As has been discussed at length on this forum and others, public policy on foreclosures shifts between periods of pro-borrower and pro-lender. To predict the next move of public policy its important to follow who makes policy. Just recently it was learned that President Obama will nominate North Carolina's chief banking regulator, Joseph A. Smith Jr. to run the agency that oversees both Fannnie and Freddie. To learn more about Mr. Smith, click here. It seems that he will be pro-borrower. Hopefully this can strengthen a pro-workout / modification culture where people can stay in their homes.

Attention Real Estate Agents: If you haven't taken the course Mortgage Mania, we are offering the class next week on 11/18 at 5:30pm at Bethpage Federal Credit Union. Advanced Registration is Required. Course is 3 Credits. To Register CLICK HERE

Mortgage Mania

Credits: 3 Hours

Instructors: Andrew M. Lieb, Esq., MPH; Karen R. Laurence

Summary: 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. Mr. Lieb will discuss the differences between a prequalification and a commitment and how to close your deal smoothly under the Real Estate Settlement Procedures Act. Mrs. Laurence (Mortgage Loan Officer) will share secrets that occur behind the scenes at the banks and let you know how to navigate through issues with credit scores. 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.


About the Instructors:

Andrew M. Lieb, Esq., MPH

Andrew M. Lieb is the Managing Attorney at Lieb at Law, P.C., a family-owned law firm with offices in Center Moriches and Manhasset, New York. In such, Mr. Lieb is licensed to practice law in the Courts of New York State and the Eastern District of New York. Mr. Lieb is further licensed as a Real Estate Instructor in New York State by the Department of State, Bureau of Educational Standards.
Mr. Lieb is also the founder and lead instructor of the firm's New York State licensed Real Estate School, which serves as the Pro Bono arm of Lieb at Law offering certified continuing education (CE) courses to Real Estate Professionals.
Mr. Lieb actively instructs New York State continuing legal education (CLE) classes, holds a Masters of Public Health, and is an Adjunct Professor at Nassau Community College. He's served as a Faculty Member of the Suffolk Academy of Law, and as an Associate Instructor at Indiana University in Bloomington. Mr. Lieb currently sits on the Board of Directors for Colonial Youth and Family Services, is the Chairman of Center Moriches High School Business Advisory Board, and is a Contributing Editor for both Homes of the Hamptons and Homes of Eastern Long Island magazines.


Karen Laurence, Mortgage Loan Officer

Karen Laurence currently serves as a Mortgage Loan Officer at Bethpage Federal Credit Union, focusing in residential real estate. With over 13 years in the industry, Ms. Laurence offers additional expertise in commercial lending and maintains certifications and licenses in Mortgage, Insurance, Real Estate and is also a Notary.
Ms. Laurence excels with first time home-buyers and refinancers, while her specialty is foreclosures and short sales, reverse mortgages, new construction, mortgage originations and refinancing.
Prior to working at BFCU, Ms. Laurence was a Branch Manager at Countrywide Home Loans, a corporate Loan Consultant at GMAC Mortgage, and held further roles in private and public institutions.
Ms. Laurence's professional affiliations include: Women's Council of Realtors, Long Island Center for Business and Professional Women, Huntington Township Chamber of Commerce, Long Island Builder's Institute, Huntington and North Nassau Chapters of the Long Island Board of Realtors.
Ms. Laurence received her Bachelor of Arts from the University Of Miami, Florida, where she majored in Psychology and minored in Mass Communications.

Learn about robo-signers, NY foreclosure cases, MERS, and Steven Baum. Read the depositions of robo-signers, the law on Regulation X, and RESPA. All available at stopforeclosurefraud.com

A number of documents by HUD providing guidelines for FHA workouts. Click here to view the page.

As promised at the Lieb at Law, P.C. Foreclosure Filibuster class last night in Bethpage, please find below a sample distressed property agreement. This sample is intended for use by individuals, corporations, partnerships, LLCs or other business entities that, directly or indirectly, solicit or undertake employment to provide consulting services to a homeowner for compensation or promise of compensation with respect to a distressed home loan or a potential loss of the home for nonpayment of taxes. It is not necessary that attorneys and other persons/entities use the same (please see N.Y.RPP.LAW § 265-b: NY Code - Section 265-B: Distressed property consulting contracts). Please be aware that the two (2) "Notice of Cancellation" provisions contained below are there by design. It is necessary, under the above law, to attach two (2) copies of the Notice of Cancellation provision to any sample distressed property agreement. Therefore, we've provided the same for your use. Here it is:

WHEREAS, “Homeowner” and Distressed Property Consulting Firm, who’s primary place of business is located at _____________________and telephone number is ________and fax number is________, are parties to a Consulting Agreement dated as of _____,__,201_; and;

WHEREAS, the Consulting Agreement provides the Services to be delivered by Distressed Property Consulting Firm (‘Consultant”) or such other persons as Consulting Firm may designate.

WHEREAS, the scope of this agreement entails that the Consultant provide services to help to achieve any of the following for homeowner:

(i) stop, enjoin, delay, void, set aside, annul, stay or postpone a

foreclosure filing, a foreclosure sale or the loss of a home for

nonpayment of taxes;

(ii) obtain forbearance from any servicer, beneficiary or mortgagee or

relief with respect to the potential loss of the home for nonpayment of

taxes;

(iii) assist the homeowner to exercise a right of reinstatement or

similar right provided in the mortgage documents or any law or to

refinance a distressed home loan;

(iv) obtain any extension of the period within which the homeowner may

reinstate or otherwise restore his or her rights with respect to the

property;

(v) obtain a waiver of an acceleration clause contained in any

promissory note or contract secured by a mortgage on a property in

foreclosure;

(vi) assist the homeowner to obtain a loan or advance of funds;

(vii) assist the homeowner in answering or responding to a summons and

complaint, or otherwise providing information regarding the foreclosure

complaint and process;

(viii) avoid or ameliorate the impairment of the homeowner's credit

resulting from the commencement of a foreclosure proceeding or tax sale;

or

(ix) save the homeowner's property from foreclosure or loss for

non-payment of taxes.

NOW, THEREFORE, in consideration of the foregoing premises and the covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto intending to be legally bound, hereby agree as follows:

(a) As consideration for Consulting Firm’s agreement to enter into this agreement and rendering the Services, homeowner shall pay to Consulting Firm at the conclusion of the Consulting Firm’s services a fee of $_______; with no payments being charged or accepted at any time prior to the completion of consultants services. Terms of payment shall be ____________.

(b) Except as specifically amended hereby, the Consulting Agreement shall continue in full force and effect unmodified and the parties hereby reaffirm the same.

IN WITNESS WHEREOF, this agreement has been executed by and on behalf of the parties hereto to become effective as of the day and year first above written.

Sworn to and subscribed

before me this _____day of ____2010

Notary Public

NOTICE REQUIRED BY NEW YORK LAW

You may cancel this contract, without any penalty or obligation, at

Any time before midnight of _____ (fifth business day after

execution).

(the "Consultant") or anyone working for the Consultant may not take any

money from you or ask you for money until the Consultant has

completely finished doing everything this Contract says the Consultant will

do.

You should consider consulting an attorney or a government-approved

housing counselor before signing any legal document concerning your

home. It is advisable that you find your own attorney, and not consult

with an attorney recommended or provided to you by the Consultant. A

list of housing counselors may be found on the website of the New York

State Banking Department, www.banking.state.ny.us or by calling the

Banking Department toll-free at 1-877-BANK-NYS (1-877-226-5697). The

law requires that this contract contain the entire agreement between you and

the Consultant. You should not rely upon any other written or oral

agreement or promise."

NOTICE OF CANCELLATION

Note: You may cancel this contract, without any penalty or obligation,

at any time before midnight of ______. (Enter date)

To cancel this contract, sign and date both copies of this cancellation

notice and personally deliver one copy or send it by facsimile, United

States mail, or an established commercial letter delivery service,

indicating cancellation to the Distressed Property Consultant at one of

the following:

Name of Contractor_________________________

Street Address_____________________________

City, State, Zip___________________________

Facsimile:_________________________________

I hereby cancel this transaction.

Name of Homeowner:_________________________

Signature of Homeowner:____________________

Date:______________________________________

NOTICE OF CANCELLATION

Note: You may cancel this contract, without any penalty or obligation,

at any time before midnight of ______. (Enter date)

To cancel this contract, sign and date both copies of this cancellation

notice and personally deliver one copy or send it by facsimile, United

States mail, or an established commercial letter delivery service,

indicating cancellation to the Distressed Property Consultant at one of

the following:

Name of Contractor_________________________

Street Address_____________________________

City, State, Zip___________________________

Facsimile:_________________________________

I hereby cancel this transaction.

Name of Homeowner:_________________________

Signature of Homeowner:____________________

Date:______________________________________