LIEB BLOG

Legal Analysts

Monday, March 29, 2010

Appliance Warranties, Recalls, and General Information

2 Great sites to learn if your appliance has a warranty that you were unaware of or has been recalled. Before you get a new appliance, check these sites to learn about your old appliance:

1. http://registrycentral.com/
2. www.recalls.gov

Saturday, March 27, 2010

Lead Paint Renovation Regulation

Starting on April 22, 2010, contractors who preform renovations involving lead paint will be required to have been trained and take many precautions similar to what is done with respect to asbestos. Contractors will be required to construct containment zones, wear protective clothing, and utilize HEPA vacuums.

Contractors who wish to learn more about the training requirements, should click here.

While lead paint has been outlawed in the US since 1978, its estimated to be in approximately 80 million homes. So this is a really big deal and if you have an older home, this may drastically increase the cost of your renovation project.

For information about lead paint, click here

The EPA has issued this new regulations for renovations involving lead paint pursuant to the Toxic Substances Control Act. The EPA, Environmental Protection Agency, is part of the Executive Branch of government and consequently this is a regulation, not a law, but its effect is law in that it provides requirements for the administration of the Toxic Substances Control Act. To view the regulation, click here

It is also my belief that this new regulation is going to spur a host of lawsuits concerning personal injuries that result from lead exposure during construction. This belief is based upon the media coverage that lead related health issues are now getting. With my background in public health, I see this regulation as a great step forward, but at a large economical cost for the housing sector, which is already suffering.

Friday, March 26, 2010

Loan Modification Scam Alert

Approximately half of my law firm's loan modification clients had used a loan modification company before finding my firm. The stories we have heard make you want to cry. Taking money and doing nothing. Never calling the client back. Getting a modification for more money in monthly payments than what previously was required. Oh, it goes on and on. Non-attorneys should not be doing modifications. Why? For starters, they lack the necessary tools to get the job done. Like it or not, only an attorney can represent someone in Court. Guess what? Part of a foreclosure proceeding includes a Foreclosure Settlement Conference where a modification can be pushed by a Judge. Also, part of a Bankruptcy proceeding has a similar availability. Moreover, attorneys know about RESPA and the availability of a Qualified Written Request to compel the Bank to produce documents under threat of penalty. In all, attorneys can use the legal system to benefit their clients. Modification companies can just beg for lower payments. This simply does not work. Yes, its important to utilize a Cost-Benefit Analysis, to which a finance degree proves useful, but the finance professional should consult with the law firm, not take the client.

Lets take this a step further. Have you ever heard of a sale and buy-back? That is where someone promises to pay all of the mortgage payments if you just do the small insignificant thing of putting the Deed to the house in their name. That is crazy. In fact, there is legislation that regulates this practice called the Home Equity Theft Prevention Act.

So what should you do if you feel that you are a victim of a scam in the mortgage modification world?

Go to this great website and learn the answers - http://www.loanscamalert.org/

Thursday, March 25, 2010

Thank you Karen and the Bethpage FCU Family

Your hospitality was wonderful and the students were great. Thanks for a great class. Please post all follow-up questions from the class here and we will answer them asap.

Wednesday, March 24, 2010

Class Update

Looking forward to Thursday night and our first class hosted by Bethpage Credit Union from 5:30 AM to 8:30 PM. Come and learn about Home Inspections with our friend Matt Kaplan from Housemaster in our course entitled, "Discovering the Home Inspection".

Summary: This course will introduce the student to the field of home inspection while providing the student with a detailed understanding of many of the various structures in a home and items to red flag during a walk-through. The student will also learn how to decode the inspection report and determine if ancillary inspections are necessary. Finally, the student will learn how to utilize inspections to obtain leverage when negotiating. Knowledge is power.

Go to Liebatlaw.com to register

Thanks to all who attended our great class on commercial real estate this past Tuesday. Jennifer Pendzick, as usual, was a star lecturer.