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Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Business Law, & Estate Law.

Category Archives: Blog

Real Estate Committee MCLE Meeting – November 14, 2013

LOSS MITIGATION

November 14, 2013 – 11:45 am – 1:00 pm

 As Chairman of the DCBA Real Estate Committee, Lora Fausett is making this program available to all real estate agents.   Dennis Bordyn will speak on loss mitigation, including modification, short sales and deeds-in-lieu, and will focus on the differences between these foreclosure alternatives and when foreclosure may be the better choice.

Lunch at the Attorney Resource Center (ARC) is free!

Register online or contact Leslie Monahan at lmonahan@dcba.org or 630-653-7779.

Event Info

Attorney Resource Center

3rd Floor

DuPage Judicial Center

505 N. County Farm Rd.

Wheaton, IL 60187

You must be a current DCBA member to receive credit for MCLE Committee meetings.

 

Key Points of What the Government Shut Down Mean for My Clients/Closings?

The recent government shut-down can effect the mortgage application and home closing process. Suspended government agencies and administrations limit necessary form processing that is required for certain cases of home lending and home ownership. Government agencies and administrations effecting the home ownership/lending process include:

1. IRS

The IRS has suspended processing of all forms, including requests for tax return transcripts (including Form 4506T), which can cause delay if the shutdown continues.

2. Social Security

The Social Security Administration is closed and has reduced its customer service functions.  It is not able to verify Social Security numbers during the shutdown, which is problematic during the mortgage application process.

3. HUD

The HUD offices are operating on reduced staff.  Processing of FHA files will likely to be delayed until the shut down is lifted.

 
For more information contact me today

*  This information is not intended to be legal advice. This information is subject to change, please contact us for more information.

Did You See The Important Bank of America Short Sale Agent Update Affect Dual Agency?

On 9-27-13 Bank of America issued a Short Sale Agent Update which indicated in part that the HUD 2013-34 Mortgagee Letter has announced that they are postponing, until further notice, a portion of the preforclosure participation requirement on a FHA Short Sales. Of pertinent part to most agents is that the FHA is delaying the prohibition on dual agency/brokerage that was previously included in Mortgagee Letter 2013-23. As revised by the FHA’s new announcement, brokers and their agents may now continue to represent both the buyer and the seller in FHA short sales, but the existing arm’s-length requirements still remain in effect.

*This information is not intended to be legal advice. This information is subject to change, please contact us for more information.