Attorneys don't need a real estate brokerage license to earn a commission. Yet, they can obtain a license by simply paying a fee without even taking the requisite 120 hour class or passing the exam. 

So, why should an attorney bother becoming licensed as a broker? The reason is that it both helps the attorney's clients to gain access to property and it also secures the attorney's ability to split a brokerage commission pursuant to a cooperative brokerage agreement.

Full article in The Suffolk Lawyer, written by Andrew Lieb, Esq. here. 

The U.S. Treasury Department has issued Supplemental Directive 15-06 “Making Home Affordable Program – Streamlined Modification Process”.

This new program is akin to the Streamlined Modifications already offered on GSE Loans. GSE or “Government-sponsored enterprise”, are privately held corporations for a public purpose such as Fannie Mae and Freddie Mac. These GSEs have had in place streamline modifications that Loan Servicers are mandated to offer to eligible borrowers. One draw-back in any type of modification with a GSE Loan is the fact that principal reduction is not offered.

This new directive is for Non-GSE Loans and the Loan Servicers and Lenders such as Chase, Citibank, Carrington Mortgage, Nationstar Mortgage and so many others. The streamline modification provides a modification opportunity to delinquent borrowers of Non-GSE Loans without the need to submit any docs or for any income verification. In fact, once a Loan Servicer has designated its pool of eligible borrowers a Streamline HAMP Trial Period Plan Offer will be issued to the Borrower. The only thing for the Borrower to do is make the first payment to enter into the trial period. This will greatly improve the approval process for those Borrowers that are directly designated and free up resources for those borrowers that may not be eligible by lessening the modification approval time frame. The bonus is that in Non-GSE modifications, principal reduction can, and may be included in the modification.

Eligible Borrowers will only learn of this from their Loan Servicers directly by mail. Be sure to keep an eye on all mail received from your Loan Servicer to see if you are in luck. Regrettably, if a Borrower does not fit within the specific eligibility pool they will be out of luck for streamline modifications.

Both buyers and sellers need to know what side a real estate salesperson is on in a transaction and also what duties they can expect from their real estate brokerage and salesperson while being represented.

Full article in Behind The Hedges, written by Andrew Lieb, Esq. here. 

Learn about real estate brokers' duty to disclose to those that they do not represent. Recent case creates more questions than it answers.

Full article in The Suffolk Lawyer, written by Andrew Lieb, Esq. here. 

Course:  Deal Killers - Don't Let Your Deal Die

Instructor: Andrew Lieb, Esq.

Date: July 29th, 2015 at 353 West 46th Street (between 8th and 9th avenue)

Course Summary: You get the client, spend months looking for the perfect deal, find it, negotiate it and send it to an attorney to close it. Then, what? It dies. Have you ever wondered if you could do anything differently to have more of your deals close? Learn some of the main reasons that deals die like issues with the Sales Agreement, Title, Escrow Deposit, Closing Date, Financing / Contingencies and the Seller’s Concession. Next, learn how to proactively save your deals and earn a commission. Knowledge is commission.

CE Credits: 3

To Register: Login to Your Lieb School Account and Click "Enroll" or "Join Waiting List"