Real Estate & Property Law

Ballard in CA, Competitor’s MP at Helm

Ballard Spahr Andrews & Ingersoll is opening an office in Los Angeles with the expectation that it will help the 500-lawyer Philadelphia-based law firm strengthen its flagship real estate and resort practice in the Southwest. In charge of the new office will be David C. Sampson, former managing partner of…

Sep 4, 2007 4:53 PM CDT

DLA Piper Expands in Persian Gulf

DLA Piper is planning an expansion in the Persian Gulf region. The law firm already has offices in Dubai, United Arab Emirates, and will open another office in the capital, Abu Dhabi, the National Law Journal reports. It is also considering offices in Qatar and Mumbai, India. Lee Miller, one…

Sep 4, 2007 11:58 AM CDT

New Bush Policies Help Homeowners

Updated: Several federal agencies will make major changes in housing-related rules, offering significant help to homeowners struggling with subprime mortgages, President Bush has promised. News reports say his announcement today–and adoption of programs that Democrats say they suggested–signals an expected Congressional reform of Federal Housing Administration programs and perhaps other…

Aug 31, 2007 5:58 PM CDT

Fence-Building Crime Time: 6 Months

A California man with no prior record has been sentenced to six months in jail. His crime? Building a fence at his home on what the city of Torrance apparently told him was his own property, after he called to ask the city to fix a dilapidated fence that was…

Aug 28, 2007 6:55 PM CDT

Law Firms: Layoffs a Possibility

Although the legal market is still strong and many major firms reportedly are competing hard for desired associates, some see a potential storm cloud on the horizon. The stock market gyrations following the subprime mortgage meltdown are creating a credit crunch that makes it more difficult to finance corporate transactions.…

Aug 27, 2007 11:32 PM CDT

Subprime Crisis Spotlights #1 Lender

Borrowers with bank accounts obviously are better mortgage risks than those with no assets. Yet, until last year, the nation’s biggest lender reportedly set up its computers to exclude applicants’ cash reserves. This was intended to encourage Countrywide Financial Corp. representatives to pitch applicants on pricier mortgages that reaped a…

Aug 27, 2007 6:26 PM CDT

FL Condo Fraud Squad Nabs Board Prez

Stealing $50,000 doesn’t put the perpetrator on the FBI’s Most-Wanted list. But an alleged embezzlement of that amount by a condominium board president is big news in South Florida. That’s because such crimes apparently aren’t unusual among the state’s many condominium associations, and fed-up condominium residents are hailing efforts to…

Aug 24, 2007 5:22 PM CDT

NC Law Protects Home Buyers

A new law designed to fight abusive home loans signed by the governor of North Carolina last week is one of a handful of new state measures designed to curb predatory lending. Gov. Michael F. Easley told the New York Times (reg. req.) he wished he had acted sooner, but…

Aug 24, 2007 1:40 PM CDT

Home-Buying ‘Dream’ a Nightmare, Suit Claims

A federal judge is permitting a lawsuit to go forward that claims lawyers, lenders and real estate professionals duped inexperienced home buyers into overpaying for substandard homes in New York. The eight plaintiffs say they responded to ads for United Homes featuring minority families and the promise, “We Can Make…

Aug 23, 2007 3:56 PM CDT

Lawyers Learn $28 Million Lesson

HomeBanc Mortgage Corp. bounced as much as $28 million in checks before filing for bankruptcy, causing headaches for Atlanta-area lawyers who went through with closings assuming the money would be there. The Georgia Real Estate Closing Attorneys Association put the figure at $28 million, while HomeBanc says it bounced 134…

Aug 23, 2007 11:36 AM CDT

Mortgage Counseling Hits Roadblocks

Illinois is addressing rising foreclosure rates with a new law requiring some buyers to get counseling about predatory loan terms. But good intentions didn’t stop lawsuits challenging an earlier, pilot version of the counseling program. The new law passed this month requires Chicago-area consumers buying their first home or seeking…

Aug 21, 2007 7:32 PM CDT

Relief for Lawyers in $20 M Lender Bounced-Checks Case

There is relief in sight for lawyers in Georgia and elsewhere who covered perhaps $20 million in bounced checks issued by a mortgage lender. After hearing from Edwin R. Neel, a veteran Atlanta real estate attorney who said he put up his own home to pay for HomeBanc Mortgage Corp.’s…

Aug 21, 2007 6:46 PM CDT

Sex Offender Neighbor Violates Lease

A New York judge has ruled an upstate couple can terminate their lease without penalty because a sex offender moved in next door. Watertown City Court Judge James C. Harberson Jr. said the couple was entitled to break the lease, citing a New York law that bars conditions that are…

Aug 21, 2007 3:29 PM CDT

Lose Home, Pay Taxes

Some homeowners who lost their homes in foreclosure are facing bills for unpaid income taxes on the forgiven debt. The so-called 1099 shortfall results in a tax bill when the value of the house is less than what is owed on the mortgage, the New York Times reports. The homeowner…

Aug 20, 2007 1:33 PM CDT

Lender’s Bounced Checks Create Lawyer Havoc

A mortgage company that went belly-up has left Atlanta-area lawyers digging into their own pockets to cover escrow losses. HomeBanc Mortgage Corp. may have issued as much as $20 million in bounced checks on July 30 and 31 before it filed for bankruptcy, according to the Fulton County Daily Report.…

Aug 16, 2007 12:31 PM CDT