage payments:

 (1) Borrower Cancellation
You can send a written request to your lender if your mortgage has reached 80% of your home's current value. This can happen in the following ways.     
        (a) Pay the mortgage down to 80% of the original purchase price and your home has not decreased in value.
       (b) There is a sufficient increase in home value. You can cancel PMI if the increase is sufficient to reduce the mortgage to 80% or less of the current value of your home. An increase in value can be the result of home improvements or a natural rise of home prices in your area.  

 (2) Automatic Termination
Even if you do not request cancellation, your lender must terminate PMI when you pay down the mortgage to 78% of the original purchase price.  Here, home value is based solely on the original purchase price. Thus, your lender must terminate PMI even if your home has decreased in value.

 (3) Final PMI Termination
Your lender must terminate PMI when you have reached the midpoint in the repayment schedule of your loan. For example, on a typical 30 year loan, if a borrower has paid all mortgage payments through 15 years, the lender must terminate PMI.

 Please note that if your loan is guaranteed by the Federal Housing Administration or Department of Veterans Affairs, these rules generally won't apply.  If you have questions about mortgage insurance on an FHA or VA loan, you should contact your servicer.

James G. Dibbini & Associates, P.C. has over 20 years of experience helping homeowners protect their interests and save money. If you need help cancelling PMI, or believe it should be terminated, give us a call at (914) 965-1011 or email us at jdibbini@dibbinilaw.com to learn more. 

This James G. Dibbini & Associates, P.C. Blog post is a publication of James G. Dibbini & Associates, P.C. All Rights Reserved. Quotation with attribution is permitted. This blog post offers general information and should not be taken or used as legal advice for specific situations, which depend on the evaluation of precise factual circumstances. Please note that James G. Dibbini & Associates, P.C. does not undertake to update its publications after their publication date to reflect subsequent developments. Prior results do not guarantee a similar outcome. This publication may contain attorney advertising.
0 Comments

    James G. Dibbini & Associates, P.C.

    James G. Dibbini & Associates, P.C.is a full service real estate law firm focused on getting our clients results. 
    Our blog allows us to provide our clients and the public with updates and helpful information on current real estate issues.
    Please subscribe by clicking the RSS Feed below!

    Archives

    June 2015
    May 2015
    April 2015
    March 2015
    February 2015

    Categories

    All

    RSS Feed

JAMES G. DIBBINI & ASSOCIATES, P.C.
  • Home
  • The Firm
  • Practice Areas
  • Testimonials
  • Media
  • Resources

Se habla español.


© Copyright - James G. Dibbini & Associates, P.C.- ATTORNEY ADVERTISING. This web site is designed to provide general information only and to help in the choice of appropriate legal counsel. The information contained herein should not be construed as legal advice. Legal jurisdictions differ on major and minor aspects of the law and each legal situation is unique; requiring that all legal situations be addressed with qualified legal counsel. Prior results do not guarantee a similar outcome. Submitting or receiving information or questions through this web site does not create an attorney client relationship. No attorney client relationship will exist unless you meet with one of our attorneys and sign a retainer agreement. Please do not submit any information that is case specific, personal or confidential. If you have legal problem or issue you should always consult with a qualified lawyer experienced in the appropriate area of law. We would be glad to discuss your specific situation with you, should you so desire, by phone at (914) 965-1011. 
credit card
Our Office:
570 Yonkers Avenue, Yonkers, NY 10704
Tele: (914) 965-1011
Fax: (914) 965-0019


Proudly powered by Weebly
Photos used under Creative Commons from cb0w, cb0w