News & Articles

/News & Articles

Issue of Lack of Standing Makes Foreclosures Defective

2017-08-04T17:45:17+00:00

By Joann Prinzivalli The financial crisis of the past couple of years has brought with it a glut of mortgage foreclosures. With this huge increase in foreclosures has come a troubling increase in short cuts and sloppy work by institutional lenders and the “foreclosure mill” law firms handling a bulk of these proceedings in New York [...]

Issue of Lack of Standing Makes Foreclosures Defective 2017-08-04T17:45:17+00:00

Looking Out for “Dirty Money”

2017-08-04T18:01:33+00:00

By Joann Prinzivalli While there is a lot of government intrusion in our lives since the terrorist attacks of 9/11 spawned the reactionary USA PATRIOT Act, the recently-implemented reporting requirements imposed on title companies relating to certain real estate sales in Manhattan and Miami can be traced back to the passage of Currency and Foreign [...]

Looking Out for “Dirty Money” 2017-08-04T18:01:33+00:00

SHORT SALE ALERT!

2017-06-30T18:58:49+00:00

By Joann Prinzivalli One of our underwriters has circulated a memo advising of a fraudulent short sale scheme involving Bank of America mortgages.  Bank of America has implemented procedures to address the fraud scheme. When representing a buyer or a seller on a short sale, lawyers must be aware of the number of scams and frauds [...]

SHORT SALE ALERT! 2017-06-30T18:58:49+00:00

A NOTE ON BAUM FIRM FORECLOSURES

2017-06-30T19:00:26+00:00

By Joann Prinzivalli Insignia Title has been advised that as of November 21, 2011, the office of Steven J. Baum, P.C., which had been the largest foreclosure mill law firm in New York State, has terminated its attorney client relationship with all existing clients and the firm’s foreclosure files were being transferred to new foreclosure counsel. [...]

A NOTE ON BAUM FIRM FORECLOSURES 2017-06-30T19:00:26+00:00

Environmental Control Board Liens and Single Purpose Entities

2017-06-30T19:01:07+00:00

By Joann Prinzivalli In New York City, when Environmental Control Board liens (ECBs) are docketed with the County Clerk, they are enforceable in the same way as judgments for a lien period of eight (8) years from the entry date. It has always been our understanding that ECBs must be cleared if they are docketed against [...]

Environmental Control Board Liens and Single Purpose Entities 2017-06-30T19:01:07+00:00

ILSA: Playing it again in a different key

2017-08-04T17:37:13+00:00

By Joann Prinzivalli Laws that are enacted as a reaction to one problem can sometimes find new life in a very different context. As we shall see in this report, lawyers for condominium sponsors and purchasers can draw some interesting lessons from a spate of recent cases emanating from the Southern District of New York. Back [...]

ILSA: Playing it again in a different key 2017-08-04T17:37:13+00:00

ALERT: New changes in New York Power of Attorney Law

2017-06-30T19:02:48+00:00

By Joann Prinzivalli On August 13, 2010, Governor Paterson signed Chapter 340 of the Laws of 2010. This bill makes a number of technical corrections to the General Obligations Law as it relates to Statutory Short Form Powers of Attorney (SSFPOA) and other forms of Power. Here are some highlights of the changes: A few of [...]

ALERT: New changes in New York Power of Attorney Law 2017-06-30T19:02:48+00:00

Get SAMRT! – Would you believe that credit unions are exempt from the Special Additional Mortgage Recording Tax?

2017-08-04T17:42:53+00:00

By Joann Prinzivalli But the rules differ for federal credit unions and state credit unions, and state credit unions that converted from federal on or after January 1, 2009 have yet another different set of rules! New York State’s Mortgage Recording Tax has been in the financial news in recent weeks, with the recent decision in [...]

Get SAMRT! – Would you believe that credit unions are exempt from the Special Additional Mortgage Recording Tax? 2017-08-04T17:42:53+00:00

Thoughts on the use of The New York “Major Gifts Rider”

2017-08-04T17:40:49+00:00

By Joann Prinzivalli We recently became aware that some title companies, lenders and lender’s attorneys require that sellers utilizing a New York Statutory Short Form Power of Attorney must execute an “optional” Statutory Major Gifts Rider in all cases. Such a policy unlawfully interferes with the seller’s rights. However, the statutory relief involves only an order [...]

Thoughts on the use of The New York “Major Gifts Rider” 2017-08-04T17:40:49+00:00