New York Seller's Home Equity Theft Prevention Act Closing Affidavit is a type of sale contract used when selling a property in New York State. The affidavit is used to protect the seller from any potential home equity theft or fraud. It requires the seller to provide a written statement to the buyer that includes information about the seller's mortgage debt, property taxes, and any other liens on the property. The affidavit must also include a statement that the seller is not aware of any home equity theft or fraud against the property. There are two types of New York Seller's Home Equity Theft Prevention Act Closing Affidavit: one for cooperative apartments and one for non-cooperative apartments.
New York Seller's Home Equity Theft Prevention Act Closing Affidavit
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The Home Equity Theft Prevention Act protects the sellers who are selling their home in the default or foreclosure proceedings. This affidavit was designed to protect the homeowner from scams designed to take their home.
How to fill out New York Seller's Home Equity Theft Prevention Act Closing Affidavit?
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Twelve states currently allow home equity theft: Alabama, Arizona, Colorado, Illinois, Maine, Massachusetts, Minnesota, Nebraska, New Jersey, New York, Oregon, South Dakota, and the District of Columbia.
Section 265-a of the Real Property Law is intended to address instances of ?home equity theft? that occur when homeowners of residential property (defined as a 1?4 family owner/occupied residence) are in default on their mortgage payments or the property is in foreclosure, including the preservation of the equity in
Established by the Truth in Lending Act (TILA) under U.S. federal law, the right of rescission allows a borrower to cancel a home equity loan, home equity line of credit (HELOC), or refinance with a new lender, other than with the current mortgagee, within three days of closing.
The Home Equity Theft Prevention Act (HETPA, NY RPL §265-a) is a New York State law passed on July 26, 2006, to provide homeowners of residential property with information and disclosures in order to make informed decisions when approached by persons seeking a sale or transfer of the homeowner's property, particularly
Section 265-a of the Real Property Law is intended to address instances of ?home equity theft? that occur when homeowners of residential property (defined as a 1?4 family owner/occupied residence) are in default on their mortgage payments or the property is in foreclosure, including the preservation of the equity in
In Alabama, Colorado, Maine, Massachusetts, Michigan, Minnesota, New York, North Dakota, Oregon, and Wisconsin, governments not only keep the value of unpaid property taxes and interest from the sale of a seized home?they also keep the surplus value rather than returning it to the property owner.
A recent study from Pacific Legal Foundation dug into the numbers of this issue of ?home equity theft.? The report found that between 2014 and 2021, 7,900 homes were taken as payment on property tax debts.
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I have been to the Premises and the Premises are now vacant, or if the Premises are not vacant, the Seller is NOT occupying the Premises. 5. In order to buttress the affidavit, the contract of sale must be produced and examined.Home equity theft prevention. 1. AFFIDAVIT IN CONNECTION WITH REAL PROPERTY LAW § 265-a. Seller(s) represent that they are not now, nor will they be deemed at the time of closing, "equity seller(s)". New York Legal Forms. Affidavits. Agent for. HOME EQUITY THEFT PREVENTION ACT -. AFFIDAVIT IN CONNECTION WITH REAL PROPERTY LAW § 265-a. Since its inception, the Consumer Financial Protection Bureau (CFPB) has provided consumers with numerous ways to make their voices heard.
