Short Sales Category
Key Largo Title Lawyer Happy To Report The Mortgage Debt Relief Act Extended One Year
The Mortgage Debt Relief Act of 2007 has been extended for one year. This is very good news for Florida homeowners trying to obtain short sales. Usually cancelled debt is considered income, but a provision of the Debt Relief Act allowed borrowers "to exclude certain cancelled debt on [a] principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief." The Act was set to expire on January 1, 2013,...Continue Reading!
Islamorada Real Estate Lawyer Examines Whether The Mortgage Forgiveness Debt Relief Act Will Be Extended
Many of our clients have asked me whether or not I believe the Mortgage Forgiveness Debt Relief Act of 2007 will be extended past its current expiration scheduled for the end of this year. As a reminder, the legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven. This law expires at the end of 2012. The reason this act is important in today’s...Continue Reading!
Parkland Real Estate Attorney Sees Housing Market Rebound in 2012 as Banks Loosen Credit Standards
Coral Springs Real Estate Lawyer Sees Housing Market Rebound in 2012 as Banks Loosen Credit Standards Capital Economics expects the housing crisis to end this year, according to a report released in February. One of the main reasons is banks continuing to loosen credit and relax underwriting restrictions. The analytics firm noted the average credit score required to attain a mortgage loan is approximately 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year...Continue Reading!
Florida Title Attorney Views HAFA Short Sales as Strong Option for Underwater Homeowners
Florida Title Attorney Views HAFA Short Sales as Strong Option for Underwater Homeowners As a Key Largo real estate lawyer, I have written extensively on the potential benefits of short sales. A Short Sale is the sale of real estate where the proceeds from the sale are less than the balance owed on the property’s loan(s). As a result, the seller does not realize enough money from the sale to pay off the loan(s) in full. In a successful short sale, the lender...Continue Reading!
Coral Springs Real Estate Lawyer Says Many South Florida Homebuyers Feel Now is the Time to Buy
Coral Springs Title Company Notes that South Florida Homebuyers Feel Now is the Time to Buy As a Florida Keys real estate lawyer, one of the most frequent questions I am asked by potential homebuyers is whether now is the right time to buy a home. The combination of bargain real estate prices and rock bottom interest rates means now can be the perfect time for South Florida homebuyers to seal the deal. Home prices fell in January across South Florida and...Continue Reading!
Broward County Real Estate Lawyer Says Many Homeowners Deciding That Now Is The Right Time To Refinance
Coral Springs Real Estate Lawyer Says Many Homeowners Deciding that Now is the Right Time to Refinance Bills.com recently ran an article about the decision to refinance. As a Key Largo Title Company, many homeowners contact us for guidance when wondering whether the time is right to refinance. We are reposting the article below as a helpful resource for homeowners: Is Now the Right Time for You to Refinance? For many homeowners, deciding if a mortgage refinance makes sense is a key question, more...Continue Reading!
Coral Springs Real Estate Lawyer Says Buyers and Sellers Need an Experienced Real Estate Attorney When Buying or Selling a Home
Islamorada Title Company Says Buyers and Sellers Need an Experienced Real Estate Lawyer When Buying or Selling a Home Buying or selling a home will probably be among largest and most significant transactions you will make in your life. It involves the law of real property, which is unique and raises special issues of practice and problems not present in other transactions. A Florida Keys real estate lawyer has the experience to deal with the wide range of issues which may arise. The buyer needs...Continue Reading!
Coral Springs Real Estate Lawyers Find that Title Insurance is More Important in a Bad Economy
Coral Springs Title Company Finds that Title Insurance is More Important than Ever in Tough Economic Times In difficult economic times, title insurance is a critical tool in protecting yourself from others' financial problems. Homebuyers and Lenders buy title insurance to ensure that a property can be legally transferred from the seller to the buyer. It protects you (or your mortgage lender) against problems relating to the property's title prior to the date of the policy. Everything in the real estate transaction process depends...Continue Reading!
Coral Springs Real Estate Lawyers See Short Sales as a Great Option For “Underwater” Florida Homeowners
Coral Springs Real Estate Attorneys at the Law Offices of Erik S. Bloom, P.A., Process and Close Short Sales Throughout Florida, Including Broward County, Miami-Dade County and the Florida Keys. A Short Sale is the sale of real estate where the proceeds from the sale are less than the balance owed on the property’s loan(s). As a result, the seller does not realize enough money from the sale to pay off the loan(s) in full. This leaves the homeowner with two options. The first is...Continue Reading!
Coral Springs Real Estate Lawyers Report that HARP 2.0 Refinance Loans Are Available For “Underwater” Borrowers
Coral Springs Real Estate Lawyers at the Law Offices of Erik S. Bloom, P.A. Process HARP 2.0 Loans on Behalf of Lenders and Mortgage Professionals Across Florida If you're underwater on your conforming, conventional mortgage, you may be eligible to refinance despite your negative equity. HARP (Home Affordable Refinance Program) was started in April 2009. The program has been re-launched as HARP 2.0 with more relaxed guidelines in March 2012. The new guidelines are designed to allow more underwater borrowers to qualify for the program. Many homeowners...Continue Reading!
