January 1st, 2013 We reviewed every Appellate Division case in the first eleven months of 2012. In raw count, the lenders beat the borrowers by a rough margin of 2:1, but that number does not necessarily reflect a swing in sensitivities. The appellate division decisions in 2012 showed strict application of the laws and notable Full Article…
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Power-of-Attorney Changes Scramble Property Transfers, New York Law Journal
By Adam Leitman Bailey and Dov Treiman As of Sept. 1, New York has abolished its old easy single-sheet statutory power of attorney form (POA) and replaced it with a tremendously complicated new law1 describing a highly complex new document with a misleadingly named optional rider.2 The 1948 original form and its successors were designed Full Article…
Split Between Departments Muddies Subrogation Doctrine, New York Law Journal
By Adam Leitman Bailey and Dov Treiman In an era when this nation’s economic stability depends, in part, on stable and unfettered real estate transfers, equitable subrogation provides a solution to some of the cracks in the system. However, as evidenced by a split between two departments of the Appellate Division, these cracks need some Full Article…
HETPA Contains Land Mines For Unwary Attorneys, Buyers, New York Law Journal
By Adam Leitman Bailey and Dov Treiman In February of 2007 the Home Equity Theft Prevention Act (HETPA) passed the New York State Legislature, attempting to stop scam artists from stealing or tapping the equity of victims’ homes. HETPA had two principal areas of concern: the substance of transactions involving persons in distressed circumstances selling Full Article…
Title Insurance Complexities in Tax Foreclosure Purchases, Mortgage Banking Magazine
By Adam Leitman Bailey and Dov Treiman For the past four years, nearly every title company providing title insurance in the United States of America has been scrambling to interpret federal and state court decisions setting the rules for determining when a tax foreclosure sale will be safe from judicial knockouts. When the U.S. Supreme Full Article…
In a Mortgage Foreclosure, Having Possession of the Mortgage Is Not Enough, Real Estate Law & Industry Report
By Jeffrey R. Metz However intuitive it may seem that the party who controls a mortgage should have the right to foreclose, the courts are casting doubt on that assumption. The issue has come to light in connection with mortgages in the Mortgage Electronic Registration System (MERS), which has commonly served as a mortgagee for Full Article…
The New Rules of Foreclosure Litigation, New York Law Journal
The New Rules of Foreclosure Litigation By Adam Leitman Bailey and Dov Treiman Since the first loans and mortgages changed hands with cloaks and stone in Israel[1] and Greece[2] thousands of years ago[3], never previously had mortgages caused a worldwide economic collapse of financial markets. Unfortunately, as the federal and state government as well as Full Article…
Growing Fraud: Self-Help Measures Can Head Off Problems, New York Law Journal
By Adam Leitman Bailey and Carly Greenberg Today’s bank robbers rarely use a mask and gun. The crimes are usually completed at a real estate transaction’s closing table. According to the Federal Bureau of Investigation, lenders incurred more than $1 billion in mortgage losses in 2005 as a result of fraud.1 During this same time Full Article…
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