The LAW OFFICES OF RALPH J. SCHUMANN is a full-service law firm
involved in residential and commercial real estate, estate
planning, corporate and business law, employment discrimination
matters, as well as trade secrets and general litigation.
Ralph J. Schumann graduated with honors from Chicago-Kent
College of Law, and currently serves as President
of the Illinois
Real Estate Lawyers Association (IRELA) and as Past Chair of
the ISBA Real Estate Law Section Council.
We utilize the benefits of current technology to make our
practice and the delivery of our legal services more efficient and
more economical. You can reach us by telephone or e-mail us at info@SchumannLaw.com.
Ralph J. Schumann, who
serves as President of the Illinois Real Estate Lawyers Association
(www.irela.org) was recently interviewed by the Illinois State Bar
Assocation as part of a series of short videos. Schumann was
selected to discuss issues of interest to attorneys practicing in
the area of Real Estate Law, and commented on changes to Forms
affecting Real Estate practitioners with the implementation of TRID
(TILA / RESPA Integrated Disclosure).
Are You Ready for the New
Residential Real Estate 'Consummation'
The article, which provides a timely
update concerning the new TILA-RESPA Integrated Disclosure (a/k/a
"TRID" or "Know Before You Owe") rule taking effect October 3,
2015, quotes Ralph Schumann. The new system will
affect most residential real estate transactions.
The topic of TRID is currently occupying a great
deal of attention. As of the first Saturday in October, dramatic
changes take place in most residential real estate
transactions. New forms required by the Consumer Financial
Protection Bureau (CFPB) are supplanting standard forms in most
real estate transactions. Good Faith Estimates are being
supplanted by a new "Loan Estimate" form. HUD-1 Settlement
Statements are being replaced in most residential real estate
transactions by a new "Closing Disclosure" Form. The changes are
being addressed at meetings of many bar associations, including
those of the Illinois Real Estate Lawyers Association (IRELA), which Ralph
Schumann serves as President.
Things are changing. Timelines for transactions will be longer,
and the transactions more complex. The need for qualified,
experienced legal representation in transactions is increased.
On a related note, Ralph Schumann, who
also serves on the Drafting Committee for the Multi-Board
Residential Real Estate Contract, announced that the
contract has been revised to address TRID-required changes.
The new "6.1" version has been released and is now
available at www.irela.org.
Ralph Schumann, President of the Illinois Real Estate Lawyers
Association (www.irela.org), was recently interviewed by
Cook County Recorder of Deeds Karen Yarbrough on her "Housing
Matters" program regarding real estate law issues. To view the
program, click on the image below:
Ralph Schumann, President of the Illinois Real
Estate Lawyers Association (IRELA), recently presented a check from IRELA
to the Lawyers Feeding Illinois program. Pictured below are
Ralph Schumann (right) and ATG Vice President and Special Counsel
John O'Brien (who is also the Founder of
IRELA). For more information, call 847.273.8700.
Ralph Schumann recently spoke at an NIU Law Review
Symposium on The Mortgage Foreclosure
as part of a panel of national
speakers on the topic of "Foreclosure Defense and Alternatives:
Litigation Steps, Practice Suggestions, and Recent
Recently, former employees of Bank of America admitted in sworn
statements filed in a civil lawsuit pending in federal district
court in Massachusetts that they were "told to lie" to homeowners,
fraudulently denied loan modifications and were given bonuses, gift
cards, and other incentives to intentionally push into
foreclosure people who would have otherwise qualified
for a HAMP or other loan modification. According to former B of A
employee Erika Brown, the standard practice was to "string
homeowners along with no apparent intention of providing the
permanent loan modifications [promised]." Utilizing practices
well-known to attorneys attempting to assist distressed borrowers,
B of A mortgage workers falsified records and were told to delay
U.S. loan-assistance applications by requesting paperwork that the
bank had already received, according to statements from
ex-employees filed recently in federal court in Boston. The lender
improperly disqualified applicants to the Home Affordable
Modification Program (HAMP), according to a May 23 statement from
Simone Gordon, a loss-mitigation specialist who left the company in
2012, and other employees. "We were regularly drilled that it was
our job to maximize fees for the Bank by fostering and extending
delay of the HAMP modification process by any means we could --
this included lying to customers", she stated (see Gordon Declaration, at p.4). For more on
this topic, see the Comment at the end of
the Real Estate Law Practice Area