Attorney-at-Law

FLIP THIS CONDO

In Uncategorized on 06/08/2016 at 15:27

No, this is not a promo for a new TV series I’m trying to flog, so as to become a big-time producer and avoid mortgage closings.

Here Judge Lauber tries to help struggling homeowners Michael A. Rohde & Sophia M. Rohde, Docket No. 8758-15L, filed 6/8/16, caught between the battling SOs.

The Rohdes filed timely, didn’t pay, and got the usual NITL. They went to Appeals, asked for an IA, but the SO sustained in full because the Rohdes missed some estimateds. But the Rohdes petition because, for two other years, another SO gave them a “…’Sixty Day Extension of Time to Pay,’ in part to enable them to pursue sale of a two-bedroom condominium they own in Manhattan.” Order, at p. 1.

I checked it out online, and it’s about seven blocks from where I live, so I reckon, but do not guaranty, warrant or represent, that it might bring a decent piece of change, after the liens for unpaid common charges, transfer taxes, fees and costs are dealt with.

Judge Lauber gets the parties on the blower, and here is the upshot. “Petitioners informed the Court that they were in the process of selling the condominium and that, once it is sold, they will have the funds to pay most (if not all) of their tax liabilities. Petitioners stated that their real estate agent had advised them to perform some renovation to the condominium in order to maximize the sale price, and that the construction should be completed soon, at which point the unit will be listed for sale.” Order, at p. 2.

So Judge Lauber puts the case on status track with 30-day reporting requirements.

But lest the Rohdes get too elated, “(W)e advised petitioners that, if there is no progress in the near future toward listing the condominium for sale, the Court will proceed to rule on respondent’s motion for summary judgment or, in the alternative, place the case back on a trial session.” Order, at p. 2.

Takeaway- Here’s a blueprint that might work if your clients have some equity but little cash.

 

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