Starting January 2, 2022, borrowers negotiating a loan
modification have a right to a single point of contact at their lender.
On November 3, 2021, Governor Hochul signed BillS671 into
law, which amends Section 6-o to the banking law, and starting on January 3,
2022, upon written request by the borrower, lenders will...
Showing posts with label Mortgage. Show all posts
Showing posts with label Mortgage. Show all posts
Wednesday, November 10, 2021
Friday, July 02, 2021
02
Jul
On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation X of the Real Estate Settlement Procedures Act (RESPA) which aims to assist mortgage borrowers with a COVID-19 related hardship in seeking loss mitigation options and delaying foreclosure proceedings to encourage resolution...
Wednesday, June 30, 2021
The Town of Southampton has issued a new compliance protocol (Town Code at Chapter 262) for Foreclosure Plaintiffs in response to an increase in crime and deterioration in property appearance. The new law sets forth a Registration Scheme with new maintenance obligations:Homes are to kept free and clear of weeds, overgrown...
Thursday, June 03, 2021
03
Jun
A law that passed the House in May and is before the Senate (The Comprehensive Debt Collection Improvement Act or “CDCIA”) could force lenders to slam the breaks on issuing mortgages to co-op purchasers.This law reverses a 2019 decision from the US Supreme Court, Obduskey V. McCarthy, and would cause the Fair...
Wednesday, February 10, 2021
10
Feb
Here is the scenario - You are trying to sell a property and you order a payoff from your mortgage company, but that payoff quote comes in much higher than you believe that it should. You are in a real bind. You need to sell, but you don't want to overpay. What should you do?This is particularly problematic where...
