LIEB BLOG

Legal Analysts

Sunday, December 25, 2011

Merry Christmas & Happy Hanukkah to the 112,761 licensed real estate agents in NYS

Sources for statistic:
http://www.labor.ny.gov/stats/olcny/real-estate-salesperson.shtm
http://www.labor.ny.gov/stats/olcny/real-estate-broker.shtm

Currently there are 57,599 real estate salespersons in NY & 55,162 real estate brokers.

Tuesday, December 20, 2011

Fannie / Freddie Ex-Execs Charged

Six former execs, including two former CEOs, were recently charged by the SEC with misleading investors about sub prime loans. In essence, the suit charges that the group greatly underestimated the amount of sub prime loans it had on its books in 2007.

Yet, to be clear, this is not about misleading borrowers, but instead investors. So, all those homeowners out there cannot point to these charges as justice for their personal foreclosures. Instead, this suit is about selling the loans on the secondary market to investors who believed those homeowners / mortgagors / borrowers were more credit worthy than they actually were in the macro.

Its likely that this is not the end of these types of suits and no criminal charges have yet been filed.

Thursday, December 15, 2011

Expedited Permits for Solar Panels in Brookhaven

Recently, the Town of Brookhaven Town Code was amended to allow for the adoption of the Residential Solar Energy System Fast Track Permit Application Process. This will allow residents installing electric or hot water solar energy systems to use the universal forms which allow for an expedited permit application process. As a result, residents taking advantage of these amendments will benefit from a faster process, less paperwork, reduced expenses, and expedited approval from the Town.

To learn more:

Click here for the meeting minutes.

Specifically, Chapter 85 of the Code of the Town of Brookhaven, “Zoning” and Chapter 29 of the Code “Fees” were amended. Click here to view the amended changes.

Click here to review the press release.

Click here to access the Town of Brookhaven Forms.

Tuesday, December 13, 2011

Fannie Mae Eviction Moratorium - Happy Holidays

From December 19th, 2011 to January 2nd, 2012 you won't be evicted if you have been foreclosed upon in a Fannie Mae loan. The mortgage empire has spoken and you can read its words by clicking here. To be clear, this will not stop judicial eviction proceedings, just the actual act of eviction.

A good PR move by the mortgage empire, but not much substantively there. Yet, if you are facing eviction, Santa coming down the chimney one more time would be good for the kids.

Monday, December 12, 2011

Tax Foreclosure Hardship Exemptions Broadened

The Suffolk County Legislature has approved a law amending the allowable tax foreclosure hardship exemptions within the county. The additional exemption is for those grandparents providing monetary support for a grandchild currently residing with them in the household affected by the tax sale.

Context is needed to provide more of a background of what this actually means, and how it impacts the local community. Pursuant to the Suffolk County Tax Act, the county is “authorized to take real property for unpaid taxes”, though the homeowner has a chance to keep his or her home through a redemption process. If the property is not redeemed within a six month window after the county tax deed is recorded, a homeowner’s only recourse is to apply for a hardship exemption extending that window.


Before this new law was passed, only an illness to the applicant, the applicant’s spouse, parent, or child (including one that is adopted) was an acceptable hardship. By adding grandchildren to this list, the legislature has shown both a surprising awareness of its community’s changing familial structure, as well as the ability to efficiently address and correct an issue with current statute.


Current economics dictate that more and more families need to help each other out, generally resulting in the family unit containing multiple generations under one roof. Grandparents let their children move back into the family home, this time bringing along grandchildren in the process. Other times, a parent may not be in the picture at all. The grandparent then becomes the de facto parent, but does not qualify for the same exemption a biological parent would under the old law.


While it should be noted that only new applications for hardship under the law include the provision for grandparents, the Suffolk County Legislature made a simple and logical change to an existing law that stands to benefit many in the community.