LIEB BLOG

Wednesday, May 01, 2013

Mortgage Foreclosure Alert: New Making Home Affordable Program Handbook Released - Version 4.2

Andrew M. Lieb, Esq., MPH Foreclosure Defense , HAFA

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.

President Broker is no more - DOS bans use of corporate titles

Andrew M. Lieb, Esq., MPH DOS , Lieb School

This past Friday, the NYS Department of State provided an Opinion Letter stating that the use of corporate titles by real estate agents, who do not actually hold such related authority, is misleading and impermissible.

On Friday evening attorneys and senior management at brokerage houses throughout the State were scrambling to address this issue immediately as many companies give out titles based upon agent's earnings as a reward as opposed to an implied authority and the companies needed to have a plan of action to address this change of understanding of Real Estate License Law.

Somehow the news got a hold of this Opinion Letter and now it is flying around at a rampant pace. So, what you should know is that your company can no longer permit you to utilize titles such as President, Vice President, Senior Vice President, Chairman, Vice Chairman, Managing Member, Director, Managing Director or anything else that is contained in the Business Corporation Law or Limited Liability Company Law as a term that implies authority. Instead, companies need to utilize titles without any correlated authority that does not exist.

Some articles flying around are:

The Real Deal - Brokers with false titles must now toe the line, regulators say
The Wall Street Journal - Titles Could Change for Some Real-Estate Brokers

Yet, there is no need to read the news, instead read the Opinion Letter for yourselves and understand why your companies are doing what they have to.

Mold Facts from Mold is Money

Andrew M. Lieb, Esq., MPH Lieb School , Mold is Money

Thank you to all of our students who attended last week's continuing education course, Mold is Money.

At the class we were asked two (2) questions that we promised a blog follow-up so here goes:

1. Drywall has an overlay on both sides of the sheetrock to allow for taping and spackling, but remember to keep the treated side pointed toward the outside of the structure to avoid mold.

2. There are many different mold remediation certifying bodies and types of certifications out there. Below are what we believe to be the top 3 certifications.

- American Council for Accredited Certifications (ACAC). They have:

- Certified Indoor Microbial Remediator (CMR)

- Certified Indoor Environmentalist (CIE) ( I have this cert.)

- Professional Mold Inspection Institute

- Certified Residential Mold Inspector (CRMI)

- Certified Commercial Mold Inspector (CCMI)

- Certified Mold Remediator (CMR)

- Institute of Inspection Cleaning & Restoration Certification (IICRC)

- Mold Removal Specialist (MRS)

If there are any other questions please feel free to contact our Mold Instructor, Scott Perry, CIE at (516)983-6841 or iaqtec@aol.com