Miami Real Estate News – Condominium Dues and Assessments

Miami Real Estate Deals The FAR/BAR and FAR contracts, as they relate to condominium maintenance and assessments is a bit tricky. A knowledgeable realtor should know how to explain the differences to their client, and how to protect their sellers and buyers.

On the contract, a seller can either be responsible for assessments due and owing at the time of the closing.  Or, the buyer can be made responsible for any amounts due after closing.

The following is an explanation of Condominium Maintenance and Homeowners Associations dues and assessments:

Maintenance is payable monthly, a set amount, usually covering such things as:

  • Common elements
  • Insurance on common elements
  • Pool
  • Lawn
  • Security, guard, gatehouse

Assessments are payable at once, when passed, and are usually big ticket items that cover an unexpected repair or cost, allocated among the owners based on percentage interest holder, for example:

  • Window repair or replacement
  • Roof repair or replacement
  • Pool repair or replacement
  • Insurance coverage for unexpected hazards

While maintenance is due every month, and payable usually on the 1st of the month, assessments are due in full at the time they are passed. For example, a $4,000 assessment passed on January 1, 2015, is due and payable on January 1, 2015 by the seller.  If the homeowner elects to pay monthly, that is a payment plan they are provided as a courtesy by the association. However, the full amount due is $4,000.00

Accordingly, when the seller enters into a Contract for Sale and Purchase, it is important to know how homeowners assessments and dues are going to be handled.  If the seller is responsible for the full assessment, then an estoppel will need to be ordered evidencing what amount of the $4,000.00 has been paid (as per our example above). The balance would then be collected at closing and remitted to the HOA or Condo association.

If the box marked “Buyer will be responsible for unpaid assessments”, then the balance owed from the closing forward, will be charged to the buyer, who may elect to pay monthly in addition to the monthly maintenance.

This is a confusing topic for many buyers and sellers and the services of an attorney, PRIOR  to entering into the contract is vital, to make sure your interests are protected.

FLORIDA REAL ESTATE ATTORNEYS

At Jacqueline Salcines, PA we are accountants and lawyers and comprehensively negotiate on your behalf prior to signing a contract.   Jacqueline Salcines, Esq. has spent over 14 years practicing law in the real estate and mortgage arena. Let our knowledge go to work for you.

Meet with our real estate attorney today.

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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DEFENDING HOMEOWNERS – FORECLOSURE DEFENSE

???? Vol.5 ??????At the Law Offices of Jacqueline Salcines, PA our main purpose in defending homeowners in foreclosure is to protect your rights. As Miami foreclosure defense attorneys, we are experienced  in every facet of the mortgage industry to not only uncover deceptive trade practices, predatory lending, and mortgages and/or notes that are defective, but go to bat for those that are losing their properties.. We fight for homeowners to be given opportunities form the bank that they deserve and are legally entitled to.

When you hire the Law Offices of Jacqueline Salcines, PA to defend your foreclosure case, you allow us to fight the bank and get what you are entitled to.  Many loans entered into between 2004 and 2008 were illegally done.  That is, with RESPA violations, TIL violatins, 1003 violations, missing assignments, missing notes.  Without proper representation in a foreclosure case, a summary judgment will be entered almost immediately. A summary judgment is a necessary step taken by the lender towards the ultimate goal of taking possession of the home. Once the lender follows through with all the necessary actions, the homeowner will soon be left without a home and owing the balance of the mortgage (deficiency) to the bank.

A good Miami foreclosure defense has many benefits:

  • Continue to live in your home during the foreclosure case
  • Continue to collect rent from investment properties during the foreclosure case
  • Avoid a deficiency judgement on an underwater property
  • Settle with the bank on better terms
  • A good loan modification that brings the principal balance to the market value of your home

At Jacqueline Salcines, PA we are accountants and lawyers and launch a comprehensive plan to thoroughly investigate your foreclosure case and establish a thorough foreclosure defense plan. During our research we evaluate and expose the weaknesses in the Lender’s case and defend the homeowner who was not been fairly represented.

In the State of Florida, the danger isn’t only in losing your home, but in getting hit with a judgment for the remaining balance. Lenders may obtain a “deficiency judgment” for the balance remaining on the mortgage following the sale of the foreclosed home. With a seasoned Foreclosure Defense Attorney by your side you can prevent having a deficiency judgement filed against you for the remainder of your mortgage balance.

Jacqueline Salcines, Esq. has spent over 14 years practicing law in the mortgage realm, and over six years successfully defending foreclosure actions in Miami, Broward, Monroe and Palm Beach. Our law office empowers homeowners with the knowledge, tools and experience necessary to fight and win their foreclosure defense case. Our attorneys are ready to go to court for you and fight to stop your foreclosure.

Meet with our foreclosure attorney today.

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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WHO PAYS THE TITLE INSURANCE IN FLORIDA

At a recent presentation I made to a group of realtors in Miami,  I realized there was a lot of confusion regarding who pays the title insurance premium.  In Florida, the industry standard is based on the county in which the property lies.  In Miami Dade County, the buyer usually selects the title company and pays the premium.  The title insurance premium is based on the purchase price and is promulgated by the Department of Insurance. Below is an example of how the title insurance is determined:

  • Up to $100,000.00$5.75 per $1,000
  • Over $100,000 and up to 1 Millions   $5.000 per $1,00000
  • Over $5 million and up to $10 millions   $2.25 per $1,000
  • Over $10 Million   $2.00 per $1,000.00

It is illegal practice for a title company to charge anything over and above the rate determined by the Department of Insurance.

In Broward and Palm Beach, the Seller selects the title company and pays the premium.  It is illegal and considered coercive to force the opposite party to use your title company while making them pay for the premium.

Additionally, on refinances, the owner/borrower is entitled to a reissue credit if they have their prior owner’s title insurance policy.

Lastly, if the seller has their prior policy, the title company should issue a discount on the HUD for the title  search.

If you are buying or selling, don’t go it alone.  Contact us today to go over your options, your closing costs and your contract.  The first consultation is always free.

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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REVERSE MORTGAGES SOON TOUGHER

Obtaining a reverse mortgage will soon be harder.  As of May 1, 2015, new regulations will take affect that will require reverse mortgage lenders to follow stricter guidelines. Part of the change includes lenders performing credit checks on borrowers, like traditional mortgages.  Applicants for a reverse mortgages, who must be at least 62 years of age and own their house outright, will also have to demonstrate financial means to pay back the loan.  Although this makes no sense, since a reverse mortgage does not require the payment of the mortgage monthly, they would be required to prove they can pay the real estate taxes and homeowners insurance and association fees, for at least the two years prior.

To find out if you are eligible, call us today. The first consultation is always free and will advise what you qualify for.

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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HOW TO PROCESS A SHORT SALE

short-sale-contractThe other day I was reading an article and it said that 2015 was going to be the comeback of the short sale.  In my practice, I never really saw it go away.  Short sales are as popular today to strategically exit a property that is underwater, as it was when it started in 2009.  Short sales, while not too complicated, do take some skills and know how, and that is where we come in. With tax implications and a lender incentive of $10,000.00 to the borrower, it is best to contact an attorney to get the “short sale” done right the first time.

In a short sale, the mortgage lender takes less than the mortgage balance as a payoff of the mortgage debt, and forgives the difference.  The Mortgage Debt Relief Act, if extended, will also protect sellers from any 1099-C penalties and the greatest thing is that the borrowers gets to live on the property until the date of the sale.  Even greater is that the mortgage balance is written off and the seller can walk away with $10,000.00 in their pocket as relocation assistance.

How does a short sale work:

  1. First you must list the property with a realtor.
  2. Second you must find a buyer for the property.
  3. Simultaneously while having the property listed, you must apply for HAFA and start the short sale.  HAFA guidelines are strict and therefore it is best to let an attorney handle it.
  4. Borrower financials are submitted and a short sale application is started.
  5. Once an offer comes in, the offer is submitted to the short sale lender for approval
  6. The lender will order a BPO or appraisal to confirm price.
  7. The lender will accept the short sale offer and advise of the deadline to close.
  8. The Buyer then goes to his or her lender for financing or if cash, the closing can take place within days.

Obviously, the above is a quick guide but honestly, there are so many nuances and intricate details of the short sale, that it is best to have an attorney handle it.

At the Law Offices of Jacqueline Salcines, PA, we have an entire short sale department. A team of knowledgeable managers and attorney to process the short sale, confront the lender on any escalation issues, and confirm price when the lender counters at a higher unreasonable price.

Plus, attorney Jacqueline Salcines is also an accountant and able to provide advice both on the legal and tax consequences of the short sale.  We go to bat for you so that your short sale can be a success.

Contact us today. The first consultation is always free. Let us do the work.

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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MIAMI SHORT SALE ATTORNEY

Miami Short Sales Lawyer

Many sellers and investors in today’s real estate market hear the term short sale but do not understand what a short sale is.  A short sale occurs when someone owes more on their mortgage  than the property is worth.  That is they are what has been classified as  “underwater on your mortgage”.  These property owners are either no longer able to afford the mortgage payments or no longer wish to keep the property and make payments on the mortgage.  This is called a “strategic default”.   A short sale application is then made to the lender (same a loan modification is made)  wherein the mortgage lender agrees to accept a dollar amount less than what is owed on the mortgage.  AND agrees to write off or forgive the remainder.  PLUS, you may be eligible to get up to $10,000 from your lender to walk away, which is yours to keep and to help with moving expenses.  This is called the HAFA Relocation Assistance.

In certain situations, short sales are a viable solution that can help avoid foreclosure. Although the amount of the loan does not change, the bank is now willing to accept less than the balance owed in return for allowing the home to be sold. It takes an experienced attorney to analyze whether a short sale is in the best interest for a homeowner and to steer through the complex procedures successfully in order for a bank to accept a short sale petition.

At The Law Offices of Jacqueline A. Salcines, PA we can help you explore your options if you can no longer afford the payments on your mortgage. We can help you fight foreclosure or stop a foreclosure by pursuing a short sale, based on what will put you on a path to a better emotional and financial future. We will carefully listen to your concerns and explain all of your options fully, so you can make an informed decision.

If you need help, start seeking answers from experienced Miami short sale attorneys today. Understand your rights, and contact us at 305-669-5280 to schedule a free consultation.

In order to have a short sale accepted, we will help you prove the following:

  • You are no longer able to make the mortgage payments
  • You must have a hardship such as an illness in the family, a job loss or other serious situation that affects your finances
  • You must prove the current value of the home is substantially less that the balance owed
  • The bank or lender agrees to accept a sale price that is less than what you owe
  • You must have a qualified buyer offer to purchase the property
  • The bank or lender must accept the buyer’s offer

There are tax implications and the possibility of a deficiency balance to a lender, which we can help you understand, negotiate and handle. Our personal, detailed service has helped thousands of people from all walks of life and income bracket and now we are ready to help you.

Miami Stop Foreclosure Attorney

Fort Lauderdale Stop Foreclosure Attorney

Monroe Stop Foreclosure Attorneys

Palm Beach Stop Foreclosure Attorneys

Contact our office today at 305-669-5280 to schedule an appointment for a free evaluation and put yourself on a path to a better financial tomorrow. We also assist Spanish-speaking clients.

Contact us today.  No office visit is required and the phone consultation is 100% free of charge.  Call and speak to attorney Jacqueline A. Salcines, Esq. Today!

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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SHORT SALE RELOCATION INCENTIVE UP TO $10,000

Short Sales are up this year.   In my practice, I have seen an increase in short sales from borrowers that are either unable to continue to pay their loan modification mortgage. Or, borrowers that have tried to modify and were unsuccessful.  In a short sale, the borrower stays in the home while the home is marketed for sale. Once a buyer is obtained, our firm negotiates the balance of the mortgage to the price the buyer wants to purchase the home at.  Below is an example:

Borrower owes the mortgage company $450,000.00

Home is worth  $200,000.00

The home is listed for sale at $200,000.00

A buyer makes an offer to  purchase at $200,000.00

 

That is the essence a true short sale.

The following are the incentives:

  1. Lender pays all your closing costs.  Borrower does not pay any closing costs. 
  2. Lenders pays the realtor commission
  3. Lender pays the HOA condominium dues
  4. Lender pays all taxes due
  5. Borrowers gets their loan balance forgiven
  6. Borrowers gets up to $10,000.00 relocation assistance  (under HAFA)
  7. Tenant may get relocation assistance of $3,000 if tenant occupied
  8. Pending the extension of the Mortgage Debt Relief Act of 2007, no 1099-C payments due the IRS

With all these benefits and incentives, homeowners that continue to be upside down on their mortgages v. home value are reaping the rewards of a short sale

Under HAFA,  the Making Home Affordable short sale program, the home must be the primary residence of the borrower and certain strict guidelines apply

Call us today to see if you are eligible for a short sale.  Attorney Jacqueline Salcines, Esq. personally handles the entire short sale transaction from start to finish so that its a smooth transaction for you

The Law Offices of Jacqueline Salcines, P.A. is a full service real estate law firm offering real estate, title, mortgage and escrow services.

Contact us today.  No office visit is required and the phone consultation is 100% free of charge.  Call and speak to attorney Jacqueline A. Salcines, Esq. Today!

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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REMOVING PRIVATE MORTGAGE INSURANCE

Private Mortgage Insurance is required when you secure a home loan with less than 20 percent down payment. For example, you are purchasing a home at a sales price of $200,000.00 and you are giving a down payment of less than $40,000, which is 20% of $200,000.  Which means, you need a loan of more than 80% of the $200,000.00

The lender will consider this a risk because you are not giving a considerable amount of money down, and therefore places a special insurance to cover the risk if the mortgage falls into default. This is called private mortgage insurance or (PMI).

PMI while mandatory on these loans, it can be cancelled.  Once the equity in your home reaches 20 percent or more, you can cancel it. However, the banks are strict about their procedure to cancel it.

By law, the lender must let a borrower know, based on your amortization schedule, how many months and  years it will take to pay down the loan in order to be eligible to cancel the PMI.  When the balance drops to 78 percent, the mortgage servicer is required  to cancel the mortgage insurance.  Mortgage servicers must also provide borrowers with annuals statements that alerts borrowers on how to cancel the PMI.

Cancelling the PMI requires obtaining an appraisal with a lender approved appraiser. And once the appraisal is returned, confirming that the equity of 20% or more exists.

You can also cancel PMI by making additional principal payments throughout the year in order to reduce the outstanding principal.    Even a $100.00 additional payment of principal a month or year can dramatically decrease the balance.

When you are ready to buy, contact us. At the Law Offices of Jacqueline Salcines, P.A. we represent buyers both with fixing their credit to make sure they get the best possible program and rate, as well as with contract preparation and closing services.

Acting as both real estate attorney and title agent, we represent the buyers in their real estate transactions and work closely with your lender to make sure you are given the best possible mortgage rate, terms and at the lowest costs.

Attorney Jacqueline Salcines, Esq. personally handles all her own closings and is at the closing table with you to personally explain all documents required at closing.

The Law Offices of Jacqueline Salcines, P.A. is a full service real estate law firm offering real estate, title, mortgage and escrow services.

Contact us today.  No office visit is required and the phone consultation is 100% free of charge.  Call and speak to attorney Jacqueline A. Salcines, Esq. Today!

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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FIRST TIME HOMEBUYER – HOW TO BUDGET FOR A NEW HOME

Home For Sale Real Estate Sign in Front of Beautiful New House.With interest rates at an all time low, and so many new loan programs, it is a great time to buy real estate. First time home buyers have access to many bank and government incentives. Yet, in order to qualify for a bank loan, first time home buyers should plan ahead.  A good budget plan begins one or two years before making an offer on a dream home.  The following are some general tips, that as a title agent and real estate lawyer, I offer to potential buyers:

1.   Build Strong Credit.  When its time to apply for a loan, credit is king.   A low credit score can hinder a  buyer from either obtaining a loan all together or cause the lender to offer a very high interest rate.  Thus, making the loan unaffordable.  However, credit is easy to build and correct.  Start by obtaining your free credit report at Annualcreditreport.com and making sure that all items that appear are accurate.  If something is not accurate or was paid and not corrected by the creditor, you can write to the credit bureaus or creditors and have this corrected.  Or, you can enlist the services of our firm  to help clean up your credit.

2.  Improve Your Credit Score.  When applying for a loan, lender look at your credit report and your FICO score.  To improve your credit score, it is advisable to:

  • Payoff past due bills
  • Pay bills on time
  • Reduce balance to less than 30 percent of the credit limit on each account
  • Have a minimum of three credit accounts, such as car loans, student loans or credit cards that are in good standing and open with positive history for one year or more.

3.  Pay Bills on Time. Young people don’t realize the effect that paying bills late has on their potential to obtain new loans or an affordable one.  A late paid bill or credit account, can make all the difference in an interest rate of 4.0% to 5.5.  On a mortgage of $150,000.00 that is a $187.50 dollar difference in the monthly payment.  Causing a mortgage, based on limited income, to be unaffordable.

Also, beware of scams.  Adding yourself to a credit card loan, as an authorized user, for the sake if improving your credit, has  no results on improving your score or risk factor.

When you are ready to buy, contact us. At the Law Offices of Jacqueline Salcines, P.A. we represent buyers both with fixing their credit to make sure they get the best possible program and rate, as well as with contract preparation and closing services.

Acting as both real estate attorney and title agent, we represent the buyers in their real estate transactions and work closely with your lender to make sure you are given the best possible mortgage rate, terms and at the lowest costs.

Attorney Jacqueline Salcines, Esq. personally handles all her own closings and is at the closing table with you to personally explain all documents required at closing.

The Law Offices of Jacqueline Salcines, P.A. is a full service real estate law firm offering real estate, title, mortgage and escrow services.

Contact us today.  No office visit is required and the phone consultation is 100% free of charge.  Call and speak to attorney Jacqueline A. Salcines, Esq. Today!

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
EMAIL: J.SALCINES@SALCINESLAW.COM
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