Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Saturday, August 04, 2012
Brothers File Lawuit To Stop Out-Of-Control NYC Co-Op Board From Booting Them From Apartment Their Now-Deceased Parents Lived In For 50+ Years
In New York City, the New York Post reports:
Don’t let the door hit you on the way out. An apparently heartless Greenwich Village co-op board is ousting the next generation of a family that has lived in its Fifth Avenue building for 57 years without an explanation, stunned residents say.
Michael Del Terzo, who had hoped to raise his own son in his childhood home, and his brother now have just six months to vacate the building.
“I don’t see this as an apartment. It’s just like anybody else who wants to hang onto their home,” a teary Michael Del Terzo told The Post. “I do not want this as a weekend getaway. I did not view this as, ‘Let’s try to turn a profit.’ I want this as my home.”
Del Terzo’s parents, Robert and Helen, first moved into 33 Fifth Ave. back in 1955, when Robert, a doctor and World War II veteran, opened a medical office on the first floor. Robert and Helen, a nurse, ran the practice for 30 years. At first, the building superintendent let them convert part of the space into a small studio apartment, but the couple quickly moved up to a fifth-floor apartment in the building.
They had two sons, and eventually expanded, renting the apartment next door in 1965. When the building went co-op in 1985, Robert Del Terzo closed his practice and happily bought his family’s home. “My parents, at age 70 and 71, they thought this would give us all more stability,” Del Terzo said.
The doctor died in 1988, and Helen stayed on, inheriting the co-op shares and living the next 22 years in the family’s combined apartments until she died there in November 2010, a day after her 96th birthday, with her family by her side.
While one son currently lives in the home with his family, the brothers agreed to transfer the co-op shares to Michael, a successful Pennsylvania urologist who plans on moving home to New York with his wife and 10-year-old boy.
The co-op requires any transfer of shares to get board approval. Expecting no trouble, Michael and his brother Robert submitted an application — and were stunned when they were rejected. “We had absolutely no inkling whatsoever” that the board would turn them down, Del Terzo said. “I just don’t get it.”
The decision is just plain mean, said Del Terzo’s lawyer, who has filed suit against the board in Manhattan Supreme Court. “This is a highly unreasonable, unfair thing, to lock these people out after 57 years. Who would think that’s the right thing to do?” attorney Jack Malley said. “There should be a twinge in their stomachs. It was a heartless decision.”
Co-op board president Nancy Cohen could not be reached for comment.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
<< Home