From the category archives:

Massachusetts Real Estate Law

The Impact Of The Mortgage Reform & Anti-Predatory Lending Act On The Conventional Residential Lending Industry

August 25, 2010
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The new Mortgage Reform and Anti-Predatory Lending Act, buried in the fine print of the much publicized Dodd-Frank Wall Street Reform and Consumer Protection Act contains strict new rules aimed at preventing another sub-prime mortgage collapse. Overview: What Is The Impact To Mortgage Lenders and Originators? The Mortgage Reform and Anti-Predatory Lending Act certainly changes [...]

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Massachusetts Real Estate Values Down, But Real Estate Taxes Continue To Rise

August 22, 2010
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Benjamin Franklin once famously said, “There is nothing certain in life but death and taxes.” And this is most certainly true for real estate taxes in Massachusetts which continue to rise despite declining home values. As reported in the Boston Globe today: Despite dropping home values, Massachusetts property tax bills continued to rise last year. [...]

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Ibanez Foreclosure Case Update: Appellate Briefs Filed

August 19, 2010
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The briefs in the US. Bank v. Ibanez foreclosure case in the Supreme Judicial Court have been filed. Here is a link to the Ibanez side brief. Here is the lenders’ brief. The case is still set for oral argument in October, with a decision expected in late Fall, early Winter.

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The Pregnant Woman, The Newest Lending Credit Risk: Discrimination or Fair Lending?

August 10, 2010
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By Karen Rabinovici, UConn Law ’12 It seems more outdated than hair scrunchies, something we witnessed years ago: discrimination against pregnant women seeking mortgage loans. Apparently it’s still going on and worse than ever which is why the U.S. Department of Housing and Urban Development (HUD) is investigating numerous cases of alleged pregnancy discrimination in [...]

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Massachusetts Security Deposit & Last Month’s Rent: Traps For The Unwary Landlord

August 10, 2010
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Rent Deposits: To Take Or Not To Take? With the students invading Boston any minute now, it’s a good idea to review last month’s rent and security deposits – one of the most heavily regulated aspects of Massachusetts landlord-tenant law and fraught with pitfalls and penalties for the unwary, careless landlord. In my experience, landlords [...]

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Why The Bachelor & Bachelorette Need A Real Estate Agent

August 4, 2010
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A Special Guest Post By Gabrielle Daniels Brennan, Coldwell Banker Residential Brokerage, Sudbury, MA. Similar to the obsession over Massachusetts real estate and addiction to the Multiple Listing Service (MLS) is our addiction to The Bachelor / The Bachelorette TV series. Many of us really didn’t want to admit that we were glued to the [...]

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Massachusetts Flood Insurance: Why You May Need It Even If You Are Not In A Flood Zone

August 5, 2010
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We are pleased to have yet another guest blogger: Debra McPhee, CIC, CPCU, Owner of Suburban Insurance Agency of Holbrook, MA, and a very qualified Massachusetts Flood Insurance Agent. Debbie is here to write about flood insurance, a timely topic given the recent March floods. A flood can devastate your home and your financial security. [...]

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Massachusetts Property Owners Now Have Legal Responsibility To Shovel and Treat Snow and Ice On Property

July 28, 2010
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SJC Overrules 100 Years of Massachusetts Snow Removal Law Hard to think about snow and ice in July, but I had to blog about an important ruling on Massachusetts snow removal law. In a much anticipated ruling issued this week, the Massachusetts Supreme Judicial Court overruled 125 years of legal precedent and announced a new [...]

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Social Media Advice & Tips For Massachusetts Real Estate Agents: Lessons From ActiveRain Raincamp Boston 2010

July 29, 2010
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We attended the ActiveRain “Raincamp” seminar at the Boston World Trade Center earlier in the week, and wanted to share some great social media facts and tips that we learned. With 94% of all home buyer consumers starting their search online and Facebook just hitting over 500 Million users, Realtors who are effectively using social [...]

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A Failed Appraisal Experiment To End? The Home Valuation Code of Conduct

July 24, 2010
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We are pleased to have a new guest blogger, Jonathan Steinberg, a Certified Residential Appraiser with Abelis Appraisals which provides residential appraisals throughout Massachusetts. Jon was quoted extensively in a recent Boston Globe Magazine article on the challenges of appraising residential property. Jon is here to write about the recent overhaul of the Home Valuation [...]

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Fannie Mae Advisory: Pending Condominium Litigation Can Derail Your Condo Financing

July 21, 2010
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If the condominium project that you are buying into is involved in any pending litigation over construction or its common areas, chances are you will not be able to obtain a conventional loan under newer, strict Fannie Mae condominium lending guidelines. This is not good for condominium buyers, lenders, unit owners desiring to sell and [...]

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The Students Are Coming, The Students Are Coming! A Mini-Review Of Massachusetts Landlord Tenant Rental Law, Part 1.

July 20, 2010
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In a few weeks, the *quiet* streets of Allston, Brighton, Cambridge, Boston and other Massachusetts tenant friendly cities will turn into the zoo that is known as student moving week. So it’s time to review frequently asked questions for Massachusetts landlord tenant rental law. Screening Prospective Tenants Landlords can legally ask about a tenant’s income, [...]

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The Massachusetts Mechanic’s Lien: What Homeowners & Contractors Need To Know

July 10, 2010
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A mechanic’s lien is somewhat of a misnomer. It has nothing to do with auto mechanics. Rather, it’s a type of lien that general contractors, subcontractors and construction materials suppliers are allowed to record against a homeowner’s property to secure the payment of services, labor or materials. A mechanic’s lien creates a cloud on the [...]

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New Lead Paint Renovation Rules Require Strict Precautions For Homes Built Before 1978

July 10, 2010
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Under the new federal Lead Paint Renovation, Repair and Painting Rule (RRP), most home improvement projects on homes build before 1978 will require certified lead paint removal contractors to follow strict lead paint removal precautions. To comply with the new regulation, those working on older sites will need to invest in lead-testing kits, plastic sheeting, [...]

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Home Buyer Tax Credit Extended To September 30 And Flood Insurance Program Restored

July 1, 2010
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Congress gave home buyers some good news before the July 4th holiday weekend. Home Buyer $8,000 Tax Credit Deadline Extended to September 30 Congress approved late Wednesday an extension to the June 30 closing deadline for the home buyer tax credit, hours before it was set to expire. The move will give would-be buyers who [...]

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Weekly Mortgage Rate Lock Advisory: July 7, 2010

July 7, 2010
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Our Mortgage Guy, Brian Cav, is back from vacation with his Massachusetts weekly mortgage rate report. Interest rates are still hovering around historic lows. Mortgage Market Mortgage Rates are still at all-time lows and there is no real economic news due out this week to make any changes in the markets.  The MBA Applications, Weekly [...]

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David Gaffin Of Greenpark Mortgage Launches The Mass. Mortgage Blog

June 29, 2010

I’m excited to announce that our guest blogger, David Gaffin of Greenpark Mortgage, has jumped on the blog bandwagon, launching the Mass. Mortgage Blog located at www.massmortgageblog.com. David is a mortgage industry veteran who has a wealth of knowledge about all things mortgage and lending. I learn something new from Dave just about every day. [...]

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Federal Flood Insurance Program Lapse Has Closings Floating In Limbo

June 28, 2010
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Update: Congress Restores Funding to Flood Insurance Program Through Sept. 30! I recently had a closing on a property in a flood zone almost fall apart because, unknown to everyone, Congress decided to let the federal flood insurance program run out of money. After doing some research, I was dismayed to learn that since the [...]

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Notary Or “Witness” Closings Won’t Be Coming To Massachusetts Yet: Attorneys Win Major Legal Victory

June 22, 2010
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In a huge victory for Massachusetts real estate closing attorneys, a unanimous First Circuit federal appeals court has overturned a controversial lower court ruling which had opened the door for non-attorneys to conduct controversial “witness” or “notary” real estate closings in Massachusetts. The lower court ruling threatened to overturn long-standing statewide practice under which attorneys [...]

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McMansions Out Of Favor: New Homes Reportedly Getting Smaller

June 14, 2010
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The Wall Street Journal Blog has a very interesting article on the recent demise of McMansions: America’s love affair with McMansions continues to wane:  The size of new single-family homes completed last year fell 3.2% to 2,438 square feet, according to the National Association of Home Builders trade group, which analyzed Census data. It’s the [...]

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The Massachusetts Lis Pendens: A Real Estate Litigator’s Best Friend Or Worst Enemy

June 13, 2010
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Overview: A Suit Pending A lis pendens is Latin for “a suit pending.” Under the Massachusetts lis pendens law, a lis pendens is a notice endorsed by a judge certifying that there is litigation pending involving the title or occupancy rights to a property. A court will issue a lis pendens where a buyer seeks [...]

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Real Estate Fear Factor: Dealing With Stigmatized Property

June 8, 2010
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The well maintained 4 bedroom Colonial in a North Shore suburb with a great backyard looked nice enough thought “Debbie,” the buyer. However, she was dismayed to learn from neighbors after closing on the property, that the prior owner had committed suicide in the house. The real estate agent never advised her of this, and [...]

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When Good Fences Make Upset Neighbors: Adverse Possession Law In Massachusetts

June 2, 2010
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Robert Frost once said “good fences make good neighbors.” When that fence encroaches over a neighbor’s property line, that neighbor can turn from good to upset very quickly. When boundary or encroachments disputes arise, a little known legal doctrine often comes into play:  adverse possession. Adverse possession is a legal doctrine in Massachusetts under which [...]

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Fannie Mae Tightens Its Belt On Adjustable Rate (ARM) and Interest Only Mortgage Programs

May 12, 2010

We are thrilled to have Sheira MacKenzie, a Certified Mortgage Planner with Fairway Mortgage in Needham, MA, who is here to guest blog about the new, tighter Fannie Mae lending underwriting guidelines on adjustable rate and interest-only loan programs. You can contact Sheira at 781-719-4673 or by email sheiram@fairwaymc.com. Her website is www.sheiramackenzie.com. Overview Of [...]

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Pre-Closing Walk-Through Tips & Strategies

May 12, 2010
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My Boston.com colleague, buyer’s agent Rona Fischman, has a great post today on walk-throughs, or pre-closing inspections. I’ve re-posted it here, along with my commentary (in italics) and my own tips. The walk through is the last thing that the buyer does before closing. The buyers, plus the real estate agents, walk through the empty [...]

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Massachusetts Purchase And Sale Agreement Basics

May 11, 2010
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As a real estate attorney, I always take the time to fully explain to our clients the intricacies of the Massachusetts Purchase and Sale Agreement. As my first blog post here, I thought this would be a great topic to start off with. The purchase and sale agreement is the governing contract between the Buyer [...]

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Federal Aid And Tax Extension To May 11 Available To Massachusetts Homeowners Affected By Flooding

April 1, 2010
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President Obama and the Federal Emergency Management Agency (FEMA) on Monday night declared a “major disaster” exists in Massachusetts due to rainstorms and flooding that began earlier this month and continues. The 7 affected Massachusetts counties are Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester counties. Federal funds to homeowners in those counties affected by [...]

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Massachusetts Senate Passes Foreclosure Protection, Homestead Update, and Consumer Protection Bills

May 5, 2010
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Update (June 28, 2010): The bill is heading up to Gov. Patrick’s office for approval. The Massachusetts Senate recently passed wide-ranging legislation that updates the homestead law, protects tenants in foreclosed properties from arbitrary evictions, criminalizes mortgage fraud and certain unsolicited loans. The legislation, part of a series of consumer protection bills that passed the [...]

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Real Estate Professionals: Mark Your Calendars For GBREB Under Agreement Networking Night On June 3

May 5, 2010

To Register Email Kristin Langone at GBAR: klangone@gbreb.com This will be a super fun night at a very swanky new venue. Think a little piece of Ocean Drive, Miami Beach in Metrowest. All real estate professionals are welcome: Realtors, mortgage professionals, appraisers, home inspectors, attorneys, etc.

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10 Questions To Ask Before Buying A Massachusetts Condominium Unit

March 27, 2010
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Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole. 10 Questions You Must Ask Before Purchasing A Condominium Unit To borrow from a famous phrase, not all condominiums are created equally. [...]

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Home Buyer Tax Credit: What You Need For April 30 Deadline

April 27, 2010

As we head to the April 30th deadline for the $8,000 Home Buyer Tax Credit, here’s a quick summary of the rules. Buyers must be under contract on or before April 30, 2010, and close on or before June 30, 2010. Buyers will need to attach to their 1040 tax returns a copy of the [...]

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Do Buyers Need A Signed Offer Or Purchase And Sale Agreement For The April 30th Tax Credit Deadline?

April 26, 2010
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As we head towards a major deadline for the popular $8,000 home buyer tax credit, we’ve been asked a number of times by real estate agents and mortgage professionals whether buyers need a signed offer to purchase or signed purchase and sale agreement by the upcoming April 30th tax credit deadline. We’re advising that buyers [...]

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Will Short Sales Get A Boost From Obama’s HAFA Program?

April 20, 2010
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The Obama Administration’s Home Affordable Foreclosure Alternative program, known as HAFA just kicked off on April 5th. The HAFA program promises to streamline short sale transactions. However, read the fine print, and there are a lot of unanswered questions about the program and how it will affect short sale transactions in the “trenches.” Is the [...]

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New Massachusetts Smoke Detector Law Goes Into Effect April 5: Upgrade To The Latest Photoelectric Technology

March 13, 2010
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This year, please consider purchasing a new photoelectric smoke detector for the kitchen and bathroom areas which is required by the new Massachusetts smoke detector regulations which go into effect on April 5, 2010. The new regulations require that certain properties be equipped with the latest photoelectric smoke detectors which are not as prone to [...]

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Make Mortgage Contingency Dates Workable & Don’t Wait Until Last Minute For Extensions

April 17, 2010
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This week, a very interesting decision involving the negotiation of a residential purchase and sale agreement came down from the Massachusetts Appeals Court in Coviello v. Richardson. Click here to view the decision. The case highlights the need for realtors and real estate attorneys to be proactive with respect to mortgage contingencies and requests for [...]

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More Legal Commentary On Ibanez Foreclosure Decision From Real Estate Attorneys

April 17, 2010

Reporter Steven Altieri of the real estate trade journal Banker & Tradesman recently published an article on the Ibanez foreclosure case, Impending SJC Ibanez, Title Ruling May Invalidate Thousands Of Foreclosures, Why Real Estate Attorneys Expect The Worst, And What It Means To The Industry. Since we’ve written about the case extensively here, Steve asked [...]

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Recent Flooding Impacts Spring Sales Season And Raises Thorny Disclosure And Inspection Issues

April 9, 2010
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While folks here in Massachusetts are finally drying out from the Big Flood of 2010, it’s clear that it has negatively impacted the spring real estate market, and will have repercussions for years ahead for buyers and sellers of affected properties. Impact On The Market As recently reported in the Boston Globe, realtors around the [...]

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The Condominium HO-6 Insurance Policy: Fannie, Freddie & FHA Required

April 6, 2010
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The recent flooding here in Massachusetts got me thinking about the importance of good insurance coverage. So I asked my friend Nadine Heaps, the owner of Purple Ink Insurance Agency, Inc. in Ashland, MA to give an outline of “HO-6″ condominium unit insurance policies, the requirements of which have changed in recent months. A HO-6 [...]

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Our Blog Rocks Google

April 13, 2010

We created this cool video through the YouTube/Google Search Story creator. Not only is it a neat marketing tool, but for us, it really showcases how high we are ranking on Google these days. We are consistently on Google’s first page — and even #1 — for search results relating to all major topics of [...]

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Controversial Ibanez Foreclosure Case Heading Up To Massachusetts Supreme Judicial Court

March 23, 2010
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Update (July 27, 2010): Oral argument is scheduled for October 7, 2010. Good news for those eagerly following the controversial U.S. Bank v. Ibanez case, which invalidated thousands of foreclosures across the state. On March 22, the Massachusetts Supreme Judicial Court (the highest appellate court in the state) agreed to take the case on direct [...]

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Richard Vetstein Quoted In Boston Globe Article About Recent Developers’ Rights Case

March 24, 2010
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Boston Globe reporter Jenifer McKim read my blog post, Four Toed Salamanders And SLAPP Suits, and decided that it would be a great topic to write about. Her superb article, How A Salamander Raised A Rights Issue, was published today, and I was fortunate enough to be quoted: Richard Vetstein, a Framingham real estate lawyer, [...]

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TitleHub Has Arrived: Stay Informed And Stay Connected To Your Real Estate Transaction

March 28, 2010
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After months in the making, I am very pleased to announce the roll-out of TitleHub Closing Services, LLC, a cutting-edge closing settlement service that uniquely provides a full platform of legal and technology-based services. TitleHub’s mission is to transform the convoluted real estate closing process into an easy, customer-focused and technologically enhanced experience. In collaboration [...]

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A Real Estate Attorney’s Guide To Choosing A Massachusetts Real Estate Broker

March 16, 2010
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As a real estate attorney, it should come as no surprise that people often ask me to recommend a real estate broker. I often give out several names, but I also give out this Guide To Choosing A Realtor, to help them focus on all the issues and ask the right questions. Guide To Choosing [...]

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What Does A Massachusetts Real Estate Closing Attorney Do Exactly?

March 3, 2010
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A lot more than you might think. Many buyers and sellers often wonder what a real estate closing attorney does other than conduct the closing. Well, quite a bit of work actually. The closing attorney acts as the “quarterback” of the closing process, performing many time consuming tasks preparing a transaction from intake to closing. [...]

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In Search Of A “Good Faith Accurate,” Not Just A Good Faith Estimate: A Senior Loan Officer’s Review Of The New 2010 RESPA Rules

January 6, 2010

I’m pleased to welcome another guest blogger, David M. Gaffin, a licensed Loan Officer with Greenpark Mortgage Corp. of Needham MA. Dave is licensed to originate in MA, NH and FL. You can visit him at Greenpark Mortgage or through his LinkedIn profile. The new 2010 RESPA rules are all the rage right now. So [...]

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FHA Tightens Mortgage Requirements: Lending Costs To Rise

January 26, 2010
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I’m happy to welcome guest blogger, Patrick Maddigan, Esq.,the Director of Operations and Business Development at our new entity, TitleHub Closing Services. Pat is writing today on the new FHA lending changes. On January 20th, the Federal Housing Administration (FHA) announced it would tighten certain lending requirements and guidelines with the purpose of reducing risk [...]

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Four Toed Salamanders and SLAPP Suits

March 9, 2010
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The recent case of Brice Estates v. Smith where an abutter trespassed on a developer’s land to photograph endangered female four toed salamanders got me thinking about the frequent convergence of developer’s rights vs. citizen’s free speech rights in real estate disputes. In the case, the abutter sought refuge under the pro-free speech anti-SLAPP law, [...]

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Ibanez Foreclosure Case Heading To Massachusetts High Court?

February 22, 2010
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Update (3/24/10): SJC Accepts Ibanez Case For those of you following the controversial U.S. Bank v. Ibanez case, which invalidated potentially thousands of foreclosures across the state, both sides last week asked the Massachusetts Supreme Judicial Court to take the case — as I originally predicted. The SJC’s acceptance of the case would cut months [...]

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Massachusetts Lead Paint Law Advisory: Family Unfriendly Policies Can Get Landlords Into Big Trouble

February 16, 2010
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Breaking News (8/10/10): Two Local Real Estate Firms Fined By Mass. Attorney General For Lead Paint Housing Discrimination My Boston.com fellow blogger, buyer’s agent Rona Fischman, has fielded several questions recently regarding the Massachusetts Lead Paint Law. Prospective renters have called apartment listings only to be hung up on abruptly with a “It’s not deleaded!” [...]

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Lawsuit Against Realtor Over Second Hand Smoke Disclosure Raises A Stink

February 10, 2010
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Yesterday the Boston Globe reported on a controversial lawsuit by Alyssa Burrage, a condominium buyer, against a realtor over the disclosure of second hand smoke emitting from downstairs neighbors. Click for the story: Suit Over Second Hand Smoke Targets Real Estate Broker. As the hundreds of comments to the story indicates, this lawsuit raises a [...]

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The New Good Faith Estimate (GFE): Some Glaring Omissions

February 2, 2010
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Lenders have been using the new Good Faith Estimate for a little over one month now. Gauging from the vociferous complaining in the lender blogosphere, it is an understatement to say that many lenders believe HUD really blew it with this new form. One would think that the new 3 page GFE would provide everything [...]

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The USDA Loan: Not Just for Farmers Anymore

January 29, 2010
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I’m pleased to welcome back guest blogger, David M. Gaffin, a licensed Loan Officer with Greenpark Mortgage Corp. of Needham MA. You can visit him at Greenpark Mortgage or through his LinkedIn profile. Dave is here to talk about USDA loans which are, surprisingly, available in such *rural* areas of Massachusetts such as Hopkinton, Sudbury, [...]

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Lenders React To Loan Worksheet Controversy, Express Frustrations With New GFE And RESPA Rules

January 24, 2010
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My post on lenders using loan cost worksheets and estimates was the featured post on ActiveRain yesterday, spawning over 140 comments by last count. It turned into quite a lively discussion by mortgage lenders about how frustrated they are with the new Good Faith Estimate and RESPA rules. After digesting all the comments, I have [...]

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RESPA Fallout: Lenders Combat Deficiencies With New Good Faith Estimate Through “Loan Worksheets”

January 20, 2010

The Los Angeles Times and other media outlets are claiming that lenders’ use of loan cost worksheets and estimates are a “sidestep” of the new RESPA mandated Good Faith Estimate which went into effect on January 1. HUD officials say they plan to conduct a review of the growing use of “worksheets” and “fee estimate” [...]

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New RESPA Rules 2010: Disclosure of Settlement Services, Closing Attorneys’ Fees, And Title Insurance

January 3, 2010
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In this post, I’ll discuss a very important issue to lenders, closing attorneys and borrowers alike: how the new RESPA rules handle the disclosure of closing attorney fees/costs and title insurance. The new RESPA rules significantly change the way lenders must disclose settlement services, in particular closing attorneys’ fees, and title insurance. Generally, under the [...]

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Green Energy Trends: Geothermal Technology Becoming More Popular In Massachusetts

January 3, 2010
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I’m pleased to welcome guest blogger, Leslie Mann, a Realtor with Hallmark Sotheby’s International Realty who specializes in the Dover-Sherborn area of Massachusetts. Leslie is here to talk about geothermal technology, which is growing in popularity in Massachusetts. Geothermal technology is a great way to heat and cool your home. It costs far less to [...]

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Massachusetts Real Estate Law Year In Review: Top Posts Of 2009 And Predictions For 2010

December 28, 2009
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In the spirit of the New Year, let’s look back at the top legal issues of the past year and peer into the crystal ball for a glimpse at 2010. Top 5 Posts For 2009 #1.  The Catch-22 Impact of New Fannie Mae Condominium Regulations. In January, Fannie Mae was the first government agency to [...]

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RESPA Update: HUD Issues New Settlement Cost Booklet and Powerpoint Presentation

December 21, 2009
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With 11 days and counting until all lenders and closing attorneys must be in compliance with the new RESPA requirements and the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement, HUD has released two helpful documents: Shopping For Your Home Loan: HUD’s Settlement Cost Booklet. Loan originators are required to provide consumers with a [...]

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Check Those Smoke Detectors: New Massachusetts Smoke Detector Regulations Go Into Effect April 5, 2010

December 15, 2009
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Whenever a home is sold in Massachusetts, the smoke detector law requires that the local fire department issue a certification that the smoke detectors are working properly and are in the correct location. The  new smoke detector regulations go into effect on April 5, 2010. The new regulations require that certain properties be equipped with [...]

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New FHA Condominium Guidelines: Financially Sound Projects = Better Investments

December 9, 2009
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I’m getting pretty tired of all the condominium developers and realtors out there claiming and clamoring that the new FHA condominium guidelines which went into effect this week are the next coming of the Apocalypse. The fact remains that the new guidelines will ensure that condominiums are financially sound and well-run, and that’s good news [...]

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FHA Condominium Lending Rules Go Into Effect Today: Today’s Hurt Is Tomorrow’s Gain

December 7, 2009
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Today, the controversial Federal Housing Administration (FHA) condominium mortgage rules go into effect. I’ve written about them extensively on this blog here. The new FHA rules, in summary, require that condominiums undergo a much more rigorous financial review prior to being accepted into FHA mortgage programs.  Sort of like a cardiac stress test for condominiums. [...]

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With Real Estate, Tough Options For Massachusetts Divorcing Spouses In This Economy

December 2, 2009
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Divorce, unfortunately, often plays a major role in real estate transactions and decisions. The tough economy has added insult to injury for those unfortunate souls facing divorce in Massachusetts. Quincy, Massachusetts Divorce and Family Law Attorney Gabriel Cheong offers great advice on his blog, the Massachusetts Divorce Lawyer Blog, about what to do if you [...]

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Short Sales Get Boost From New Obama Treasury Guidelines

December 1, 2009

The Obama administration on Monday set long-awaited guidance on a plan for mortgage companies to speed up short sales of homes and other loan modification alternatives to stem the rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program (HAFA) provides financial incentives and simplifies the procedures for completing short sales, a growing practice in [...]

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Final (Hopefully!) Revised FHA Condominium Lending Guidelines Issued

November 21, 2009
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After several revisions and delays, the Federal Housing Administration (FHA) has finally issued major changes to its revised guidelines on mortgage insurance requirements for condominium projects. FHA first proposed the revisions back in June (under Mortgagee Letter 2009-19). The new guidelines are effective December 7, 2009; however, some of the requirements are phased in through January 31, 2010. [...]

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Are You Ready For Some RESPA Reform? Part I, An Overview Of The New Regulations

November 17, 2009
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New, sweeping changes regulating how lenders, closing attorneys and title companies disclose loan and closing costs are set to go into effect January 1, 2010. The new regulations are part of a long awaited reform to the 30 year old Real Estate Settlement Practices Act known as RESPA aimed at providing greater transparency and fostering [...]

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HUD Announces Delay In Enforcement Of New RESPA Rules For 120 Days

November 14, 2009
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For my entire series on the new 2010 RESPA rules, look to the right under “Spotlight On: RESPA Reform” or click here. The U.S. Department of Housing and Urban Development (HUD) announced on Friday that it will not enforce for a 120 day period new, sweeping regulatory changes to the Real Estate Settlement Procedures Act [...]

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FHA To Ease New Condominium Guidelines–Spot Loan Approval Extended Until Feb. 1

November 10, 2009
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Update: 11/10/09–FHA Issues Final Revised Guidelines–Spot Approvals Extended Until Feb. 1, 2010 With an eye on the “volatility” of the condo market, the Federal Housing Administration (FHA) has backed off some of the stingy new rules for condominium lending set to be implemented Dec. 7. After a meeting with the Mortgage Bankers Association last week, [...]

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Lenders To Appeal Controversial Ibanez Foreclosure Ruling Of Massachusetts Land Court

November 3, 2009

Banker and Tradesman is reporting that Wells Fargo and U.S. Bank will appeal the controversial U.S. Bank v. Ibanez Massachusetts Land Court decision that stung the lenders earlier this year by invalidating two foreclosures in Springfield because of improperly recorded mortgage assignments. Lenders filed the appeal on Oct. 29, according to Lawrence Scofield, a senior [...]

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Google Real Estate? Yup, Real Estate Listings Now On Google Maps

November 2, 2009

In its never ending quest for world dominance, Google is now putting real estate listings on its popular Google Maps platform. I have to say that it’s pretty cool. Just go to Google Maps and type in a city/town or street address. On the “More” pull down menu on the right side, there is a [...]

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Massachusetts Landlords And Realtors Settle Discriminatory Housing Practices With Attorney General

October 29, 2009
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Massachusetts Attorney General Martha Coakley today announced that her office has settled 20 cases against landlords and real estate agents accused of violating state anti-discrimination laws across Massachusetts. The companies allegedly made discriminatory statements in online rental advertisements on Craigslist.org which stated “no children” or “no Section 8.” Section 8 is a rental subsidy program [...]

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A Quick Question & Answer Session On Massachusetts Condominium Law And Liability Issues

October 28, 2009
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Rona Fischman, a buyer’s agent and co-author of Boston.com’s Real Estate Now Blog asked me to answer a couple of questions regarding condominiums on her Boston.com blog which I’ve reprinted here: Is an individual unit owner liable if someone gets hurt in the condominium’s common areas? The answer is most likely not. This is good [...]

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New FHA Condominium Regulations Delayed (Again) to December 7, 2009

October 26, 2009
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IMPORTANT UPDATE: 11/16/09:  FHA Issues Final Revised Condominium Lending Guidelines The FHA has announced that it will again delay the implementation of the new regulations governing condominium mortgages until December 7th, 2009. The new regulations were initially proposed in June and would change the approval process and the criteria used to determine if a buyer [...]

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The Long And The Short Of It: A Massachusetts Short Sale Legal Primer

October 21, 2009
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A short sale is special type of real estate transaction between a homeowner, his mortgage holder, and a third party buyer. In a short sale, the homeowner’s mortgage company agrees to take less than what is owed on the outstanding mortgage, thereby being left “short.” In some but not all cases, the lender will agree [...]

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Massachusetts Land Court Reaffirms Controversial Ibanez Ruling Invalidating Thousands Of Foreclosures

October 14, 2009
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Update (2/25/10)–Mass. High Court May Take Ibanez Case Today, Massachusetts Land Court Judge Keith Long reaffirmed his controversial ruling made back in March 2009 that invalidated foreclosure proceedings involving two Springfield homes because the lenders did not hold clear titles to the properties at the time of sale. A copy of the decision can be [...]

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The Catch-22 Impact Of New Fannie Mae (FNMA) Condominium Lending Regulations

July 1, 2009
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Recent Fannie Mae (FNMA) condominium lending regulations are beginning to live up to the hype as having an onerous impact on condominium sales and project development. The changes, made in January 2009, were part of an effort by mortgage giants Fannie Mae and Freddie Mac to limit risky lending in a segment of the housing [...]

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New Stricter FHA Condominium Lending Regulations and Guidelines Sure To Slow Financing And Chill Sales

October 6, 2009
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Update: 11/10/09–THESE RULES HAVE CHANGED. Please see my post: FHA Issues Final Revised Guidelines–Spot Approvals Extended Until Feb. 1, 2010 Update: 10/26/09–The FHA Has Delayed Implementation Of New Rules Until December 7, 2009 Under revised guidelines which were to be effective October 1, 2009 but now delayed until November 2, 2009, the Federal Housing Administration [...]

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There’s Nothing “Standard” About The Massachusetts Standard Form Real Estate Purchase And Sale Agreement

August 21, 2009
Standard Form Massachusetts Real Estate Purchase Sale Agreement

Although home buyers sign a never ending pile of legal documents to purchase a home, arguably the most important document in the entire transaction is the purchase and sale agreement. In Massachusetts, the purchase and sale agreement most often used is the so-called standard form agreement supplied by the Greater Boston Real Estate Board or [...]

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Hiring A Massachusetts Home Improvement Contractor: 10 Things You Need To Know

July 14, 2009
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Sadly, completing a home improvement project on time, on budget and with good, quality work is the exception rather than the norm these days. I have seen homeowners pour their home equity lines and savings into home improvement projects only to see the project left incomplete and riddled with defective and poor quality work, or [...]

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Electronic Real Estate Closings (E-Closings): The Future Of The Real Estate Closing Industry

September 25, 2009
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An excited young couple about to close on their first home walk into into the closing attorney’s office. The day before they received via secure email all of the loan documents to review and approve with their personal attorney. The closing attorney arrives without any paper, armed only with a laptop attached to a digital [...]

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Weekly Massachusetts Mortgage Rate Lock Advisory For May 14, 2010

May 14, 2010

Mortgage Guy Brian Cav has his weekly Massachusetts mortgage rate lock advisory. Mortgage Markets have gone up a bit the past 24 to 48 hours. The European bailout will have a ton to do with what happens with markets in coming weeks. Mortgage rates are going up and down based on the guidance they get [...]

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Massachusetts Landlord Tenant Law: A Legal Refresher Course For Landlords

July 28, 2009
Massachusetts landlord tenant law

With the impending influx of renters and students invading the Greater Boston area soon, let’s review some often asked questions concerning Massachusetts landlord tenant law to assist landlords in navigating the rental process. Screening Prospective Tenants: What You Can and Cannot Ask? Landlords can legally ask about a tenant’s income, current employment, prior landlord references, [...]

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The Massachusetts Offer To Purchase Real Estate: A Binding Contract

September 8, 2009
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Tax Credit Deadline Is April 30th–Is A Signed Offer Sufficient To Qualify? The first step in purchasing or selling Massachusetts residential real estate is the presentation and acceptance of an Offer To Purchase. Most often, the buyers’ real estate broker prepares the offer to purchase on a pre-printed Greater Boston Real Estate Board standard form [...]

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Proposed Legislation To Enhance Massachusetts Homestead Law Protection

October 21, 2009

There’s a bill (House Bill No. 1584) currently pending this legislative session to update the Massachusetts Homestead Law which would provide additional financial protections to homeowners and consumers in Massachusetts. A Massachusetts homestead declaration is a simple and inexpensive tool enabling homeowners to protect up to $500,000 of equity in their principal residence from the [...]

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Massachusetts Security Deposit Law: To Take A Security Deposit Or Not To Take One, That Is The Question.

August 5, 2009
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My last post on this blog and on Boston.com on Massachusetts landlord-tenant law spawned many questions on the Massachusetts security deposit law.  So, I decided to go into more detail about the topic. Massachusetts Security Deposits–An Overview Last month’s rent and security deposits are one of the most heavily regulated aspects of Massachusetts landlord-tenant law [...]

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Title Insurance Demystified

Massachusetts Title Insurance August 11, 2009

Title insurance is an absolute necessity in every real estate conveyance transaction. The problem is that most home buyers don’t know what title insurance is or what it covers, and only see it for the first time on the closing settlement statement. Closing attorneys and title insurance companies need to do a better job explaining [...]

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Residential Landlord’s Implied Warranty Of Habitability Extended To Guests Of Tenants

September 23, 2009
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The Massachusetts Supreme Judicial Court ruled last week that a landlord was liable for breaching the implied warranty of habitability when a tenant’s guest seriously injured himself falling from a defective porch. The case is Scott v. Garfield, and can be found here. What’s the Implied Warranty of Habitability? The implied warranty of habitability is [...]

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Time’s A Runnin’ Out On The First Time Homebuyer $8,000 Credit

September 8, 2009

Now that time is running out on the First Time Home Buyer Credit–what I call the Realtor Cash For Clunkers program — I came across this comically shameless video produced by one of America’s largest real estate brokerage companies. Fast Tube by Casper But seriously folks, the credit seems like a good idea, but filled [...]

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Newly Formed Company Liable For $1.2M In Back Rent Under Corporate Successor Liability Theory

September 14, 2009
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Apparently for the first time, a Massachusetts trial judge has used a newly decided corporate successor liability theory to hold a newly formed company responsible for the debts of its predecessor, yielding a $2 million judgment for back rent and interest. The plaintiff in the case, Renaissance Worldwide, had leased space to Sitara Networks, a [...]

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Massachusetts Land Court Ruling in Ibanez Foreclosure Case Reportedly “Imminent”

October 9, 2009

Breaking News (10/14/09)–Land Court Reaffirms Ruling Invalidating Thousands of Foreclosures. Click here for the complete decision and analysis. Boston Globe reporter Jenifer McKim today is reporting that Massachusetts Land Court Judge Keith Long’s much anticipated ruling in the Ibanez v. U.S. Bank case, which invalidated thousands of foreclosures across the state, could come as early [...]

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An Interior Designer Talks About Legislation Recognizing The Profession And Enabling Designers To Bid On State Contracts

October 17, 2009

I’m pleased to welcome Noel Sior-Woodard, IIDA, the President of Woodard Interiors, Inc. – a commercial interior design firm located in Grafton, MA. Noel is writing about pending legislation in Massachusetts which will officially recognize the profession and enable interior designers to bid on lucrative state contracts. Noel recently testified before the State Legislature in [...]

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Ibanez Update: Massachusetts Land Court Decision Invalidates Foreclosures Based On Post-Sale Assignments

August 27, 2009
Massachusetts Ibanez foreclosure decision Land Court

Update (2/25/10)–Mass. High Court May Take Ibanez Case Breaking News (10/14/09)–Land Court Reaffirms Ruling Invalidating Thousands of Foreclosures. Click here for the updated post. In late March of this year in the case of U.S. Bank v. Ibanez, Massachusetts Land Court Judge Keith C. Long issued one of the most controversial rulings in recent years [...]

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Massachusetts Foreclosures Down Almost 60%, A Good Sign or Statistical Aberration?

June 30, 2009
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The Boston Globe is reporting that foreclosures in Massachusetts took a steep dive in May, the second consecutive month they have fallen, according to data released yesterday by Boston real estate tracking firm Warren Group. According to the Globe, there were 582 foreclosure deeds recorded in May, a 58.6 percent decrease from 1,405 during the [...]

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