Bronx, NY

The short answer is: Tenants are forced to make repairs on their own. The longer answer is: local and federal officials pass the buck over who should have to pay for such repairs. These tenants have no owners or managers to turn to. Today's Washington Post references the now legendary Ocelot Capital Group, which purchased and then abandoned about two dozen apartment buildings in the Bronx. The 25 buildings racked up thousands of Code C violations --the most serious kind -- from housing inspectors. How bleak have things gotten? Vandals stole the lock on the front door, giving squatters access to vacant apartments to sell drugs. (Might this be an indirect argument for drug legalization?) Plumbing in the building was disrupted after the squatters broke through the walls and stole pipes to sell as scrap metal. Not mentioned in the article is the bureaucratic tug-of-war behind the scenes. If a Fannie Mae-run auction had taken place as planned, a new buyer would ultimately be responsible for making the repairs. The City of New York, however, would have made the repairs in the interim, and charged the new owner accordingly. Sen. Chuck Schumer spearheaded the effort to shut down the auction, lest a new investor not timely make the repairs (read: New York City may have to foot the bill). If Fannie Mae stays on the hook, then Uncle Sam would foot the bill for the repairs.

One of the court-appointed receivers for Ocelot properties last month asked a state court to order Fannie Mae to pay him $20,000, saying the company had promised funds to fix life-threatening problems but failed to deliver. "My responsibilities are clear: collect rents, maintain the property and when it's dangerous, address it," said Marc A. Landis, the receiver, a real estate lawyer experienced in foreclosures. "When I don't have enough money to do that, the lender is supposed to step up to the plate." Brian Faith, a spokesman for Fannie Mae, wrote in an e-mail that the company is "concerned about welfare of the tenants," noting that it has spent $1.7 million to make repairs and provide oil, utilities and insurance, among other items. Other lenders maintain that tenants need not suffer, even if their buildings face foreclosure. "This is a business," said Jamie Woodwell, vice president of commercial real estate research for the Mortgage Bankers Association, a trade group. "The lender has every incentive to make sure . . . the property continues to operate, so that its value continues to be maintained."

In New York, housing analysts estimate that the number of apartment units in buildings at risk of default because of upside-down loans -- in which the property is worth less than is owed on the loan -- could range from 50,000 to 100,000.

This charming first floor, one bedroom, Parkchester Condominium offers a well-maintained unit that is in ideal move-in condition. The unit comprises a generous living room with 2 sunny casement windows and glossy parquet floors that extend throughout the entire space. The kitchen offers a stainless steel sink, ample cabinet storage and basic appliance package. This property is close to Castle Hill amenities, the six train station, several bus stops and stores. To directly access this property, use this shortcut: http://www.fizber.com/new-york-buy-condo-townhome-co-op-home-11649111.html

This DVD is scheduled to be released on November 24, 2009.

If you wish to reserve your copy now please e-mail KenTheRealtor@GMail.com with a request for how many you wish.

The price will be $14.00 which includes all shipping fees if mailed in the US.

This is going to be the same DVD that is sold in retail stores and mlb.com for $19.99,

I accept PayPal, Check, or Money Order

Beautiful 2 & 3br Parkchester condos, both completely renovated, low maintenance and affordable price, rounded by many stores, such as Macys, rainbow, payless, children place, baby’s place, Zale’s, Starbucks, Dunkin Donuts. To directly access this property, use this shortcut: http://www.fizber.com/new-york-buy-condo-townhome-co-op-home-11648946.html

Interest Rate will Go up possible to 7%,

Mortgage Rate are being held down by federal government to help stimulate the market, the government was active in purchase of mortgage-backed-securities over the year.

The goal was to control the interest rate, so home buyers can qualify for a mortgage but to end December 31, 2009 which will extend unit march 2010. So the private sector have to step up and provide mortgage , the government was comfortable lending 5% but the private sector will not see that as attractive.

•· National debt rising dramatically

•· Inflation looming down

•· Doesn't make good business sense to lend money for thirty year at five percent.

** New York Times just this past week said this about this issue:

"One of those things propping up the market has been the Federal Reserve, which has been buying mortgage-backed securities to keep interest rates low. As the Fed begins to wind down its purchases in the next few months, rates will become less enticing. Analysts expect them to rise to at least 6 percent from the current 5 percent."

If interest rate go up even by one percentage point, to six percent, as the New York Times suggests analysts are predicting, that will raise the cost of purchasing a home.

Some buyers are sitting on the fence right now, concerned that prices still might fall.In reality, even if prices fall another ten percent, if interest rates rise one percent, the buyer's monthly mortgage payment will actually be higher.

Call me or email me, I can connect you to the top agent your area.