Neil Siskind is the Founder of The Fatherhood Assignment
Learn more at: http://www.neil-siskind-the-fatherhood-assignment.org/
Volunteer, Pro Bono, and Government Background:
Learn about how we try to give back http://www.neilsiskindsupports.com
Neil Siskind’s Volunteer Work: Volunteer, Memorial Sloan Kettering Cancer Center
Donate to one of my needy public classrooms: http://www.donorschoose.org/NeilSiskindGiving
Help Neil Siskind make sick children’s wishes come true: Neil-Siskind/Help-Make-A-Child-Smile.htm
Neil Siskind’s Pro Bono Work: Protecting New York’s senior citizens from fraud and financial abuse www.savingseniorcitizens.com
We seek to inspire people with stories of children who have overcome challenges: http://siskindlawfirm.com/champion-children/
Champion Children – The Siskind Law Firm
We seek to help put war veterans and senior citizens in the right direction so that they can face the challenges of the modern economy: http://siskindlawfirm.com/free-start-business/
FreeStart Business – The Siskind Law Firm
Neil Siskind’s Government Work:
Suffolk County District Attorney’s Office, Boston, MA, 1994, Intern
Office of Senator Christopher J. Dodd, Newington, CT, 1992, Intern
Hartford County Department of Probation, Hartford, CT, 1991, Intern
Neil Siskind’s Community Assistance:
Established and operated a temporary legal clinic offering inexpensive legal services to struggling Long Islanders during the recession to help clients resolve debt, plan estate matters, organize finances, start small businesses and obtain governmental assistance such as Medicaid.
Neil Siskind’s linkedin URL: http://www.linkedin.com/profile/
Following the real estate meltdown, lenders have been entirely inept when it comes to helping residential owners sell their properties with the necessary bank lien releases. One cause of this is the exorbitant amounts of loans closed at a rapid pace during the real estate boom, causing banks to fail to properly file and record transfer documents. Another cause is the voluminous number of bank to bank mortgage loan sales such that the banks holding the loan at the end do not have the documents they need to show a proper chain of title such that a title company will insure a buyer against the outstanding mortgage. A third problem is that the bank lien release departments are inadequately staffed to handle these enormous problems. Yet, a fourth problem is that banks often file liens against property upon a loan application being made, but where the loan never actually closes. This is actually legal.
In the case of co-op unit loans, once a loan is paid off, the lender must provide a UCC-3 document to cancel the UCC-1 document that protected their loan. Often, when a person applies for a co-op loan, the bank, with legal authority, files a UCC-1. When such loan does not get consummated with that lender, the lender is supposed to release that UCC-1. But they don’t. Then when the seller attempts to sell the property, there is an invalid lien on the property and that seller has to chase the lender down, which takes time and holds up closings.
In the case of mortgage loans, as opposed to co-op loans, even getting an entirely valid and required “mortgage sat” is difficult. This is even if there is a mortgage on title that had been satisfied 10 years ago, there may be no satisfaction document filed by the lender, which the lender must do. So at the time of an attempted sale, the seller must get that lender to provide the “sat”. It’s not easy. At such time, all parties have to begin to bargain with the title company to convince the title company that the loan was satisfied and has not been paid for years so that the mortgage will be omitted. However, title companies may still require monies held in escrow to cover their risk.
Lenders have made recent transfers of residential real estate a logistical nightmare for seller, buyers, title insures and attorneys. Since none of the aforesaid make any more money for dealing with these problems (unless they are extremely ponderous and time-consuming tasks in which case the attorney handling the issue may require additional fees), no one benefits and the economy suffers.