Mortgage lending

Borrower-paid attorney fees in foreclosure? Unlawful

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Many promissory notes and mortgages contain a provision awarding attorney’s fees for foreclosing on the borrower. This even includes Fannie Mae’s uniform mortgage for Ohio. Many lenders can and do successfully collect attorney’s fees on collection and foreclosure judgments. However, as we know elsewhere in real estate law, just because the contract says you can […]

LLCs

Due-on-Sale News: Fannie Mae allows transfers into LLCs

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An enterprising investor on BiggerPockets discovered this useful nugget in the Fannie Mae Servicing Guide from 2017: Section D1-4.1, Information Relating to Transfers of Ownership Applicable to All Mortgage Loans D1-4.1-01, Determining Whether a Transfer of Ownership Is Permitted (11/12/2014) […] D1-4.1-02, Allowable Exemptions Due to the Type of Transfer Unless the previous borrower requests […]

Real estate

Housing Discrimination: The story of Mrs. Grybosky

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Discrimination is a bad, bad thing — especially in housing. But what if I told you there was a quasi-police force out there who pays shills and plants to apply for your rental apartment, record your every word, and hunt for signs of housing discrimination? What’s worse, when they find something, they sue you, recover […]

Real estate

More fines for unlicensed activity in Ohio

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JOHN FROLA, JR. AND MUNICIPAL SOLUTIONS, LLC, Uniontown, Ohio, was found by the Commission to have violated Revised Code 4735.02, unlicensed activity, and was assessed a civil penalty in the amount of $20,000.00. The Commission found that John Frola, Jr. and Municipal Solutions, LLC sold, exchanged, purchased, rented, or leased or negotiated the sale, exchange, […]

Mortgage lending

Mortgage Financing Rundown

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We detailed the traditional types of financing available to residential property investors in an earlier post. To recap, when you’re about to sign a purchase agreement, it’s important to consider whether you want the property to be titled in the LLC’s name or your own personal name. Generally, it boils down to this: LLCĀ – Commercial […]