The Stern & Eisenberg Way
At Stern & Eisenberg, P.C., our settlement and closing professionals have a combined experience of more than 100 years in the mortgage and real estate industries. We understand that Accuracy and Efficiency are paramount to our clients whether we are assisting with traditional residential or commercial transaction involving the purchase or refinance of a property to matters in the creditors’ rights space, such as short sales, Deed-in-Lieu’s, to managing the REO (Real Estate Owned) process. Our lawyers, settlement agents, and paralegal professionals work tirelessly to ensure transactions are completed accurately, timely, and efficiently.
We provide a full range of settlement services for lenders, investors, and institutional clients. Without limitation, these services include:
• Title Insurance
• Title Curative
• Mobile, Remote, and In-Person Closings
• Escrow funding
• Deed Preparation
We incorporate modern technology and practices to streamline closings while maximizing results. The leadership within our department also has experience in numerous practice areas that sometimes affect REO Transactions, including estate planning, bankruptcy, foreclosure, evictions, business litigation, construction law, and creditor’s rights. This experience enables our team to fully evaluate issues and provide creative solutions.
Real-Estate Owned (REO) Closings
At Stern & Eisenberg, P.C., our Real Estate Owned (REO) professionals have a combined experience of more than 100 years in the mortgage and real estate industries. We understand that Accuracy and Efficiency are paramount to our clients in evaluating title in order to make sure an REO property is ready to be conveyed. Once title is cleared, our team is ready to coordinate or fully oversee the process and complete the closing. Our lawyers, settlement agents, and paralegal professionals work tirelessly to ensure transactions are completed accurately, timely, and efficiently.
For more information, reach out directly to firstname.lastname@example.org or our S&E Value team at SEValue@sterneisenberg.com.
Residential & Commercial Closing Leads
Zachary Champion, Regional Managing Attorney REO/Retail Closings
(410) 635-5127 Ext. 4467
Jillian McGuire, Settlement Closer
(410) 635-5127 Ext. 4417
Residential Settlements & Closings
Our Closing Professionals & Real Estate Attorneys are passionate about providing buyers and sellers with a smooth, stress-free settlement process. From the simplest to the most complicated transactions, our team is ready, capable, and eager to serve your real estate needs. Whether you are buying a residential property for personal use or as an investment, S&E will strive to get you to the closing.
Our firm uses various software systems specific to real estate, title insurance, and the legal industry to conduct the settlement. We use sophisticated software systems to eliminate errors and assist in preparing HUD-1/CD (Closing Disclosure) settlement statements, closing disclosures, ALTA settlement statements, and other closing title documents.
Commercial Settlements & Closings
Our Real Estate Attorneys & Closing Professionals believe proactive communications is an integral and necessary function to successfully close a real estate transaction. Commercial transactions present their own set of challenges for which S&E brings its legal experiences together with title capabilities to the table. Our team strives for transparent communications with all parties involved at each stage of the settlement so we provide you achieve your desired outcome.
Refinancing Settlements & Closings
Our Closing Professionals & Real Estate Attorneys are also passionate about providing property owners with a smooth, stress-free settlement process when they are refinancing or placing a home equity line of credit against their property. From the simplest to the most complicated transactions, our team is ready, capable, and eager to serve your real estate needs.
Consolidation Extension Modification Agreements (“CEMA”) Transactions
Our New York attorneys handle all aspects of the CEMA process for our lenders.
CEMA is a valuable refinancing option, allowing borrowers to refinance his/her New York property to build on prior loans to avoid mortgage tax. In a CEMA refinance, the prior notes and mortgages are restated in a consolidated note and mortgage in the new loan amount.
CEMA means Consolidation, Extension and Modification Agreement. CEMA allows a borrower refinancing his/her New York property to build on his/her prior loans to avoid mortgage tax. In a CEMA refinance, the prior notes and mortgages are restated in a consolidated note and mortgage in the new loan amount.
The difference between a CEMA and a traditional loan is that the prior mortgages are not released when the funds pay off the prior loan. Instead, the prior mortgages remain on the property and the CEMA builds on the prior mortgage.
How does the CEMA process work?
1. The Borrower submits a loan application for a refinance
2. Once approved, borrower submits a request to the existing lender
3. The existing lender requests the original collateral file from the custodian
4. New lender obtains title report to make sure property is clear of liens
5. Collateral file received — allonge to note(s) and assignment(s) of mortgage(s) prepared
6. Clear-to-close issued
7. Closing occurs – original collateral is transferred to new lender
8. Loan is “paid off” but no lien release issued
Title Insurance & Title Curative
Title Insurance provides protections to insureds against potential future losses for Real Estate Owners & Lenders.There are many reasons WHY it is important to have Title Insurance protection.
• In order to assure you get what you think you are getting…
• Disclosure of known and of record claims that pre-date your interest in the property
• Because your mortgage company requires it
• In order to address those risks that are ‘hidden’ from the layperson who is not in the position to adequately review title
WHEN is important to have Title Insurance protection?
• When you acquire property
• When you refinance
• Transfer of Interest/Piece of Land
• Any other time you obtain an interest
• Obtaining a secured loan against property
• Second Mortgage
• Any other time you want to obtain insurance (with some exceptions…tax sales, etc…)
BUYER & SELLER CHOICE
The Buyer and the Seller can choose the Title Company they want to handle their transaction. What this means is that the Seller’s choice file has chosen our title company to handle the title side of the transaction. In non-attorney closing states, the title company will handle the transaction. In our attorney closing states, we will oversee and handle the settlement and escrow from start-to-finish.
The Buyer’s choice file has chosen using our title company of their choice, but where the attorneys are involved, we are still handling the seller side of the transaction and providing the seller’s fees, our fee, sending the deed, and EMD (earnest money deposit) if our office is holding it. We also handle getting the buyer’s title company’s HUD/CD/ALTA approved and signed by the seller.