The New York Real Estate Journal recently interviewed Andrew Lieb, Esq on technology and legislative trends.
Read the full article here.
Read the full article here.
Friday, January 08, 2016
Flat fee MLS is a trend where a homeowner can pay a small fee (typically around $300), to list their For Sale By Owner home (referred to herein as “FSBO”), on the Multiple Listing Service (referred to herein as “MLS”). As a result, the homeowner can enjoy the best of both worlds in avoiding an approximate 4 to 6 percent commission, while nonetheless exposing their property to all of the clients and customers of licensed real estate brokers/brokerage firms throughout the region. However, the FSBO homeowner cannot directly place their home on the MLS on Long Island, but instead must pay a flat fee MLS vendor, who is also a real estate broker/brokerage firm (referred to herein as “MLS vendor”) for the privilege of using the MLS because only licensees of the service can list on the MLS.
Read the full article, written by Andrew Lieb, Esq. published in The Suffolk Lawyer.
Read the full article, written by Andrew Lieb, Esq. published in The Suffolk Lawyer.
Wednesday, January 06, 2016
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.
Wednesday, December 30, 2015
The President has extended the Mortgage Forgiveness
Debt Relief Act through the end of 2016 by signing Congress’ Spending
Bill
into law. As a result, the amount of money from a mortgage loan that is forgiven
incident to a short sale, foreclosure or deed-in-lieu of foreclosure will not
be taxable as income.
In the last week of 2014, the extension was passed and
then applied to all transactions that occurred in 2014, retroactively. Homeowners
closed transactions assuming that they were paying income tax on the forgiven
debt. As a result, homeowners elected not to pursue a short sale or
deed-in-lieu when it turned out to be their best strategic option.
Now that the law proactively extends throughout 2016,
homeowners in financial distress can list their homes for short sale, or work
out a deed-in-lieu with their lender, without the fear of being hit with a
severe income tax bill.
Another important provision of the Spending Bill,
beyond the Mortgage Forgiveness Debt Relief Act extension, concerns mortgage
insurance premiums, which are required for mortgage loans that exceed 80% of
the purchase price of a home (and is required to be paid until the loan balance
goes below 80% of the purchase price). Pursuant to the new law, premium
payments can now be deducted from borrower’s income tax, in the same manner as
mortgage interest, through 2016. This will continue to encourage homeowners who
may not have the funds for a 20% deposit to still be able to purchase a home.
Wednesday, December 23, 2015
We know that you will never want education from anywhere else after you try it!
Lieb School's leading distance education combines the latest interactive technology, license law education and continuing edutainment. Take Lieb School online courses on-the-go on PCs, Macs, iPads or Tablets.
The first class offering is Divorce Deals ONLINE worth 4.5 Credits (having taken a live class on a topic does NOT prevent earning credits from the online class).
Watch out! Divorce Deals are terrific fun, but full of challenging obstacles that can cause you headaches and expose you to liability if you aren’t prepared. Ever work with divorcing spouses before? Then you know. Good luck getting them to agree on anything.
Divorce Deals ONLINE is an adaptation of the live class Divorce Deals offered by Lieb School. This 4.5-hour distance education course is designed to teach New York real estate brokers and salespersons how to navigate through all the complexities of divorce deals.
This course is instructed by premiere lecturer and attorney Andrew M. Lieb, Esq., MPH, who combines video footage of live class segments with visuals, study guides, and quizzes in order to optimize your understanding of the intense materials. It is delivered in an asynchronous model to allow for accessibility whenever and wherever you find convenient while also offering note-taking and in-class comment features to provide opportunities for feedback, questions, and discussions.
Unlike the 3-credit live class, this course accounts for 4.5 credits of the total 2-year requirement of 22.5 credits for license renewal, thereby allowing you to satisfy more credits with just one class. A divorce can pull everyone and everything into its grasp. This course will offer the tools that you need to handle those intricacies while earning your commission.
Lieb School's leading distance education combines the latest interactive technology, license law education and continuing edutainment. Take Lieb School online courses on-the-go on PCs, Macs, iPads or Tablets.
The first class offering is Divorce Deals ONLINE worth 4.5 Credits (having taken a live class on a topic does NOT prevent earning credits from the online class).
HOW TO SIGN UP FOR LIEB SCHOOL ONLINE CLASSES
- Click here to create a new Online Classes Account
(a new online classes account is required for first time users) - Login, click "CATALOG" (on the upper right hand side of page)
- Add course to shopping card: Divorce Deals ONLINE
Divorce Deals ONLINE is an adaptation of the live class Divorce Deals offered by Lieb School. This 4.5-hour distance education course is designed to teach New York real estate brokers and salespersons how to navigate through all the complexities of divorce deals.
This course is instructed by premiere lecturer and attorney Andrew M. Lieb, Esq., MPH, who combines video footage of live class segments with visuals, study guides, and quizzes in order to optimize your understanding of the intense materials. It is delivered in an asynchronous model to allow for accessibility whenever and wherever you find convenient while also offering note-taking and in-class comment features to provide opportunities for feedback, questions, and discussions.
Unlike the 3-credit live class, this course accounts for 4.5 credits of the total 2-year requirement of 22.5 credits for license renewal, thereby allowing you to satisfy more credits with just one class. A divorce can pull everyone and everything into its grasp. This course will offer the tools that you need to handle those intricacies while earning your commission.
