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 Read More

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, Read More

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 Read More

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 Read More

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 Read More

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 Read More

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, Read More

Short sales can be complicated, something that many sellers are finding out the hard way. If not handled properly, they can fall through, backfire, and even end in foreclosure proceedings. Here are four of the most common short sale mistakes, and how to avoid them. Mistake #1: Pricing Problems For a short sale to be successful, the property needs to be priced in a way that satisfies everyone involved: the bank, Read More

Generally, the term “probate” is used in connection with the process of administering a decedent’s estate; however, in Florida, the probate court has jurisdiction over both probate and guardianship matters.  Guardianship is the state-supervised process of managing a person and/or his property if he is unable to manage them for himself.  Probate is the state-supervised process of managing a decedent’s probate Read More

In real estate, it is important to get the details right. Mistakes can damage or even kill the deal. Your real estate deal can fall apart right up to the moment of closing. The New York Times tells the story of a closing gone very wrong. The buyer and his purported wife were asked for identification. Only then was it revealed that the supposed wife was the mistress. The couple had used the real wife’s credit and Read More