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Author Archives: Christine Seow


Important Tips for Completing a Residential Contract for Sale and Purchase – Part 14: Escrow Agent and

Professional Advice: Broker Liability                              

Part 14 of the Contract outlines what the Broker’s role is and discusses Broker Liability. The role of a Broker is to advise the Buyer and Seller of the representations that have been made on the Contract and to encourage both parties to verify and receive specialized advice regarding these representations from professionals in the appropriate fields. The Broker must inform the Buyer that his representations are based on what he is told by the Seller and the information available in the public records, not from having lived in the property. This section also contains a bolded clause that states that in signing the Contract, the Buyer is agreeing to rely on all of the people mentioned above when it comes to the verification of the condition of the property, the square footage of the property and any facts that materially affect the value of the property and not on the representations of the Broker.

Legal Q&A: How can a lawyer help with a loan modification?

Q:  How can a lawyer help you with a loan modification when you are facing foreclosure?


A lawyer will be able to handle both angles of your case. First, they will be able to address the pending foreclosure case by filing the necessary paper work with the court and appearing on your behalf to either post pone or cancel any pending sale dates. Secondly, the lawyer will be able to communicate directly with the bank to submit the required HAMP paperwork and financial information in a timely manner to insure that the approval process goes as smooth as possible.

Legal Q&A: Is a loan modification the best option?

I have lived in my home for 20 years. I just lost my job and my husband’s hours have been significantly reduced at work. We still owe $650,750 on the mortgage but had to stop making payments because the mortgage was too high. Would a loan modification be a good option for me to avoid foreclosure?

A:  It depends on your debt to income ratio. Your monthly mortgage payment and other homeowner association/condo fees must be greater than 31% of your monthly gross income. You must also meet the other requirements listed at www.makinghomeaffordable.gov.

How do you qualify for HAMP?

A:  You may be eligible for HAMP if you meet the following criteria

  • Because of financial hardship, you are struggling to make your mortgage payments.
  • You are delinquent or in danger of falling behind on your mortgage
  • You obtained your mortgage on or before January 1, 2009.
  • Your property has not been condemned.
  • You owe up to $729,750 on your primary residence or one to four unit properties.
  • You have not been convicted within the last 10 years of a crime in connection with a mortgage or real estate transaction.

Legal Q&A: What loan modification program available to those facing foreclosure?

Q:  What is a loan modification program that is available to those facing foreclosure?

A:  The Home Affordable Modification Program (HAMP) is a government program created to give homeowners deep and meaningful savings when they have faced drastic reductions in income and increases in their expenses. (www.makinghomeaffordable.gov )


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