Andrew Lieb discusses updates to Lieb School and Adverse Possession issues on 88.3FM Real Life with John Christopher.
Click here to Listen to Interview
Click here to Listen to Interview
Monday, June 20, 2016
The Making Home Affordable (MHA) Program, which was launched in 2009
to assist millions of distressed homeowners facing foreclosure, is set to
expire on December 31, 2016. Under this program, homeowners with non-GSE mortgages
(i.e. mortgages not owned or guaranteed by FannieMae or Freddie Mac) may apply and be reviewed for refinancing,
loan modifications, short sales, deeds-in-lieu, and unemployment assistance
with their lenders in accordance with stringent guidelines set forth in the Making Home Affordable Handbook. Many homeowners who were approved for loan modifications under
the Home Affordable Modification Program (HAMP) were also eligible for free HUD-approved credit counseling to assist them in creating
a household budget that lowers the risk of default in the future.
Previously set to expire on December 31, 2015, MHA was extended through 2016 due
to its widespread success and the continuing need for relief for millions of
homeowners nationwide. However, the number of applications under the MHA
program have declined overall in recent years due to both the stabilizing
housing market and drop in the unemployment rate. At the end of 2015, RealtyTrac
reported that there were 1,083,572 properties with foreclosure filings
nationwide—a significant drop from the peak of 2,871,891 properties with
foreclosure filings in 2010. As of May 2016, RealtyTrac reported a total of 896,913 properties in default, at
auction or repossessed by the banks.
The Obama administration has not yet
announced another one-year extension to the program through 2017, and it is
unclear at this time whether such an extension will be granted. The unknowns
that are involved with the looming presidential election make the possibility
of an extension even less clear. Though
the foreclosure rate is down, there is still a great need for the MHA program
for the many properties currently in foreclosure and the many millions more
that are still at risk for default.
Homeowners who are still facing the
possibility of foreclosure may apply for any of the foreclosure alternative
programs under MHA on or before December 31, 2016 deadline.
Though it is not necessary to have a
decision on the application for a loan modification, short sale, or
deed-in-lieu by the end of 2016 to be eligible under the MHA program, servicers
are required
under the MHA program to design
policies and procedures that ensure that permanent modifications are effective
by December 1, 2017 and short sales and deeds-in-lieu are closed by December 1,
2017.
Struggling homeowners should apply
now to take advantage of the foreclosure alternatives provided by the MHA
program before the deadline of December 31, 2016. If homeowners do not apply by
that date, they will be limited to applying for lender/servicer in-house
programs, which are usually limited in scope and may not be as affordable or
reasonable as the offers under the MHA program.
The candidates for the 2016 election should take a position on the possibility of extending the MHA program through 2017 in order to help the millions in foreclosure and in default.
The candidates for the 2016 election should take a position on the possibility of extending the MHA program through 2017 in order to help the millions in foreclosure and in default.
Thursday, June 16, 2016
The Department of State, New York (DOS) regulates NYS Real Estate Licenses. License Renewal must be completed online through the DOS eAccessNY Portal.
(Trade Organizations / Clubs / Schools DO NOT regulate licensees)
Helpful Tips: Licensees are required to complete 22.5 continuing education credits within a 2 year license renewal period.
New York Real Estate Salespersons and Brokers are regulated by the Department of State, New York (DOS) and are required to complete 22.5 Continuing Education credits within a 2 year license renewal period. License renewal dates can be found on the New York State Real Estate License (look for license expiration date).
As of 01/01/2017, Licensed NY Real Estate Salespersons and Brokers must take the following Continuing Education courses in their renewal cycle:
When renewing your real estate license through the DOS portal, you will be asked if you have completed your continuing education requirements. If you mistakenly answer "No", the DOS will not renew your license. Instead, answering "No" will automatically prompt an audit. The audit will require you to provide the DOS with all of your original course completion certificates.
(Trade Organizations / Clubs / Schools DO NOT regulate licensees)
Helpful Tips: Licensees are required to complete 22.5 continuing education credits within a 2 year license renewal period.
New York Real Estate Salespersons and Brokers are regulated by the Department of State, New York (DOS) and are required to complete 22.5 Continuing Education credits within a 2 year license renewal period. License renewal dates can be found on the New York State Real Estate License (look for license expiration date).
As of 01/01/2017, Licensed NY Real Estate Salespersons and Brokers must take the following Continuing Education courses in their renewal cycle:
- 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
- 2 Hours of Agency Disclosure for the initial two-year licensing term and at least 1 hour of Agency Disclosure in subsequent renewal cycles.
If you are grandfathered in, the new continuing education requirements do not apply.
- Draw your attention to this paragraph "The provisions of this paragraph shall not apply to any licensed real estate broker who is engaged full time in the real estate business and who has been licensed under this article prior to July first, two thousand eight for at least fifteen consecutive years immediately preceding such renewal."
When renewing your real estate license through the DOS portal, you will be asked if you have completed your continuing education requirements. If you mistakenly answer "No", the DOS will not renew your license. Instead, answering "No" will automatically prompt an audit. The audit will require you to provide the DOS with all of your original course completion certificates.
