Feedback from another satisfied RE client

“Thanks so much Kim and Jeremy for everything, you guys have been amazing to work with.  We appreciate all of your help and support and would be more than happy to tell our friends about you and we would always be happy to be a reference for you guys!

We look forward to working with you again, although not too soon, moving is stressful :-)” 

Protections for Tenants of Foreclosed Homes

Recently enacted Public Act 11-201 provides protections for tenants of foreclosed homes in Connecticut. The lender in a foreclosure action must now take title subject to the rights of "bona fide" tenants. Tenants with month-to-month leases must be given at least 90 days notice before eviction. "Bona fide" tenants who entered into a lease before the lender takes title must be allowed to remain until the end of the lease term, unless the lender sells the property to a buyer who will occupy it as his or her primary residence.
Courtesy of Steve Maggiola's "Title Tidbits."

In order to have a "bona fide" tenancy which qualifies for this protection, the tenant cannot be the mortgagor's child, spouse, or parent, and the lease must be the result of an arms-length transaction at a fair market rent.
The Act specifies that these provisions do not affect the termination requirements for any federal or state subsidized housing.

For Pet Owners/Animal Lovers!

What do you guys think? Recently, I helped out friends trying to recover against someone who caused the death of their 1 year old English Bulldog. Law says she was personal property, and the general rule in CT is that recovery is limited to the replacement value of the animal. Interesting article from a couple months ago was posted by a fellow CTLA member: http://www.ctlawtribune.com/ge​tarticle.aspx?ID=40084

Consequences of Budget Cuts to Judicial Branch

http://www.jud.ct.gov/external/news/BudgetPlan_071511.pdf

Landlord/Tenant

Be sure to have an attorney review any lease prior to signing so that you're aware of your (and the other party's) rights and responsibilities.  There are statutes in Connecticut that speak to many of these obligations, and are explained in a user-friendly manner at http://www.jud.ct.gov/.

http://www.victoriaferrara.com/

You have options when facing foreclosure.

We've been heavily involved lately in assisting clients that are experiencing financial difficulties and facing foreclosure. Whether foreclosure has commenced or you're looking for ways to avoid it, we can help. Whether it's guiding you through a modification, defending pending litigation, or both, please be aware that there is help available.

Short sales and deeds-in-lieu may be available if the client does not wish to keep the home.  While this is not ideal and often a last resort, it can help avoid deficiency exposure.

For those clients wishing to keep their homes, a modification may be available, depending on income and liabilities.  Navigating this process directly with the lender is often very difficult and time consuming outside of foreclosure, but if foreclosure has commenced, Connecticut has implemented a court-monitored mediation program where, based on a recent study, 2/3rds of individuals applying have been able to keep their homes.

We've been successful recently on behalf of our clients.  On April 4th, I was able to petition the Court to open judgment and postpone the sale until August when a sale was already scheduled for April 30th.  Yesterday, I argued on behalf of a client to reinstate her case to the mediation docket when the original deadline was missed.  This is why it's important to speak w/ an attorney to discuss options, and not miss an opportunity.

http://www.victoriaferrara.com/

Recovery for HVAC Client

Just settled a case for an HVAC client (very nice guy, does fantastic work) where the general contractor witheld payment.  It was a long time coming, so I am very happy to give the client the good news.

Make sure if you're a subcontractor to have a contract with your GC regarding payment terms!