Making Home Affordable - New Handbook Available - Version 4.5

To access the new Handbook for MHA, inclusive of HAMP and HAFA, click here. While reviewing the Handbook you should be aware of the case of US Bank v. Sarmiento wherein the Court held that the statutory good faith standard for a CPLR 3408 Foreclosure Settlement Conference is whether the "totality of the circumstances demonstrates that the party's conduct did not constitute a meaningful effort at reaching a resolution", including compliance with the Handbook. To review the case, click here.

This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comply.

Listen To Podcast Of Andrew Lieb Discussing The Legal Implications of Canine Defecation on Real Life 88.3 FM

Andrew Lieb discussed Neighbor Issues on Real Life with John Christopher on 88.3 WPPB Peconic Public Broadcasting.

Learn the legal implications of what happens when your dog defecates on your neighbor's property.

Listen to the podcast here. 

The Making Home Affordable Program (MHA) has been formally extended 1 year

The Making Home Affordable Program (MHA), has been formally extended 1 year, through December 31, 2016, by Supplemental Directive 15-04. The program has been widely successful in providing affordable alternatives to foreclosure for millions of homeowners nationwide, and the extension through 2016 will provide relief to the millions more who will be in danger of falling behind on their mortgages in the next year.

This extension applies only to mortgages that are not owned or guaranteed by Fannie Mae or Freddie Mac and for applications that are submitted to the Lender on or before December 31, 2016. Though it is not necessary to have a decision on the application for a loan modification, short sale, or deed-in-lieu by the end of 2016 to be eligible under the MHA program, the transaction must close on or before September 30, 2017 if the borrower would like to receive incentive compensation, such as relocation assistance, payments for successfully completing a short sale or deed-in-lieu, or payments for making timely loan modification payments. Since the amount of relocation assistance that Lenders must offer has increased from $3,000 to $10,000 for all HAFA (short sales & deeds-in-lieu) transactions closing on or after February 1, 2015, borrowers must be mindful of the deadlines so that they may be eligible to receive this increased amount to assist them in moving costs.

This Directive also amends the MHA guidebook to allow servicers to establish a cap on the amount that they will pay to release the second mortgage liens, as long as the cap is not less than $12,000. It establishes a floor amount that borrowers may receive from their primary mortgage lenders to assist them in closing on their short sales or deeds-in-lieu.

These amendments ensure that borrowers will continue to have access to adequate relief through the MHA program.

Andrew Lieb Discusses Neighbor Issues and How to Resolve Them on Real Life 88.3 FM 5/22/15 at 5:30pm

Tune into 88.3 WPPB Peconic Public Broadcasting on Friday 5/22/15 at 5:30pm to hear Andrew Lieb and John Christopher discuss issues with neighbors and how to resolve them.

Andrew Lieb Discussing "Top 10 Changes in Real Estate Laws of 2014" at Nassau County Bar Association (CLE Credit Available)

Attention Nassau County Bar Association Real Property Law Committee Members - Andrew Lieb, Esq. will be speaking on ""Top Ten Changes in Real Estate Law of 2014" at the Real Property Law Committee meeting on Tuesday, May 26, 2015 at 5:30p.m. in the Founders Room at the Home of the Association.

CLE credit is available.