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Tag Archives: real estate attorney
A Real Estate Closing is the final step of the home purchase process, whereby the buyer and seller sign the papers to transfer the ownership of the home. In order to complete this final phase of the purchase process, it is important to understand the timeline of requirements that take place leading up to the Closing.
First, a buyer must open an escrow account with a neutral third party, whereby the buyer provides earnest money to be held in consideration of the purchase in order to demonstrate good-faith that the buyer fully intends on completing the sale.
Following the opening of an escrow account, the buyer then needs to take 5 necessary steps to protect their interest in the home. These 5 steps are as follows:
- Complete a Title search
- Purchase Title Insurance
- Complete a Home inspection and Pest inspection
- Negotiate the Closing costs; and
- Lock the interest rate of the mortgage.
These steps are important in the completion of any Real Estate transaction, and many times it is important for the buyer to seek legal counsel prior to moving forward with the purchase process. An experienced real estate attorney can provide professional legal advice, and interpret the very complicated language involved in most Closing documents. The attorney is also capable of identifying potential problems with your purchase documentation, and can save you the hassle of dealing with unexpected complications that may arise during the Real Estate purchase process.
If you or a loved one are considering purchasing a home and need advice on what to expect, call Blick Law Firm today at (813) 931-0840. Schedule a free 15-minute consultation with attorney Michael Blickensderfer. Think quick, call Blick!
Foreclosure is the process in which the lender of mortgage money takes control of the mortgaged property and sells it to raise money to pay on the debt owed by the borrower. A foreclosure happens when one stops paying the mortgage payments, usually for a period of at least three to four months. At that point, the mortgage company has a right to foreclosure, and legally follows a standard process similar to an eviction.
If your property becomes subject to foreclosure, here are some potential remedies:
Reinstatement – To avoid the completion of the foreclosure process, you may be able to reinstate the loan by making payments on the past due amount. Generally, the lender will be cooperative if you bring your account up to date, or demonstrate that you now have the means to catch up on the past due payments.
Mortgage Modification – The lender may be willing to modify the terms of the mortgage. Modification of the agreement may involve adding payments to the end of the mortgage and simply extend the term of the loan. Modification of the mortgage agreement may also be made by reducing the interest rate of the original Mortgage Agreement, and it could include partial forgiveness of the amount of money you owe.
Forbearance Plan – As a borrower you may be able to file a forbearance plan with your mortgage provider. Under this arrangement, the lender will agree not to pursue the foreclosure action; but, the lender will likely require proof of adequate means to satisfy the repayment on the loan. This is generally a viable option if you have encountered a temporary setback such as poor health or loss of employment.
Deed in Lieu of Foreclosure – You may also deed the home back to the mortgage provider if the lender agrees to accept a Deed in Lieu of Foreclosure. The lender will take back the property and cancel the remaining debt. You will be unable to keep your home, but avoid foreclosure and minimize the detriment to your credit score.
Short Sale – To avoid foreclosure, you may also be able to sell your home for less money than owed. A short sale can be completed by finding a buyer to purchase the home and is willing to pay current market value, and having the mortgage provider agree to the sale. Any shortage after the sale will then either be written off by the lender and a IRS 1099 be issued to the seller, or a deficiency remains which the lender may pursue to collect against the seller.
Foreclosure continues to be a growing problem in Florida, and if it happens to you, the worst thing to do is ignore it.
Call Blick Law Firm today at 813-931-0840. Make an appointment for a free 15 minute consultation with Attorney Michael Blickensderfer to see what your legal rights are in defending a foreclosure action.
Today’s topic: Sinkhole damages. If you feel that your property may have possible sinkhole damages and it has cost you, you may be eligible to receive compensation for those damages. It is important to seek legal representation to understand home owners insurance and their claim policies, to make sure you receive full reimbursement for damages.
The owner, Michael C. Blickensderfer has 25 years legal experience in Florida, New York and New Jersey. Blick Law Firms practice areas include criminal law, DUI/ Traffic, real estate transactions, loan modifications, short sales, foreclosure defense, bankruptcy, title insurance and real estate litigation.
We also serve clients in personal injury, including auto accidents, motorcycle accidents, slip and falls premises liability, dog bites, marine and aviation accidents and wrongful death.
For further information regarding our legal services please visit our website at www.blicklawfirm.com.
Bank of America test pilots ‘Mortgage to Lease Program’ letting those facing foreclosure rent their home
Bank of America launched a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.
About 1000 homeowners facing foreclosure in Nevada, Arizona and New York are test piloting this “Mortgage to Lease” Program offered by the bank.
Underwater homeowners who are struggling to make hefty mortgage payments are giving their homes to the bank and turning around and renting for up to three years at a lower monthly cost. If the program is successful, it may be rolled out in other states.
How to qualify for the program?
Participants must be at least 60 days behind on their mortgage, have a deficiency in the loan to value, no second mortgage, exhausted their mortgage-modification alternatives and make enough income to pay the rent. *The loan must be owned by Bank of America.
The goal of this program by Bank of America?
The goal is to see potential benefits from helping to stabilize housing prices in the surrounding community as well as, curtail neighborhood blight by keeping a portion of distressed properties off the market.
Homeowners can’t apply for the program. If you qualify, Bank of America will contact you. Fannie Mae has a similar program, though it is not widely used.
Will this program work?
Depends on the homeowner’s individual circumstance. While some might want to stay in their home, others might be better off moving.
How will the bank benefit?
Bank of America will avoid costs of foreclosure and earn money when the home is eventually sold.
Although this program is not yet available in Florida, contact a Tampa real estate attorney today to discuss your housing options. Attorney Michael Blickensderfer is experienced and able to assist you with your short sale transactions, loan modification or foreclosure defense. Call us today at 813-931-0840.