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… Read more »
Last week, I closed a short sale and I gave the homeowner/seller a check for $35,000.00 from Bank of America as a seller incentive to short sale their property. This incentive came directly from the lender. The terms of the short sale also included a complete write off of the debt and waiver of the deficiency as… Read more »
SOUTH FLORIDA REAL ESTATE LAWYERS ESCROW DEPOSITS HELD IN TRUST Are you purchasing real estate in Florida? Selling real estate in Florida? Are you about to enter into a real estate contract and relying on your realtor to hold your escrow deposit? Cases of escrow deposit comingling or fraud are on the rise. Escrow agents in… Read more »
DO BANK’S HAVE STANDING TO BRING SUIT WHEN THEY HAVE LOST THE NOTE OR WERE NEVER IN POSSESSION OF IT TO BEGIN WITH? The recent ruling under Creadon v. U.S. Bank N.A. 166 So.3d 952 (Fla. 2nd DCA 2015), says NO. This case involved BancMortgage Financial Corporation, the lender who foreclosed against two homeowners under the theory of… Read more »
CoreLogic reports that in the 4th Quarter of 2012, over 200,000 properties came up from being “underwater” and a total of 1.7 Million homes in all of 2012. Source: DS News.com To read the full article go to www.dsnews.com/articles/corelogic-17m-homes-moved-into-positive-territoy-in-2012. What does this mean for those selling… that it is once again a sellers market. That asking… Read more »
REAL ESTATE ATTORNEY – MIAMI With its single taxation for residents, homestead exemption protection, booming tourism ,and wonderful climate, Florida has long been a desirable state for real estate investors. Florida is also a tax-friendly state for real estate investors, providing one more reason to put your property investment dollars in the Sunshine State. Here’s… Read more »
It is estimated that 40 percent of loan modifications fail and the borrowers default the first time around. It is no surprise, as many are locked into a price that they can afford. However, due to the fact the Making Home Affordable HAMP Program obligates the borrowers to include escrows (taxes, insurance and PMI) in their loan… Read more »
Nobody likes to pay taxes upon the sale of real estate, especially on investment or commercial properties. However, by knowing the basic rules of how Internal Revenue Code 1031 works, property owners can defer the payment of capital gains taxes resulting in additional monies to invest in further property acquisition. How it works: In order… Read more »
SOUTH FLORIDA REAL ESTATE AND MORTGAGE CLOSING LAWYER While we are not in yet another mortgage and real estate bubble, the recent hurricanes and loan and mortgage forbearances caused many homeowners to become late on their mortgage payments. Additionally, many Making Home Affordable and MHA loan modifications that were completed years before, have escalating mortgage interest rates which… Read more »
