Archive for the ‘Agents’ Category

Get a Loan Workout and Get Your House Back

Tuesday, April 21st, 2009

Nobody wants to lose his or her home! Unfortunately, in these rough economic times we know this as a fact for most people. People tend to take their Palisades real estate mortgage for granted and end up losing the home. This is what brings on the foreclosure process. It will usually begin after 3-4 payments have been missed and the lender will issue a foreclosure by selling the house or processing it. What makes the situation worse is that lenders have a tendency to make their borrowers believe they have no other options available. However, there are alternatives that homeowners can use to keep their home!

These are terms heard in connection with the normal terms used in a Nyack NY real estate mortgage agreement. That means that most homeowners do not know about them. Here is a list of some terms and their meanings that will, hopefully, help you get your home back.

Shortstop is a short refinance for the foreclosure of your property. The alternative is to ask a friend to help you buy or pay off the mortgage.

Negotiating a payment scheme is where you would pay a portion of the amount and agree to pay the rest in the following months. You do have to show proof of your income and make a down payment. Most lenders will agree to this plan

Change of plans is a temporary change in the terms of your home loan when it is properly negotiated. Those changes can include amortization extensions and even a reduction of the interest rate. With this option it is best to get a foreclosure negotiator to handle the job and get it approved.

Third-party sale is simply that. The property is sold to a third party and the proceeds go to the mortgage lender in settlement of the loan.

Friendly third-party sale is when the third party simply purchases the party to clear the deed of other holders and immediately sold right back to the borrower.

These are just a few of the alternatives that Hudson Valley home owners have available to them. Of course, the best way to avoid foreclosure is to make sure you make your payments. If you are in fear of foreclosure, check out the MHA program that President Obama has put into motion. If you purchased your home before January of 2009, you may be eligible to participate in the program.

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Title Insurance, the 7 Risks and 7 Cautions

Tuesday, April 21st, 2009

The purchase of residential property usually involves purchasing 2 separate policies of title insurance. One is for the buyer and the other is for the seller. The seller is the insured party and the buyer is the interested party. The seller usually provides and pays for both. This helps to ensure the buyer that the property does indeed belong to the seller and that it has no unexpected liens or problems. It is also a requirement of many lenders that the buyer purchase title insurance on the lender’s behalf for the loan and sometimes the entire sale price.

Title insurance is also a onetime investment. The policy will stay in force until you sell or refinance the property. The premium is usually based on the amount of risk assumed by the insurer. The real estate networking group for women that your agent is a part of will keep her informed about these policies.

When you are purchasing property, it can be put at risk in a variety of ways. If it does not have a clear title, this may be because documents could have been executed several years ago that did not surface until much later. This is why you need to have title insurance.

Here are 7 items that can put your property risk:

1. Forged deeds, mortgages, satisfactions or releases
2. Deed by person who is insane or mentally incompetent
3. Deed by someone who is under age
4. Deed from a corporation, unauthorized under corporate bylaw
5. Deed by partnership, unauthorized under partnership agreement
6. Deed given under fraud or duress
7. Deed executed under falsified power of attorney

Here are 7 things to watch out for:

Read your preliminary title report and if necessary, take action if any of the items below appear on that report. If they do appear, contact your title company immediately. If you do not , act fast you may cause a delay in the closing of escrow or even decrease your profits.

1. Tax Liens
2. Mechanics Liens
3. Notice of Action or Judgments (may include back child support)
4. Bankruptcies
5. Uninsured Deeds
6. Legal Access to and from the subject property
7. Typos in the legal description and/or parties’ names

Women in real estate can benefit from having a relationship with a title representative whose sole purpose is to sell title policies on behalf of a title insurance company. You should find out what that representative is willing to do to earn your business. Ask the following questions:

• Are they willing to give you access to their public record database?
• Can you request and receive copies of recorded documents?
• Are they willing to create property profiles for hot deals?
• Are they willing to set up a farm or territory to help generate leads?

A good title insurance company can help you conduct business efficiently. Every agent must know the complexities and specifics of title insurance as well as the benefits that it gives.

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