Archive for the ‘Real Estate & Land Use’ Category

I co-presented “What to do if Your Borrower Says the “B” Word! (Or, Will the Borrower’s Bankruptcy Make My Horrible Loan Even Worse?),” on March 12 at Brookside Country Club in Macungie, Pennsylvania, at 7:15 a.m., with Jack M. Seitz, Esquire.  We discussed the types of bankruptcy, how bankruptcy can be a good thing, how you get notice of bankruptcy and what it looks like, the effect of filing bankruptcy, filing claims and avoidance. If you have any questions regarding bankruptcy or the issues that can arise, please contact me at rsomach@nmmlaw.com.

Commercial and residential real property owners whose property suffered damage as a result of the storm “Sandy” may be entitled to property tax relief in the form of a reduction of the assessment on the property. Where real property has been destroyed or altered in a way that the property value has “materially depreciated,” the property tax may be adjusted accordingly. If your property has been damaged, destroyed or “materially depreciated” by the storm, you should immediately notify your local property tax assessor. If notified prior to January 10, 2013, the assessor must value the property as of January 1, 2013, and therefore consider the present condition of the property. If no notice is provided to the assessor by January 10, however, this opportunity will be lost.

If you have questions, please contact Nicholas F. Pellitta at 908-252-4164 or nfpellitta@nmmlaw.com.

Mechanics’ liens can create title claims because lenders request the removal of mechanics’ lien exception from title coverage – by removing the exception, you, the title insurer, are in effect providing coverage. Read the rest of this entry »

Form changes are coming which are going to affect realtors, lenders, title agents and consumers.  The Consumer Financial Protection Bureau (CFPB) was created in July of 2010 as part of the Dodd-Frank financial reform legislation.  The CFPB has proposed two new forms intended to “simplify and improve” existing disclosure forms.  The “Loan Estimate” form would replace the GFE and the Truth In Lending (TIL).  The “Closing Disclosure” form would replace the HUD-1.  It is expected that in January of 2013 the CFPB will issue final rules which will include the approval of the new forms for use in January of 2014. 

I recently did a seminar on the new forms at which I discussed that the comment period for the proposed Loan Estimate and Closing Disclosure forms closes November 6, 2012.  Please take the time to review the proposed changes and share your thoughts with the CFPB.  To make a comment:

- go to the main website at www.consumerfinance.gov
- scroll down to the “Our Work” section
- under Regulations, click on “Notice and Comment”
-scroll down and click on the title “Integrated Mortgage Disclosures Under
   the Real Estate Settlement Procedures Act (Regulation X) and the Truth
   In Lending Act (Regulation Z)”
- In the upper right you click on green block “Submit a Formal Comment” 

What should a landlord do when a tenant has moved out and left things behind?  Pennsylvania finally has a new law that answers the question. There have been plenty of opinions (and horror stories) on this topic, but there was never a definitive answer. Senator Pat Browne (R- Lehigh, Monroe and Northampton Counties) introduced SB 887, now Act 129 of 2012 (“Act 129”), which amended the Landlord Tenant Act of 1951.  Act 129 establishes a statewide standard as to what to do with personal property left behind by a tenant who has relinquished possession of a rental property.   It gives tenants a set time frame and advises landlords when they can dispose of the items without incurring liability. Read the rest of this entry »

As a presenter at the Pennsylvania Bar Institute (PBI) seminar “Real Estate 101,” I will address two topics – the role of an attorney at closing and the short sale process. The event will run from 9:00 a.m. to 4:15 p.m. August 23 at the PBI Conference Center in Mechanicsburg. For more information or to register, please visit http://pbi.org.

The ability to anticipate issues that will or may arise at the closing table is a very valuable skill.   The client should have a positive experience at closing, and a prepared attorney can make that happen.  In addition, the bottoming out of the real estate market has led to record numbers of mortgage defaults and foreclosures.  Knowing the nuts and bolts of short sales is essential for real estate practitioners in today’s economic climate.

For more information about real estate law, please contact me at csmith@nmmlaw.com.

I presented “Sheriff’s Sales & Tax Sales” at “A Day on Real Estate – East” on August 7.  The program was sponsored by the Pennsylvania Bar Institute (PBI) at the CLE Conference Center in Philadelphia, and was simulcast in Allentown, Greensburg, Mechanicsburg, Norristown, Pittsburgh, Uniontown, West Chester and Wilkes-Barre. Read the rest of this entry »

The Pennsylvania office of Norris McLaughlin & Marcus, P.A., formerly Tallman Hudders & Sorrentino, seeks a real estate/municipal associate with experience in real estate, land development, municipal law and commercial loan transactions. The position provides the opportunity to be an integral part of our outstanding Real Estate/Municipal Department.

The ideal candidate will have 3-5 years experience handling sophisticated matters with some experience negotiating leases, creditors’ rights issues, commercial loan workouts, and general municipal land development matters. The candidate will also have superior academic credentials, excellent research, writing and communication skills, and be prepared to work independently on a variety of substantive matters.

For consideration, please submit cover letter, resumé and salary requirement to:

Timothy J. Siegfried, Esq.
tsiegfried@nmmlaw.com

On May 28, 2011, the Pennsylvania Housing Finance Agency (“PHFA”) provided notice that it will have insufficient money available in the Homeowner’s Emergency Mortgage Assistance Program to accept new applications for emergency mortgage assistance on or after July 1, 2011.  On July 16, 2011, PHFA established that on and after August 27, 2011, mortgagees may take legal action to enforce a mortgage, without any further restriction or requirement of the Housing Finance Agency Law, 35 P.S. § 1680.101 et seq., without respect to the date upon which a mortgage obligation becomes delinquent. 

Read the rest of this entry »

There are a myriad of local rules and practices associated with real estate tax sales.  The following is information we compiled for a recent presentation entitled “Everything You Wanted to Know About Sheriff’s Sales and Tax Sales But Were Afraid to Ask” for the Commercial Real Estate Women’s Network of the Lehigh Valley. 

Tax Sales

Tax sales are generally conducted to sell properties for delinquent taxes.  These sales are processed through the County Tax Claim Bureau.  Properties are sold first at an “Upset Sale” where properties are sold subject to mortgages and other liens, and then at a Judicial Tax Sale, where properties are sold free and clear of all liens.  Tax sales are governed by the Real Estate Tax Sale Law.

Read the rest of this entry »