To close on a home is when you finalize the transaction of the purchase of the home. The whole accounting of the transaction is done, the buyer pays his money, all of the parties involved in the transaction are paid and the seller transfers title over to the buyer and the buyer becomes the actual homeowner. At that time is when the seller transfers or signs over the warranty deed. Title searches are completed and Read More
What is title insurance and why would I need it?
Title insurance is issued by a title company that can sell title insurance, basically. Title insurance ensures any defects with the title. Prior to issuing title insurance a title company is going to do a title search, a lien search, to determine if the title is marketable; in essence, if the title is clean. Title insurance is the only insurance that I know of that ensures going back. Most insurance like Read More
Why is a short sale better than foreclosure?
A short sale is generally better than foreclosure because at the completion of the short sale the judgment, which is a result of a foreclosure, is eliminated or removed so on your record or your credit history, your credit record, whatever you want to call it, you don’t have a judgment in place. If you go forward with a foreclosure and there's a foreclosure sale, at the auction the judgment stays in place, the Read More
I’m about to begin a construction project. What do I need to know about negotiating with the bank?
The draw schedule with the bank is very important because you need to find a way to make sure the bank pays you quickly once you provide them your draw request. If you're not paid on time workers can walk off the project, suppliers can start a lien on the property and really create a lot of chaos and unnecessary expenses. So you need to put, or eliminate, obstacles from the point that you submit your draw request to Read More
What are my options if I don’t qualify for Chapter 7 bankruptcy?
Some of your options if you don’t qualify for a Chapter 7 bankruptcy is a Chapter 13 bankruptcy. Most people do not qualify for a Chapter 7 is because they either have too much money in assets or they make too much money on basically a monthly basis. So, if you have too much money in assets the Chapter 7, when you liquidate, you're going to lose substantially most, or all of, your assets over and above your allowable Read More
Can I stay in my home during the foreclosure process?
You can definitely stay in your home during the foreclosure process. Remember, the foreclosure is the bank’s lawsuit to recover the property but the titled owner of the property during the process is you, the homeowner. The warranty deed or whatever the instrument of conveyance is, is in your name. So, by virtue of that you also have possession and the right to stay in the property during the foreclosure process. Read More
I’m a real estate developer and I’m about to hire a construction company. What do I need to include?
There are a lot of different provisions that can be included in a construction contract but the most important aspect of a construction contract is to delegate who is responsible for what or what part of the construction. Many times arguments are caused because the contractor believes that's the job of a subcontractor or the developer believes that's the job of the contractor. Also, timing is important. Provisions Read More
I am a landlord and my tenant is refusing to pay rent. What are my rights?
When your tenant is not paying rent you should first review your lease agreement to make sure there aren't any conditions prior to you bringing a lawsuit or prior to you filing a notice. Sometimes a lease agreement will change the type of notice you have to place on the tenant but generally you would place a three-day notice when your tenant is not paying rent. The tenant either has three days to vacate the Read More
I am having trouble making mortgage payments on my home. Will my lender foreclose on me?
Generally when you’re having problems making your mortgage payments the lender may foreclose, if it goes for a long period of time that you're not paying the mortgage; anywhere from three to seven or eight months. It's quite possible that the lender will file a foreclosure action in order to put pressure on you to begin payments, to entice you to maybe process a loan modification or a short sale but the point of the Read More
What are some of the best alternatives to foreclosure?
Some of the best alternatives to foreclosure are what's called loss mitigation. Loss mitigation involves a loan modification, it involves a short sale, it involves a deed in lieu with a waiver of a deficiency, and it involves cash for keys. It really depends on what the client wants to do. If a client wants to keep the property the common resolution or the common process we'd use would be a loan modification. If Read More
