Understanding Today’s Real Estate: Short Sales, Foreclosures and More 4/26

The ubiquitous “short sale” has changed the working environment for both the real estate attorney and the title insurance company. However, the short sale has affected the attorney and the title company in very different ways. What should the attorney do when the clients comes in and state that they want to sell (or buy) at a short sale? How does the title company view the short sale transaction?

This month’s presentation will offer both perspectives. Lora Fausett will present the short sale as viewed by the attorney. Dick Bales will examine the short sale through the lens of the title company.

April 12, 2012
Noon – 1:15 pm
Naperville Country Club

NATIONAL MORTGAGE SETTLEMENT

The Federal Government & Attorneys General have reached a landmark settlement with major banks. The agreement covers roughly $25 billion in relief for distressed borrowers, states and federal government. After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers:

Ally/GMAC
Bank of America
Citi
JPMorgan Chase
Wells Fargo Who May be Eligible for Assistance

Because of the complexity of the mortgage market and this agreement, which will be performed over a three-year period, borrowers will not immediately know if they are eligible for relief. Borrowers from states who did not sign the settlement will not be eligible for any of the relief directly to homeowners. Borrowers from Oklahoma will not be eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.

The settlement provides assistance for:

Homeowners needing loan modifications now, including first and second lien principal reduction. The servicers are required to work off up to $17 billion in principal reduction and other forms of loan modification relief nationwide.

State attorneys general anticipate the settlement’s requirement for principal reduction will show other lenders that principal reduction is one effective tool in combating foreclosure and that it will not lead to widespread defaults by borrowers who really can afford to pay.

Borrowers who are current, but underwater. Borrowers will be able to refinance at today’s historically low interest rates. Servicers will have to provide up to $3 billion in refinancing relief nationwide.

Borrowers who lost their homes to foreclosure with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process. $1.5 billion will be distributed nationwide to some 750,000 borrowers. Additional information is available at: http://www.nationalmortgagesettlement.com/help.

Lora Matthews Fausett P.C. ATTORNEY NAMED VICE CHAIR OF DCBA REAL ESTATE LAW AND PRACTICE COMMITTEE

Attorney Lora Fausett has been named the Vice Chair of the DuPage County Bar Association’s Real Estate Law and Practice Committee. The mission and purpose of the committee is to “keep the Association fully informed of all case law, statutory and regulatory changes in this area including administrative law in coordination with Legislative Liaison. Survey various corporate in-house departments as to which service the DCBA could provide to these attorneys. Promote positive public relations with large corporations. Ensure that DCBA members speaking publicly comply with Speaker’s Bureau rules, avoid personal editorial comments, and reading standard “DCBA Disclaimer” as approved by general counsel.”

Courtesy of http://www.dcba.org/legal-community/about/standing-committees

DuPage County Bar Association’s Judiciary Committee Issues Recommendations for Applicants for Associate Judge

Wheaton, Illinois — Colleen McLaughlin, President of the DuPage County Bar Association has released the recommendations just made by its Judiciary Committee which is responsible for reviewing the qualifications of those applicants seeking to fill the current DuPage County Associate Judge vacancy.

The recommendations are the result of an investigation and screening process conducted by the DuPage County Bar Association’s Judiciary Committee.
The Committee consists of a cross-section of 16 attorneys who are appointed for a three year term by the DCBA President and approved by the DCBA’s Board of Directors and three of the DCBA Past-Presidents. Several new Committee members are appointed each year based on expiration of terms. To ensure representation from a broad spectrum of its membership,DCBA’s bylaws require that the Judiciary Committee be comprised of a set number of members having practice experience in each of three categories (5-10 years, 10+, 15+).

Candidates are evaluated upon the following criteria: 1) legal knowledge and ability which includes professional experience; 2) integrity; 3) judicial temperament; 4) diligence and punctuality; and 5) health.

Following investigation and candidate interviews, the committee rates each candidate by one of the following categories: Highly Recommended, Recommended, or Not Presently Recommended.

The names of those candidates rated Highly Recommended are as follows:
• William Belmonte of Bloomingdale
• Alan J. Brinkmeier of Elmhurst
• Kimberly A. Davis of Winfield
• Robert E. Douglas of Carol Stream
• Nicholas J. Galasso of Wheaton
• Scott M. Hardek of Elmhurst
• John P. Kelly of Wheaton
• John J. Kohnke of Glen Ellyn
• Jeffrey S. MacKay of Wheaton
• Brian N. Nigohosian of Wheaton
• John J. Pcolinski, Jr. of Naperville
About the DCBA

The DuPage County Bar Association whose members makes it Illinois’ largest County Bar Association, was founded in 1879 and represents 2,500 member attorneys dedicated to advancing the practice of law and promoting the legal profession through community service and education.

Courtesy of www.dcba.org

Lora Matthews Fausett P.C. Attorney Joins National Association of Professional Women (NAPW)

Attorney Lora Fausett has recently joined the National Association of Professional Women. The NAPW boasts the country’s most accomplished professional women in over 200 industries and professions.