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 Flagstar Bank v. Walker wherein the Court held that the statutory good faith standard for a CPLR 3408 Foreclosure Settlement Conference is 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.
Monday, December 17, 2012
Thursday, December 13, 2012
Highlights:
- >1.1 million homeowners have received a permanent modification through HAMP.
- 74% of non-GSE borrowers entering HAMP in October, 2012 received a principal reduction
- >78,000 HAFA short sales have been completed
To read the full report, click here.
The report contains a lot of positive news and those seeking relief from mortgage nightmares should be encouraged.
Tuesday, December 11, 2012
Salespersons - Listen Up!
- Your license is regulated by the Department of State, New York (DOS) and NOT by any real estate school or trade organization.
- Ethics courses are NOT required to maintain your real estate license with the Department of State, New York (DOS).
Learn the Facts: Real Estate Continuing Education in NY
Every 2 years, licensed real estate brokers and salespersons in the State of New York are required to take 22.5 continuing education credits. The ONLY mandatory class requirement is at least 3 hours of instruction pertaining to fair housing and/or discrimination in the sale or rental of real property or an interest of real property, within the 2 - year period immediately preceding a renewal.
Exemptions: Licensed
Real Estate Brokers who are engaged full time in the real estate business and
who have been licensed for at least 15 consecutive years immediately preceding
license renewal. This exemption must have been met prior to July 1, 2008. An attorney admitted to the New York State
bar is also exempt from the Continuing Education Requirement.
Ethics
Ethics training is NOT a required course for a Real Estate Broker or Salesperson to maintain their license in full force and effect with the Department of State, New York. Ethics courses may be required by your local Board (trade organization), but are not required to maintain your license with the Department of State of New York.
