Buying Your First Home? Four Tips for a Smooth Closing Day

You have found the perfect home, researched the schools and neighborhood, and obtained a mortgage. Buying a home for the first time is incredibly exciting, but it can also be confusing if you are not aware of what is required in order to close the deal. Here are four tips to help you on closing day to make the process as seamless as possible. Ask Questions When you close on the purchase of your home, you will not be alone. Your real ...
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Four Steps to Prepare for Bankruptcy

Bankruptcy is never an easy decision, but if you have determined it’s your only choice, it is important that you are prepared. There are many steps you can take to ensure the bankruptcy process is as easy and streamlined as possible. If you plan to file, here are four steps to consider. Don’t Be in Denial When you get behind in your bills, it can be tempting to just ignore the phone calls and letters and be in a state of denial. This is ...
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Miami Real Estate: How HAMP Can Help

If you are having difficulty paying your mortgage, or you are upside-down on your mortgage, the Home Affordable Mortgage Program (HAMP) might be able to help. HAMP is a government program that helps people who have increased expenses or decreased income stay in their homes. If you find yourself unable to pay your mortgage, or are behind in your payments, here is information about the program and whether or not you are eligible. Am I ...
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HAMP Basic Eligibility Requirements and How To Apply

Under both Tier 1 and Tier 2, homeowners must meet the following basic HAMP eligibility requirements. You must have taken out the loan before 2009 The property can have no more than 4 units You owe up to $729,750 on your primary residence or single unit rental property; up to $934,200 on a two-unit rental property; up to $1,129,250 on a three-unit rental property; or up to $1,403,400 on a four-unit rental property. The property has not ...
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Loan Modifications under HAMP Tier 2

As of June 1, 2012, the Obama administration expanded the HAMP program to borrowers who did not meet the eligibility requirements under HAMP Tier 1. HAMP Tier 2 is available to homeowners who want to modify a rental property, did not qualify for HAMP because their debt-to-income ratio was 31% or lower, received a HAMP trial period plan but defaulted in their trial payments, or received a HAMP permanent modification, but defaulted in their ...
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Loan Modifications under HAMP Tier 1

HAMP Tier is the basic HAMP Modification. With Tier 1, a homeowner’s monthly mortgage payment, including their principal, interest, taxes, insurance, and association fees, is reduced through a series of steps, called a “waterfall”, so that it equals 31% of the homeowner’s gross monthly income. The servicer only moves on to the next step in the waterfall, if the target payment has not been reached. If the payment is still too high after all of the ...
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Real Estate Closings HAFA Relocation

For borrowers who qualify, HAFA (Home Affordable Foreclosure Alternatives) increased the relocation incentive available from $3,000.00 to $10,000.00.  The new $10,000.00 payment became effective on February 1, 2015.  The incentive is made available to assist the property occupant with the expenses associated with moving (relocation) costs once the HAFA short sale is completed.  The occupant does not necessarily have to be the borrower.  Once of ...
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Real Estate Closings In Fisher Island, Florida

When purchasing real estate at Fisher Island, Florida,  you should seek the advise of an experienced real estate attorney. You should also inquire as to whether the attorney your are considering hiring has performed real estate closings in Fisher Island, Florida prior to contracting the attorney. There are specific issues related to Fisher Island that prior experience  or prior dealings by the attorney representing you would make the real estate ...
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Four Mistakes to Avoid While Selling Your Home

If you’re selling your house right now, you’re facing a buyer’s market. Unlike in recent years, buyers have a lot of choices, so they don’t have to grab the first property that appeals to them. To give you a competitive edge and maximize your chances of a successful sale, here are four mistakes to avoid. Mistake No. 1: Pricing your home too high Although you may have paid a certain amount for the house, it doesn’t mean that it’s still worth ...
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Buying or Selling a Home? Four Tips for a Smooth Closing

It took a while, but you finally found the perfect home. The contract was signed and you’ve been approved for a mortgage. Now it’s time to close. Ideally, closing is when the buyer and seller wrap up the final details and go their separate ways, one securing a check while the other pockets the keys to their new home. But if you and the other parties involved in the deal don’t prepare for closing day well in advance, problems could turn the ...
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