LIEB BLOG

Legal Analysts

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.

Wednesday, September 04, 2013

Special 4.5 Credit CE Class in NYC (To be Green or not to be Green? That is the question...)

Next Free NYC CE Class

Course: To be Green or not to be Green? That is the question...
Instructor: Andrew Lieb, Esq., MPH
Date: 10/18/13
Location: JPMorgan Chase on 47th and Park
Credits: 4.5
Price: Free + Lunch Included

Summary: 
New York City is a national leader in green buildings with PlaNYC. So, like it or not, green is a staple in the NYC real estate scene for years to come. Yet, what does green really mean? Did you know that the FTC has regulated the field and restricts what you can advertise as being "green"? You see, green is not just a buzz word anymore. Real Estate agents must understand governmental Codes / Ordinances, organizational certifications, and home construction standards prior to labeling property as being green. This continuing education course will also introduce you to mortgage options for going green as well as the NY-Sun Initiative. However, the crux of this course will illustrate the various ways that buildings can go green. Learn how green matters and how to leverage it in sales.  
 
ONLINE ENROLLMENT ONLY:  Enroll Today

Tuesday, August 27, 2013

Eating Hot - Now that's delicious

Monday, August 26, 2013

Foreclosure Requirements After 7/31/13

At the end of last month, the Governor signed into law Bill A5582-2013. This Bill added CPLR 3012-B and amended CPLR 3408. Effectively, this Bill eliminates prior rules with respect to attorneys filing the Attorney Affirmation pursuant to AO/413/11. Specifically, this Bill changes the time period for the requirement from accompanying the Request for Judicial Intervention (RJI) to accompanying the Complaint. As a result, a shadow docket can be eliminated of cases that were commenced, but cannot move to be assigned to a Judge. So, this is a great change in operations for foreclosures in this state. Additionally, it adds precise sanctions for failure at CPLR 3012-B(D) thereby taking out the guesswork for Judges that has plagued the State for the last years.

CPLR 3012-B now reads as follows:CERTIFICATE OF  MERIT  IN  CERTAIN  RESIDENTIAL  FORECLOSURE ACTIONS.  (A)  IN  ANY  RESIDENTIAL  FORECLOSURE ACTION INVOLVING A HOME LOAN, AS SUCH TERM IS DEFINED IN SECTION THIRTEEN HUNDRED  FOUR  OF  THE REAL PROPERTY  ACTIONS AND PROCEEDINGS LAW, IN WHICH THE DEFENDANT IS A RESIDENT OF THE PROPERTY SUBJECT TO FORECLOSURE, THE COMPLAINT SHALL  BEACCOMPANIED  BY  A  CERTIFICATE, EXECUTED BY THE ATTORNEY FOR THE PLAIN-TIFF, CERTIFYING THAT THE ATTORNEY HAS REVIEWED THE FACTS  OF  THE  CASEAND  THAT,  BASED ON CONSULTATION WITH AUTHORIZED REPRESENTATIVES OF THEPLAINTIFF AND THE ATTORNEY'S REVIEW OF  PERTINENT  DOCUMENTS,  INCLUDINGTHE  MORTGAGE,  SECURITY AGREEMENT AND NOTE OR BOND UNDERLYING THE MORT-GAGE EXECUTED BY  THE  RESIDENTIAL  DEFENDANT  AND  ALL  INSTRUMENTS OF ASSIGNMENT,  IF ANY, OR ANY OTHER INSTRUMENT OF INDEBTEDNESS, THERE IS AREASONABLE BASIS FOR THE COMMENCEMENT OF SUCH ACTION AND THAT THE PLAIN-TIFF IS CURRENTLY THE CREDITOR ENTITLED TO  ENFORCE  RIGHTS  UNDER SUCH DOCUMENTS. SUCH CERTIFICATE SHALL ATTACH A COPY OF THE MORTGAGE, SECURI-TY  AGREEMENT  AND  NOTE OR BOND UNDERLYING THE MORTGAGE EXECUTED BY THE RESIDENTIAL DEFENDANT AND ALL INSTRUMENTS OF ASSIGNMENT.(B) WHERE A CERTIFICATE IS REQUIRED PURSUANT TO THIS SECTION, A SINGLECERTIFICATE SHALL BE FILED FOR EACH ACTION EVEN IF MORE THAN ONE DEFEND-ANT HAS BEEN NAMED IN THE COMPLAINT OR IS SUBSEQUENTLY NAMED.(C) THE PROVISIONS OF SUBDIVISION (D) OF RULE  3015  OF  THIS  ARTICLE SHALL  NOT BE APPLICABLE TO A DEFENDANT RESIDENT OF THE PROPERTY SUBJECT TO FORECLOSURE WHO IS NOT REPRESENTED BY AN ATTORNEY.(D) IF A PLAINTIFF WILLFULLY FAILS TO PROVIDE COPIES OF THE PAPERS ANDDOCUMENTS  AS  REQUIRED BY SUBDIVISION (A) OF THIS SECTION AND THE COURTFINDS, UPON THE MOTION OF ANY PARTY OR ON ITS OWN MOTION  ON  NOTICE  TOTHE PARTIES, THAT SUCH PAPERS AND DOCUMENTS OUGHT TO HAVE BEEN PROVIDED,THE  COURT  MAY  DISMISS THE COMPLAINT OR MAKE SUCH FINAL OR CONDITIONALORDER WITH REGARD TO SUCH FAILURE AS IS JUST INCLUDING BUT  NOT  LIMITEDTO  DENIAL  OF  THE  ACCRUAL OF ANY INTEREST, COSTS, ATTORNEYS' FEES ANDOTHER FEES, RELATING TO THE UNDERLYING MORTGAGE DEBT. ANY SUCH DISMISSALSHALL NOT BE ON THE MERITS. 


Amended CPLR 3048 now reads as follows: (a) In any residential foreclosure action involving a home loan assuch term is defined in section thirteen hundred four of the real prop-erty actions and proceedings law, in which the defendant is a residentof the property subject to foreclosure, PLAINTIFF SHALL FILE PROOF OFSERVICE WITHIN TWENTY DAYS OF SUCH SERVICE, HOWEVER SERVICE IS MADE, ANDthe court shall hold a mandatory conference within sixty days after thedate when proof of service UPON SUCH DEFENDANT RESIDENT is filed withthe county clerk, or on such adjourned date as has been agreed to by theparties, for the purpose of holding settlement discussions pertaining tothe relative rights and obligations of the parties under the mortgageloan documents, including, but not limited to determining whether theparties can reach a mutually agreeable resolution to help the defendantavoid losing his or her home, and evaluating the potential for a resol-ution in which payment schedules or amounts may be modified or otherworkout options may be agreed to, and for whatever other purposes thecourt deems appropriate.