Check out 88.3 WPPB Peconic Public Broadcasting tonight and tomorrow night (9/20 and 9/21) at 5:30pm.
Realife is hosted by John Christopher from Brown Harris Stevens. John will be interviewing Andrew Lieb concerning a multitude of issues facing Hamptonites in the real estate market.
Friday, September 20, 2013
Thursday, September 19, 2013
License Renewal FAQ: Credits and Certificates
QUESTION: Does Lieb School report my completed credits to the Department of State (DOS)? Am I responsible for sending my course certificates to the DOS?
ANSWER: Credits received from Lieb School count towards the 22.5 required from the DOS for license renewal. Certificates provided at each class serve as proof of credit hours (think of them as a receipt). After each class, Lieb School submits to the Department of State, Bureau of Educational Standards, all licensee information for successful completion of each course. Upon license renewal, the DOS will require the original signed certificates if you are selected for an audit. Make sure that you keep your certificates in a safe place. In the event of an audit, the DOS will cross reference the certificates with the student completion records received by each school. You are responsible for completing all 22.5 credits by your license renewal deadline date.
To learn more about license renewal click here.
ANSWER: Credits received from Lieb School count towards the 22.5 required from the DOS for license renewal. Certificates provided at each class serve as proof of credit hours (think of them as a receipt). After each class, Lieb School submits to the Department of State, Bureau of Educational Standards, all licensee information for successful completion of each course. Upon license renewal, the DOS will require the original signed certificates if you are selected for an audit. Make sure that you keep your certificates in a safe place. In the event of an audit, the DOS will cross reference the certificates with the student completion records received by each school. You are responsible for completing all 22.5 credits by your license renewal deadline date.
To learn more about license renewal click here.
Tuesday, September 17, 2013
Consumer Financial Protection Bureau getting into the Mortgage Modification Game
Incident to the Consumer Financial Protection Bureau's (CFPB) new mortgage rules, the Ability-to-Repay Rules, the CFPB also has created rules for delinquency notices, follow-up information for loss-mitigation, and forbearance plans. Its imperative that foreclosure defense counsel familiarize themselves with these rules prior to their effective in 2014.
The full final rule is available here.
Most interestingly is the "general ban on proceeding to foreclosure before a borrower is 120 days delinquent".
Also, important for mitigation specialists is the clear requirement that servicers provide notice of deficient document submissions incident to a modification application and an opportunity to cure. This should hopefully put an end to the days of we closed your file because we didn't get all of your documents - the fax shredder will be broken.
The full final rule is available here.
Most interestingly is the "general ban on proceeding to foreclosure before a borrower is 120 days delinquent".
Also, important for mitigation specialists is the clear requirement that servicers provide notice of deficient document submissions incident to a modification application and an opportunity to cure. This should hopefully put an end to the days of we closed your file because we didn't get all of your documents - the fax shredder will be broken.
Mortgage Foreclosure Alert: New Making Home Affordable Program Handbook Released - Version 4.3
To access the new Handbook for MHA, inclusive of HAMP and HAFA, 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.
This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comply.
Thursday, September 12, 2013
Seats Still Available - Mortgage Mania (Free CE in Hauppauge NY)
Mortgage Mania
It's time to learn the secrets in order to qualify for a mortgage. This seminar will begin with the basics, discussing everything from the definition of a mortgage to types of mortgages. You will learn who the players are at the bank and how their respective roles impact your deal. We will discuss the differences between a prequalification and a commitment and how to close your deal smoothly under the Real Estate Settlement Procedures Act. You will learn secrets that occur behind the scenes at the banks and how to navigate through issues with income, assets, credit scores, CO's, and open permits. This course will enable you to weed-out high-risk clients and to advise average credit score clients on structuring their applications to get approved. Let's prevent mortgage contingency clauses from killing our deals.Hours: 3
Location: Hauppauge, NY
Date: 10/09/13
Instructor: Andrew Lieb, Esq., MPH
Price: Free + Dinner Included
Class Sponsor: Citibank
ADVANCED ONLINE ENROLLMENT REQUIRED.
VISIT
Thursday, September 05, 2013
Participating in Foreclosure Settlement Conferences prevents Default Judgment against Mortgagor
In a strikingly important decision, the Supreme Court, Kings County, faced the issue of whether a Defendant who participates in Foreclosure Settlement Conferences, but did not Answer the Complaint, can be held in Default granting the lender judgment.
The Court held: "For the most part, caselaw is clear that, where a defendant makes an "informal appearance" within the time specified by CPLR 320(a), the defendant is not "in default," and a motion to enter judgment by default should be denied."
Practitioners and borrowers alike should read this decision and utilize it to advocate against judgments as many pro se defendants in the foreclosure arena participate in settlement conferences without formally answering.
The Court held: "For the most part, caselaw is clear that, where a defendant makes an "informal appearance" within the time specified by CPLR 320(a), the defendant is not "in default," and a motion to enter judgment by default should be denied."
Practitioners and borrowers alike should read this decision and utilize it to advocate against judgments as many pro se defendants in the foreclosure arena participate in settlement conferences without formally answering.
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