Mechanic’s liens are the easiest way for a contractor to collect from deadbeat customers. The legal process, however, is not easy. Below we’ll detail some of the requirements and give a practical overview of the process. Why a mechanic’s lien? A mechanic’s lien has the same effect as a mortgage on property. If you successfully […]
Every time there’s a torrential downpour, we can count on many new homebuyers calling us with stories of wet basements and leaky roofs. These problems can put a homeowner out thousands, and it’s only fair that a seller who advertised the home as perfectly dry and habitable should be held to account for their misdeeds. […]
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 […]
We see it all the time — an investor bought a property that seemed like a sweet deal, but turned out to have a mortgage on it from a prior owner. No wonder it was so cheap! The investor calls me up and asks me what we can do about it. Let’s set aside the […]
We’ve heard a lot of talk, speculation and venting about the two big programs in the CARES Act, the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan (“EIDL”). We’ve written about those programs elsewhere. But there’s one big benefit hidden in here that only applies to businesses that have been closed by government […]
This is a living document that I will update from time to time as I receive more information from the government, lenders, and the experiences of borrowers. In a nutshell, here are the broad strokes of the program: It’s a loan that can be forgiven to the extent of your payroll, rent, utilities, and mortgage […]
The U.S. Congress has just passed the largest stimulus (nay, “recovery”) bill of all time to help the country weather the COVID-19 crisis — the “Coronavirus Aid, Relief, and Economic Security Act” or the ‘‘CARES Act’’. There’s a lot in here from straight up pork to direct payments to individuals. I’ve been following this process […]
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 […]
Any attorney who is been practicing for more than 36 hours has received the inevitable phone call from someone they’ve never met wanting to ask a “quick question.” If you have ever called an attorney and attempted to ask a “quick question,” this article is for you. As a strict matter of policy, I do […]
An LLC Operating Agreement is a legal document that outlines the duties, rights and ownership percentage of the all the members who own the LLC. All of the owners must sign this document. It usually sets forth the financial arrangement of the members, how profits and losses are distributed, who has management rights, and what kind of […]