LIEB BLOG

Legal Analysts

Thursday, June 28, 2012

E-Recording at the County Clerk - Proposed Regulation

E-Recording at the County Clerk - Proposed Regulation
For all of you who are as happy as we are about E-Recording coming to your local County Clerk's Office in September of this year, you should take some time to read the Proposed Regulations that will govern the process by clicking here.

Stay tuned for the proposal to be filed in the State Register in order to make your comments and to help shape this important Regulation.
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Friday, June 22, 2012

The Origin of the name Lieb at Law, P.C...

The Origin of the name Lieb at Law, P.C...

Andrew Lieb, reveals how he came up with the name "Lieb at Law, P.C." as featured in CEO Blog Nation answering the question:  " HOW DID YOU COME UP WITH YOUR BUSINESS NAME?"


We Chose Something Catchy, Unique & Ethical

I operate a law firm in NY and names for firms in my State cannot be fictitious under ethics rules. Yet, who can remember all of the partners name for a firm? The list is often 3 pages long and says very little to the consumers except that each partner is self-important. So, I decided that we needed something catchy and unique, that said what type of business we are to the consumer, but that also complied with the restrictive ethics rules. Lieb at Law, P.C. is just that and has been approved by an ethics committee opinion letter and all of our clients. Why did you start your business? In my family you only have 1  choice of professions so I became an attorney. Yet, I am very entrepreneurial and wanted to carve my own niche. Therefore, I started a teaching law firm where we are a licensed school in our State with our attorneys serving as the school’s instructors. Just like a teaching hospital, my firm is on the cutting-edge of developments in our field because we teach the topics that we practice in a free educational setting for both attorneys and real estate agents. Our philosophy is that if every student passes on 1 lesson and educates 10 people in their community we have really achieved positive change for society and reduced unnecessary litigation.

Click Here to learn how other Entrepreneurs came up with their business name. 
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Thursday, June 21, 2012

HAFA EXTENDED THROUGH 2013

HAFA EXTENDED THROUGH 2013

The Home Affordable Foreclosure Alternatives (“HAFA”) Program has been extended through 2013 pursuant to Supplemental Directive 12-02. This extension is coupled with many changes to the Policies governing HAFA, effective June 1, 2012, which servicers shall implement immediately. They are, including but not limited to, the following:
1 )      Occupancy Requirements: None, although the following conditions exist: Borrower(s) must not have purchased another residential property in the previous twelve (12) months, nor can the property be owned or secured by a business entity.
      2 )      Relocation Assistance: $3,000.00 is limited to the primary occupant of the premises at the time of execution of the agreement (short-sale or deed-in-lieu). Occupants must vacate on or before closing. Vacant properties are ineligible for this option.
3 )      Second Lien Maximum: Increased from $6,000.00 to $8,500.00.
      4 )      Debt to Income Ratio: A borrower’s monthly mortgage payments are now permitted to exceed 31% of a borrower’s grossly monthly income, allowing a servicer to accept full payment to keep the borrower current on their mortgage.
5 )      Credit Bureau: If a deficiency is forgiven as a result of a short-sale or deed-in-lieu, the following Base Segment fields may be reported as follows, if applicable: Account Status Codes amended to 13 (Paid or closed account/zero balance) OR 65 (Account paid in full/foreclosure started).
The following amendments to HAFA should greatly improve its goal of assisting borrowers in need. Supplemental Directive 12-02 in its entirety can be found here:  https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/sd1202.pdf .
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Wednesday, June 20, 2012

Modify Rental Property Mortgages - HAMP Tier 2

Modify Rental Property Mortgages - HAMP Tier 2
Under the Making Home Affordable Program, Rental Property is a property that is used by the borrower for rental purposes only and not occupied by the borrower, whether as a principal residence, second home, vacation home or otherwise.

For rental property to qualify for HAMP, the following conditions must be met as well as many of the prior HAMP conditions:

  • >=2 mortgage payments must be due & unpaid;
  • Borrower owns <= 5 single family properties; 
  • Rental property at issue is currently occupied by tenant as a principal residence or is vacant; & 
  • Borrower certifies intent to rent property to tenant(s) for >=5 years following effective date of the permanent modification.
Interestingly, where a property is occupied as a principal residence by a legal dependent, parent or grandparent of the borrower but the borrower does not charge or collect rent, the property is nonetheless considered a "rental property". 

Also, there are no longer any occupancy / principal residency requirements under the HAFA Short Sale Program. 

These are fabulous additions to the Making Home Affordable Program.

Landlords, be sure to ask your rental home's lender about a possible modification if you are behind on your mortgage. Help is out there. 
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A Real Estate Networking Happy Hour at Dockers Waterside

A Real Estate Networking Happy Hour at Dockers Waterside
Two of my favorite people in our industry are hosting this fabulous event. If you have not yet experienced Dockers you are in for a treat. The event is hosted by Styled & Sold's Allegra Dioguardi and Mary Thames Louis Photography.

The invite reads:

Join us from 6:00 to 8:00 on Thursday June 21st at Dockers and enjoy the most beautiful sunset on the East End. Good conversation, free hors d'oeuvres and a cash bar with happy hour prices.
We would love a head count by Thursday morning so
Email allegra@styledandsold.com and just type "I'm in!" Feel free to bring a friend.


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