attorney information, mortgage note, Real property, Uniform Commercial Code

Ever have questions about the Uniform Commercial Code as it relates to mortgage notes?

Hallmark Abstract Service Jericho, New YorkA somewhat arcane topic I know, but if you happen to have an interest then this report may be for you!

I received the report titled “Report of the permanent editorial board for the Uniform Commercial Code – Application of the Uniform Commercial Code to selected issues relating to mortgage notesthe other day from a law professor on the west coast.

The following is an excerpt that discusses the topics covered along with a link if you wanted to read more about it.

“… Recent economic developments have brought to the forefront complex legal issues about the enforcement and collection of mortgage debt. Many of these issues are governed by local real property law and local rules of foreclosure procedure, but others are addressed in a uniform way throughout the United States by provisions of the Uniform Commercial Code (UCC).1 Although the UCC provisions are settled law, it has become apparent that not all courts and attorneys are familiar with them. In addition, the complexity of some of the rules has proved daunting…

… This Report does not, however, address all of the rules in the UCC relating to enforcement, transfer, and ownership of mortgage notes. Rather, it reviews the rules relating to four specific questions:

  • Who is the person entitled to enforce a mortgage note and, correspondingly, to whom is the obligation to pay the note owed?
  • How can the owner of a mortgage note effectively transfer ownership of that note to another person or effectively use that note as collateral for an obligation?
  • What is the effect of transfer of an interest in a mortgage note on the mortgage securing it?
  • May a person to whom an interest in a mortgage note has been transferred, but who has not taken a recordable assignment of the mortgage, take steps to become the assignee of record in the real estate recording system of the mortgage securing the note?…”
Read the full report here.

 

 

 

 

 

 

 

All data and information provided on this site is for informational purposes only. Hallmark Abstract Service makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.

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business preparedness, Uncategorized

Legal, real estate and financial links for Wednesday, December 28, 2011

Hallmark Abstract Service Jericho New YorkLinks to articles of potential interest!

The following list of articles are stories that you may find interesting and/or relevant in your daily pursuits.

They may cover the areas of law, finance and real estate.

Smaller Lenders Jump into Big Bank Mortgage Void

Top 10 markets for real estate bargains

No Relief in Report on Housing

IRS Issues Regulations on Tangible Property Repairs

The Ten Most Significant Class Action Cases of 2011

Many NY Homeowners Switching to Nat Gas Heat

HALLMARK ABSTRACT SERVICE

“We work harder to make your closings easier!”

For any title insurance questions in New York or if you would like to meet with Hallmark Abstract Service, please contact us using any of the following:

Email: orders@hallmarkabstractllc.com

Phone: 516.741.4723

Mail: 131 Jericho Turnpike, Suite 205

Jericho, New York 11753

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attorney marketing

Blogging, social media and SEO for the legal sector! (Infographic)

Hallmark Abstract Service Jericho New York

What steps are lawyers taking in the area of blogging and social media?

There are of course many variables to this question including whether or not the attorney  is a solo practitioner or part of a group practice, but the bottom-line is that many competitors may currently be involved in some or all of these activities: blogging, social media and SEO of their websites.

There can be benefits to all of the above but as in any business decision, for any benefit an attorney will face additional time requirements and for SEO some added expense.

Much of the decision to move forward will come down to a cost/benefit analysis where the cost is a monetary one in terms of out of pocket cash and/or time spent on the process, and the benefit can be tangible in the form of increased business. Or, it may not be that easy to calculate in bottom-line terms but no less real in the form of increased stature or positioning as an industry expert and go-to attorney.

Infographics that will answer many of your internet marketing questions!

Social media for lawyers

(click to enlarge)

H/T Lexblog

HALLMARK ABSTRACT SERVICE

“We work harder to make your closings easier!”

For any title insurance questions in New York or if you would like to meet with Hallmark Abstract Service, please contact us using any of the following:

Email: orders@hallmarkabstractllc.com

Phone: 516.741.4723

Mail: 131 Jericho Turnpike, Suite 205

          Jericho, New York 11753

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Uncategorized

Title Insurance: Not “Just Another Fee”

Hallmark Abstract Service

Title Insurance: Not “Just Another Fee”

By Michael Haltman, Partner

       Hallmark Abstract Service

Title insurance is a closing expense for both residential and commercial real estate transactions that can sometimes be misunderstood by the property buyer.

In fact, a recent survey conducted by the American Land Title Association (ALTA) revealed that most buyers in a residential transaction think of title insurance as “just another fee” they have to pay to buy a home.

They aren’t really sure what it does or how it protects them, only that it is one more check to write on what is already a very stressful day filled with the writing of checks.

A major reason for this uncertainty surrounding the protection provided by title insurance is that buying a home has become a rather complex process.

There are so many details to take care of that most people rely on the person handling the sale to take care of them—typically their real estate agent and real estate attorney. They trust their “team” to know the process and do what is required, including ordering services like the appraisal, home inspection, and title work.

What is Title Insurance?

An Owner’s Policy of title insurance assures that the home they are buying is free of issues that could cloud the title and create serious problems in the future.

Prior to issuing the insurance policy and before you close, title professionals conduct an exhaustive search to check for liens, encumbrances, easements, and other problems that could affect the status of the title.

If a problem is discovered, title professionals typically take care of it, or notify you so that you can make an informed decision.  If a title defect covered under the policy isn’t discovered until after you close, the insurance kicks in to cover any losses.

What are some typical problems that might cloud a title? There may be a lien on the property for unpaid property taxes by the previous owner, or a mechanic’s lien by a subcontractor who performed work on the property and was never paid.  Other examples include a prior unpaid mortgage, or covenants and restrictions on the use of the property.

Sometimes there are problems that go undetected during the title search, such as fraud or forgery, a mistake in the public record, or an unknown heir claiming ownership.  If this occurs, you would file a claim with your title insurance company.

The truth is, claims are rare in the title insurance business because of the due diligence that is performed before the policy is issued.  Most of the premium dollar goes to pay for the upfront costs of performing the title search, and clearing up title issues before you close.

Understand Your Coverage

The bottom line for a buyer is that title insurance is more than “just another fee”–it provides real protection should something happen to threaten the title to your home or commercial property.

Buyers in real estate transactions can choose for themselves the title company that they would like to work with, or have their attorney arrange for it.

Either way, talk to your title representative to find out what is and isn’t covered in your title insurance policy.

For peace of mind, make sure you fully understand your coverage before you close.

If you have any questions or comments for Hallmark Abstract Service, please call us at 516.741.4723 or email us at orders@hallmarkabstractllc.com.

You can also find out more about us on our website here.

131 Jericho Turnpike, Suite 205

Jericho, New York 11753

516.741.4723 (O)

516.741.6838 (F)

orders@hallmarkabstractllc.com

http://www.hallmarkabstractllc.com

 

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