Selene Finance - Legal (Licenses)

Selene Finance
New York Fee Schedule
For further explanation, please refer to the Definitions of New York Fees

Payment History Fees

$0.00

Copies of Duplicate Loan Documents

$0.00

Duplicate Year End Statement

$10.00

FHA Loans only

$5.00

(Prohibited for 2nd Liens)

Insufficient Funds Charges

$20.00

FHA Loans

$20.00

First Payoff Request

$0.00

Additional Payoff Requests

$20.00

Fax Fees

$0.00

FHA/VA Loans Only

$0.00

Lien Release Recording Fees for Paid in Full Loans
(Limited to actual fees as charged by the County Recorder)

Assumption Fees - if loan documents reflect a due on sale clause and original borrower is released from liability

$400.00

Property Inspections - Ordered at 45 days delinquent and every 30 days thereafter

$12.50

FHA Loans Only

$20.00

Late Payment Fee – First Liens

2% of delinquent amount

Foreclosure Attorney Fees

Non-Judicial Foreclosure

$800.00

In New York, the non-judicial foreclosure process is to be used only in connection with cooperative share loans. The fee includes all steps in the foreclosure process, including the transfer of the stock and the lease for an occupied cooperative unit. A fee of $2,000 will be permitted for judicial foreclosures in the City of New York and on Long Island (Nassau and Suffolk Counties).

Judicial Foreclosure

$1,400.00

An additional $200 will be permitted when the property is sold to a third party and the attorney must perform additional work to complete the transfer of title to the successful bidder.

Bankruptcy Attorney Fees

Chapter 7 Bankruptcy Cases

Motion for Relief from Stay, One or Two Hearings, and Order

$550.00

Proof of Claim Preparation (if required)

$150.00

Notice of Appearance

$0.00

Chapter 13 Bankruptcy Cases

Proof of Claim Preparation, Plan Review, and Plan Negotiations

$300.00

Objection to Plan and One or Two Hearings

$400.00

Motion for Relief from Stay, One or Two Hearings, and Order

$650.00

Agreed Order: Court Certification of Default/Stay Termination

$150.00

Agreed Order: Court Certification of Default/Stay Termination

$50.00

Notice of Appearance

$0.00

Definitions of New York Fees

Payment History: a record of how mortgage payments have been made over a period of time. The statement will indicate the dates the payment may have been paid past the “grace” period and if a late fee was assessed.

Copies of Loan Documents: the documents the lender requires a borrower to sign securing the obligations of the borrower and lender with respect to the loan.

Year End Statement: an annual report that is sent to a mortgagor detailing the amount of interest and points paid during the preceding year and the principal balance of the mortgage. If the loan is escrowed, also includes the amount of taxes and insurance paid during the preceding year and ending escrow balance.

Amortization Schedule: a table commonly used in mortgages showing the number of payments due, the amount due in each installment, the declining principal balance, and the number of years needed to fully extinguish the debt.

Insufficient Funds Charges: a fee charged when a payment is returned by the bank.

Payoff Request: this statement indicates the actual amount required to pay the loan in full.

Fax Fees: Fees charged by the servicer to send documents by fax machine.

Lien Release Recording Fees for Paid in Full Loans: Lien Release: a written agreement by a lien holder releasing the borrower from further obligation. Recording Fees: amount paid to the county recorder’s office to make a document a matter of public record.

Assumption Fees: the fee paid to a lender when an assumption of the loan takes place.

Property Inspections: an observation of the exterior of the property to determine whether the property is still occupied by the owner, its physical condition, whether there is any apparent damage to the property, and whether there is any other obvious threat to the value of the property that could affect the lender’s collateral.

Late Payment Fee: the penalty the homeowner must pay when a mortgage payment is made after the due date grace period, this information can be found in the mortgage note.

Non-Judicial Foreclosure: a foreclosure under a power of sale in a mortgage. It enables the lender to give the appropriate notices required under state law and then sell the mortgaged property to the highest bidder, which could be the lender itself.

Judicial Foreclosure: a judgment by a court in favor of foreclosure of a mortgage or deed of trust, which orders that the real property which secured the debt be sold under foreclosure proceedings to pay the debt.

Motion for Relief from Stay (Bankruptcy): a lender can ask the judge to lift the automatic stay and permit some action against the borrower or the property of the estate.

Proof of Claim Preparation: the form filed with the court establishing the lender’s claim against the borrower.

Notice of Appearance: a notice filed by the attorney and served upon the borrower, borrower’s counsel, the trustee and the Bankruptcy Administrator that they are entering an appearance in the case on behalf of their client and providing the address where all notices should be sent.

Plan Review: to reexamine how the borrower proposes to pay lender’s claims over a fixed period of time.

Plan Negotiations: if a lender objects to a borrower’s plan, the borrower, or the borrower’s lawyer and the lender can discuss the terms of the plan.

Objection to Plan: a lender may object to the confirmation of a borrower’s proposed plan. A lender will receive 25 days notice before the confirmation hearing in which to file an objection with the court

Hearing: a proceeding where evidence is taken for the purpose of determining an issue of fact and reaching a decision based on that evidence.

Order: a command of a court or judge.

Agreed Order: Court Certification of Default/Stay Termination: an order filed with the court to cure any delinquency when a borrower has fallen behind with a secured lender in a Chapter 13 case. The agreed order will generally allow 2 notices of defaults when the borrower falls behind on payments to the Trustee or on direct payments to secured lender.