Home Affordability Modification Program (“HAMP”) Lender Incentives to Modify Mortgage Payments The Home Affordability Modification Program (“HAMP”) is the federal loan modification program designed to assist homeowners who can no longer afford their monthly mortgage payments. HAMP went into effect in 2009 as part of the Making Home Affordable Program and set out a series … Continue Reading
The Home Affordability Modification Program(“HAMP”) has been largely unsuccessful in creating permanent loan modification solutions that allow distressed homeowners to remain in their properties. In response, the Home Affordable Foreclosure Alternatives Program (“HAFA”), which went into effect April 5, 2010, provides foreclosure avoidance options for homeowners who are not able to permanently modify their loans … Continue Reading
In 2009, the Wall Street Journal estimated that over 25 percent of American households with mortgages were worth less than the total debt secured by the property. For most upside down homeowners, a successful short payoff transaction is a better option than simply allowing their home to go into foreclosure. Not all upside down … Continue Reading
Right of First Refusal— Kick Out Clauses You’ve just received an otherwise desirable offer on one of your listings. Unfortunately, it is not clear whether Buyer will be able to qualify for the loan. Your Seller is inclined to accept the offer, but wants to preserve the flexibility of replacing this Buyer with another one, … Continue Reading
Some markets have improved sufficiently that we are now starting to see competing buyers pursue garden variety seller re-sales. Sellers seek guidance on how to use the competition among buyers to maximize the sales price. Consider the following scenario. You are the listing agent and responded to First Buyer’s offer with a counterproposal allowing … Continue Reading
Part I of this article identified some of the issues brokers encounter when listing property which is, or which might become, the subject of a divorce. This article continues to identify issues and discusses some of the general solutions. Access To The Residence May Be Blocked A divorcing spouse who does not want the house … Continue Reading
Q: I will be entering into a listing agreement with a married individual who may soon be getting divorced. I also have a listing with a couple who is now getting divorced. What issues might arise? A: Involvement with a married person who might get divorced or who is currently going through a divorce … Continue Reading
CO-Author: Jon Goodman, Esq. As businesses reduce staff or shut down locations, they often remain obligated on long term leases. Subleasing unused space helps offset continuing liability. Subleases are often documented by simple forms specifying the premises, gross rental rate, security deposit and duration for the sublease, but then address other issues by incorporating the … Continue Reading
CO-Author: Jon Goodman, Esq. As businesses reduce staff or shut down locations, they often remain obligated on long term leases. Subleasing unused space helps offset continuing liability. Subleases are often documented by simple forms specifying the premises, gross rental rate, security deposit and duration for the sublease, but then address other issues by incorporating the … Continue Reading
Co-Author: Kirsten A. Westerland, Esq. The expression, “I have some swampland in Florida that I’d like to sell you,” is based upon schemes in the 1960s and 1970s where scammers sold consumers real property in Florida that could not be built or improved upon. The Federal Government responded with the Interstate Land Sales Full Disclosure … Continue Reading
