Mass Real Estate Classes - New Hot News

Live Continuing Education 12 Credits $95*

Sales or Broker 40 Hour Class $349

Get your Massachusetts Real Estate Salesperson License now!

Call today and register to attend our 40-hour Massachusetts Pre-License Classes! You can finish the class in only 4 days over 2 weekends or on a Tues/Thur schedule, depending on the class. The cost for the Massachusetts Real Estate Salesperson Class is only $349. If you find another "Live" class, offered in the same month, for less money, on another school's website, we will match the price if you contact us before the day of the class. * The price for the 2014, 12 hour CE classes will be $125.

My next Salesperson Pre-License class is in Peabody at the Holiday Inn on January 4th, 5th, 11th & 12th. This is a weekend class on Saturday and Sunday and runs from 8am to 7pm with breaks throughout the day and a break for lunch. This is a live class, not a video. Then I will have another Saturday/Sunday class in Peabody at the Holiday Inn on February 1st, 2nd, 8th & 9th. It's a great time to get your Real Estate License so be sure to call and reserve your seat today!

My next Broker License class will be in Peabody at the Holiday Inn on March 11th, 13th, 18th and 20th. This is the 4 day 40 hour class to get the Broker License. You need to have 3 years full time experience as a Licensed Salesperson, before you can take the Real Estate Broker License exam.

Bill Morgan Real Estate Academy is committed to providing enjoyable, high quality Mass Real Estate Classes. My Real Estate Broker, Salesperson License and Continuing Education Classes are always offered at competitive prices. My Mass Real Estate Classes are informative, entertaining and loaded with current information. If you want your Real Estate Salesperson License, Mass Real Estate Continuing Education or Mass Real Estate Broker License Class to be interesting, educational and fun, then my school is the best choice!

To view the schedules, just click on a link below.

Online Classes Continuing Education Classes

Broker and Salesperson License Class Schedule

I hope to see you in class soon and "Let's have some fun!"

Thank you very much! Bill Morgan CBR "The Hat Guy"

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New Hot News For Mass Real Estate Agents

30 Yr. Fixed Rate Up Again to 4.29%

November 27, 2013

Mortgage buyer Freddie Mac says the average rate on the 30-year fixed rate loan rose to 4.29%. That's up from 4.13%. The average on the 15-year fixed rate loan edged up to 3.3%. Loan applications remained stable.

Mortgage Rates Up Again

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Fannie, FHA ease rules for borrowers with blemished credit

September 6, 2013

Fannie Mae and the FHA have relaxed the rules for people who lost their homes to "foreclosure" or did a "short sale". In the past you would have to wait as much as seven years to qualify to get a new loan. Now the FHA, in some cases, will allow borrowers to get a new loan, in as little as one year after a foreclosure or doing a short sale. Fannie Mae will allow some borrowers to get a new loan, in some cases, as little as two years after a short sale, however the seven year wait time still applies to foreclosures.

Get a new loan in as little as one year after foreclosure

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Short Sale may not release your obligation to pay back the loan

September 1, 2013

When the Lender agrees to do a short sale, they will release the property from lien. This however, does not release YOU from the debt. You need to be sure that you get released from your obligation to pay the money back to the lender or they could turn the debt over to a collection agency who may chase you until the end of time.

Short Sale may not discharge debt

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House Bill 289 increases CE hours from 12 to 20

January 2, 2013

Representitive Spelitos, of Danvers has submitted House Bill 289 to raise the Continuing Education hours requirement from 12 to 20. Click on the link below to read the Bill.

CE hours to go to 20

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Government extends the Mortgage Forgiveness Debt Relief Act

January 2, 2013

The Government has extended the Mortgage Forgiveness Debt Relief Act through the end of this year. What this means is, if you had a foreclosure or short sale and the bank had a loss, they would send you an IRS 1099-C and normally, you would have to pay income taxes on that money. With the extension of the MFDRA you do not have to pay the Federal tax, provided the money you borrowed was used to purchase or improve a primary residence. Unfortunately, you will still have to pay Massachusetts state tax on the income. Just thought you should know :-)

MFDRA Extended

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Important Change in Boston Smoke Detector Law

Effective August 1, 2012

The City of Boston will no longer be doing Smoke Detector inspections for the sale or transfer of any Residential dwelling unit, including single family homes, multi-unit buildings and condominiums, built after 1975. Any property built after 1975 or having 6 or more units is required to have hard wired Smoke Detectors under the Massachusetts Building Code. Any Residential property, including single family homes, condominiums or multi family of 5 units or less, built prior to 1975, will still be required to have a Smoke Detector Inspection prior to sale or transfer. All Residential units including, single family, condominuims and multi-units are still required to be inspected for the proper installation and operation of Carbon Monoxide Detectors. Please remember that this is a Boston Fire Department decision and has not been adopted by all Fire Departments. For additional information please click on the link below.

Boston Fire Department Smoke Detector Inspections

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Foreclosure Titles Are No Good ?

October 18, 2011

By now, you should be aware, that if you bought a property from a Lender who did a faulty foreclousure, your title may be "Cloudy" or Noisey". One would think, that an action in Land Court, could quiet or fix your title. Not so fast! The Massachusetts Supreme Judicial Court ruled today in the much anticipated Bevilacqua v. Rodriguez case, that you have NO title to the property at all. Not "Cloudy" or "Noisey" title that the Land Court could repair, but in fact, it appears, NO TITLE AT ALL. You may still have the right to go back and redo the faulty foreclosure. This final edict is mix of bad and good news for owners of property whose titles have been rendered defective due to improper foreclosures stemming from the landmark U.S. Bank v. Ibanez ruling last January. The Court held that owners cannot bring a court action to clear their titles under the “try title” procedure in the Massachusetts Land Court. Left open, however, was whether owners could attempt to put their chains of title back together (like Humpty-Dumpty) and conduct new foreclosure sales to clear their titles. Unfortunately, the SJC did not provide the real estate community with any further guidance as to how best to resolve these complicated title defects.

Bevilacqua v. Rodriguez Case

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Fannie Mae Drops Conforming Loan Limit

October 1, 2011

For the first time in three years, the upper limits on single family home mortgages in high-cost areas qualifying for Fannie Mae and Freddie Mac's government guarantee has declined.The loan limits, enacted on temporary basis in July 2007, dropped from $729,750 to $625,500. The reduction in conforming loan limits reduces the size of loans that can qualify for Federal Housing Administration (FHA) guaranteed financing. The limits have expired despite a concerted effort by housing trade associations to extend it. The National Association of Home Builders has said it fears more than 17 million homes nationwide will become ineligible for more affordable federal funding when the loan limit expires. The National Association of Realtors said 5 to 10 percent of consumers will face higher mortgage rates as a result of the change. To read the full article, just click on the link below

Loan Limits Drop to $625,500

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New FTC Ruling Affects Real Estate Agents

August 19, 2011

The FTC has passed a new ruling requiring Real Estate Agents, who provide certain information about mortages to prospective buyers, to provide a written disclosure statement to customers and retain all records for 2 years. Just providing generic information about mortgages, or pre-qualifing a buyer will most likely not require any disclosure, however if you provide the consumer with specific information about a particular financing program ( ABC Bank has a 30 year fixed rate loan at X % with 2 points), take an application for financing or only provide a lender's Daily Rate Sheet, a disclosure will be required. As always, this should be discussed with your manager and maybe at your office meeting too.

Copy of the new FTC Ruling

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Massachusetts Real Estate Classes - New License Law

June 1, 2011

A new Massachusetts law, effective June 1, 2011, now requires anyone wishing to take the Mass Real Estate Classes to get their Salesperson License, to attend 40 hours of classroom instruction before they will be allowed to take the Mass Real Estate License Exam. The requirement to get the Broker License will also increase from a 30-hour class to a 40-hour class and you will be required to have three years, full time, experience as a Massachusetts Salesperson before you can take the exam for the Massachusetts Broker License. Below is the link to the new law.

Mass Real Estate Classes New Law

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March 18, 2011

Massachusetts Real Estate Classes - New Homestead Law

Automatic $125,000 Homestead Protection

Massachusetts Declaration of Homestead provides a simple and inexpensive way to proctect the equity in a principal home from up to $500,000 in certain creditor’s claims. Now the Legislature has passed the long awaited revisions to the Massachusetts Homestead Act (Senate Bill 2406), giving homeowners expanded protection. The bill was signed on Dec.17, 2010 and became law on March 18, 2011.

Here’s a summary of highlights of the amended bill:

All Massachusetts homeowners will receive an automatic homestead exemption of $125,000 for protection against certain creditor claims on their principal residence without having to do anything.

All Mass. residents are eligible for a $500,000 "declared homestead exemption" by filing a declaration of homestead at the registry of deeds. For married couples, both spouses will now have to sign the form–which is a change from prior practice.

Homesteads are now available on 2-4 family homes, and for homes in trust.

The existing "elderly and disabled" homestead will remain available at $500,000.

If you have a homestead as a single person, and get married, the homestead automatically protects your new spouse! Homesteads now pass on to the surviving spouse and children who live in the home.

You do not have to re-file a homestead after a refinance. There’s always been confusion here, with lenders requiring homeowners to either subordinate or release homesteads. Under the new law, homesteads are automatically subordinate to mortgages, and lenders are specifically prohibited from having borrowers waive or release a homestead.

Closing attorneys in mortgage transactions must now provide borrowers with a notice of availability of a homestead.

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Mass Real Estate Classes Continuing Education Update

January 14, 2011

On January 14th, 2011, Representative Theodore C. Speliotis, submitted a Bill to the Legislature, House Bill 123, to increase the Continuing Education requirement for Real Estate Brokers and Salespersons from 12 hours to 20 hours. The Bill is currently working it's way through the Legislature and has NOT PASSED YET. When it passes, all Real Estate Brokers and Salespersons who wish to keep their Real Estate License on active status will be required to complete 20 hours of Continuing Education. Also, please remember that the Bill Morgan Real Estate Academy offers Online and Live Continuing Education Classes and Salesperson Pre-License Classes, every week, throughout Eastern Massachusetts. Here is a link to Mass House Bill 123.

Continuing Education 20 Hours

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Mass Real Estate Classes - Supreme Court Upholds Ibanez Ruling

January 7, 2011

The Massachusetts Supreme Judicial Court on Friday ruled in favor of Mr. Ibanez, who had his home foreclosed upon by U.S. Bank in 2007. Mr. Ibanez's Mortgage had been resold 5 different times and eventually end up in a pool of mortgages where U.S. Bank was the trustee. Because the mortgage was not assigned directly to U.S. Bank, the court ruled that U.S. Bank had no right to do a foreclosure, because they were not the" Mortgage Holder of Record." Mr. Ibanez gets his home back! This ruling may have serious impact on many if not all of the foreclosures that have been done in Massachusetts over the last however many years. Will Title Insurance companies write Title Insurance, for someone buying a foreclosure, if the foreclosing entity was not the "Mortgage Holder of Record" at the time the foreclosure was done? This decision will have impact across the country and it will be interesting to see how it plays out over the next few months. Here is a link to one of the articles.

SJC Ibanez Ruling

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Bill Morgan Real Estate Academy
37 Bates Rd. Swampscott, MA 01907 - Tel. (781) 631-1211
Licensed by the Commonwealth of Massachusetts #1224