Mortgage rates are at an all time low. Some mortgage lenders are even coming up with creative ways to refinance, including 12 year mortgages and zero cost refinances.
In a refinance, a mortgage lender will typically loan up to 80% of the fair market value of your property. That means that whatever the mortgage balance you have today is, the value of your property is what will be the determining factor as to whether you can refinance or not.
In a refinance, the current mortgage loan is cancelled and replaced with a new loan. The reasons for refinancing are to get a better interest rate, better mortgage terms, remove someone from a mortgage or to cash out on the value of the property, so that you can make necessary repairs or even pay off credit card debt. The bank does not limit what you can do with the additional monies and often times borrowers can even use it to purchase other real estate.
In order for a refinance to make sense however, the amount you save, over the life of the loan should be greater then the closing costs associated with the refinance.
Title Companies in South Florida are required by law, to give you a reissue credit, or a reduced fee off the title insurance premium, on a refinance. While many borrowers arent even aware they have the absolute right to choose their own title company to handle the closing, they often allow the bank to choose it for them, which results in higher fees and costs at closing and no reissue credit.
At the Law Offices of Jacqueline A. Salcines, PA we are full service title company. We can handle your refinance from beginning to end and make sure that your fees and costs are not only reduced to a minimum, but that your reissue credit is honored. This can result in thousands of dollars in savings for you.
Call the Law Offices of Jacqueline A. Salcines, PA for all your mortgage and refinance needs. We are here to help and come with over 21 years experience in the mortgage and banking industry. The first consultation is always free of charge.
https://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.png00Jacqueline Salcineshttps://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.pngJacqueline Salcines2021-02-14 16:25:582022-12-20 14:00:13REISSUE CREDIT – WHAT IS IT AND WHY YOU SHOULD REFINANCE TODAY
FLORIDA STATUTES §57.105 SANCTIONS AGAINST PARTIES AND THEIR COUNSEL
Florida lawyers have both ethical and statutory duties not to file actions that are not supported by facts or law. The duty against “frivolous” filings or proceedings is governed and imposed by Rule 4-3.1 of the Rules Regulating the Florida Bar. The party seeking the sanctions is in essence advising the party and their counsel, that their pleading is wholly unsupported by fact or law, and asking them to withdraw it from the Court. Attorney’s fees are awarded under Florida Statutes 57.105 when there is a total or absolute lack of justiciable issue of either law or fact, which is tantamount to a finding that the action or defense is frivolous.
Due process requires that an opposing party and their counsel be given notice of a party’s desire to seek sanctions under 57.105(1). Therefore, the statute specifically requires that a motion seeking sanctions be served 21 days before it is filed in order to give the party and their attorney enough time to review the case and/or withdraw it. Counsel or the party, if unrepresented must be served with a 21 day “Safe Harbor letter” advising them of this and allowing the 21 days to review or withdraw. Caselaw provides that if the other side fails to provide the 21 day safe harbor letter, then the motion can not proceed.
Moreover, if the 21 day safe harbor letter is not sent correctly, that is, as required by the Rules of Procedure, it too will not survive at hearing.
Whether sending, or being the recipient of a §57.105 Sanction Motion, there are rights and duties for each party. At the Law Offices of Jacqueline A. Salcines, PA we are well versed in assisting parties and their attorneys with Motions for Sanctions filed against them. Consult with attorney Jacqueline A. Salcines, PA in order ascertain what can be done in your case.
DEBT SETTLEMENT – SECOND MORTGAGE AND HELOC SETTLEMENT LAWYERS
If you have a HELOC or Home Equity Line of Credit that is either in default, unpaid, past due or written off with the lender/charged off as bad debt, the lien against your property will remain there, even if the lender is not reporting it on your credit report. Often HELOC mortgages that are unpaid or in default do not engage in collection practices, but rather wait for the borrower to sell their property in order to get paid. Just because the loan is not being reported on your credit report, does not mean it does not exist, nor that the lender does not expect to be paid in full.
At the Law Offices of Jacqueline Salcines, PA we have been assisting borrowers with settling the debt owed on Second Mortgages and HELOC loans for over 21 years. We have been successful in settling these suits for pennies on the dollar since often the HELOC Second Mortgage lender does not have their documents in order ( assignments, note, mortgage), the statute of limitations has expired or there is little to no equity on the property. Calculating the Fair Market Value is a very important step in the negotiation and it is important to hire the right professional to make sure repairs, and other significant value mitigators are taken into consideration.
When looking for a professional to negotiate your mortgage debt, make sure that the lawyer has significant experience doing so. At the Law Offices of Jacqueline A. Salcines, PA owner/attorney Jacqueline A. Salcines, Esq. is not only an attorney, but she is also an Accountant and realtor, which provides the necessary tools to determine value, comparative sales and equity. With over 21 years experience in the debt settlement/mortgage industry and 26 in the Accounting business, attorney Salcines and her knowledgeable staff can help you get the best outcome for your HELOC Settlement.
The first consultation is always free and can provide meaningful advice as to how to proceed to settle your debt. Consult today.
https://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.png00Jacqueline Salcineshttps://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.pngJacqueline Salcines2021-02-14 15:43:452022-12-20 14:00:31HELOC Home Equity Line of Credit Settlements
If you are buying, selling or refinancing real estate, the most important decision you can make is to hire the right Real Estate Lawyer to represent you. Hiring a real estate lawyer to oversee the transaction and make sure that the transaction goes smoothly is what we are here for.
At the Law Offices of Jacqueline A. Salcines, PA, our real estate lawyers in Miami have over 31 years experience in closing residential and commercial real estate transactions. As both an Accountant and a Real Estate lawyer, attorney Jacqueline A. Salcines has closed more than 5,000 transactions and has the knowledge and experience to represent you in your real estate closing.
Did you know that in Florida, neither the seller, nor the bank can force you to use their title company. This is called coercion and there are laws against it. However, in Florida, if you do not select a title company, the lender will select one for you. Or worse, your realtor will recommend one or the seller will choose, leaving you at the mercy of others. And unprotected!
At the Law Offices of Jacqueline A. Salcines, PA our real estate lawyers serve buyers and seller from all over the globe with their real estate closing transactions. Whether buying a home, an investment property, a duplex, an income producing property, or a commercial land or vacant land, we have the knowledge and experience to protect you as a purchaser of real estate.
We handle the following real estate transactions for our clients:
As Is Residential Transactions
Commercial Transactions
Escrow deposits
Title Review, Title Examination and Title Insurance
Lien Searches
Real Estate closings
Sale by Owner transactions
1031-Exchanges
FIRPTA and 1040 NR filings
Landlord Tenant Matters
Commercial and Residential Leases
Landlord Tenant evictions
Real estate litigation
Buying, selling or refinancing real property is often the largest investment that a person does in their lifetime. Don’t go it alone. Hire the services of an experienced real estate lawyer.
TRUST | COMMITMENT | RESULTS
Jacqueline A. Salcines, Esq. 706 S. Dixie Highway Second Floor Coral Gables, FL 33146 Tel: 305 | 669 | 5280
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 what you need to know about Florida’s tax laws as a real estate investor, as well as an overview of how Florida’s tax system works for real estate investing.
Florida Income Tax on Real Estate Investing
Alongside Nevada, South Dakota, Washington, Wyoming, Alaska, and Texas, Florida does not collect personal income tax. That doesn’t mean you won’t pay income tax to the IRS for federal taxes, but it does mean you will pay less overall income tax in Florida. Even if you don’t live in Florida, you can benefit from the state’s lack of income tax as a foreign investor in real estate. Here’s how:
When conducting real estate transactions, collecting rent, or earning commercial property dividends from a Florida real estate investment, you will be taxed at the state’s franchise rate if you operate as a “C” type corporation. You can get around this by filing as an “S” corporation, but there are still easier ways to escape business taxes in Florida.
#1 Sole Proprietorships and Partnerships
Sole proprietorships are defined as businesses owned by a single individual, and in Florida there is no distinct business or corporate tax on sole proprietors. And since there is no income tax leveraged on individuals in Florida, you can invest in real estate as a sole proprietor without paying state income tax.
The same goes for partnerships; Florida does not leverage a state-specific tax on partnerships. And while most states tax the revenue generated from partnerships, Florida does not. This means you can invest in Florida real estate as either a sole proprietor or partnership without paying state income tax.
#2 LLC
Though perhaps a little more confusing, operating as an LLC in Florida can still afford real estate investors the benefit from Florida’s lack of an individual income tax. But, the LLC has to be setup properly to enjoy this tax benefit.
To form an LLC in Florida while living in another state, you’ll need an agent living in Florida to serve as a “resident agent”. If your LLC is composed of multiple members, it will usually be treated as a partnership for tax purposes, meaning you will not pay state income tax. Furthermore, if you are the only owner in your LLC, it will be treated as a “disregarded entity”, and you won’t pay state income tax.
Be aware, though, that it’s possible to setup an LLC so that it’s treated as a corporation under Florida’s tax code, which would result in paying Florida taxes. So, use a professional to setup your LLC to avoid paying Florida income tax.
Watch Out for These Complications
Florida’s lack of a personal income tax makes it a great place for real estate investors to conduct business. However, there are a few ways this picture can be complicated by external factors.
First off, depending on what state you live in, your state may leverage an income tax on income generated out of state, even if that income comes from a non-taxable legal entity in Florida.
Similarly, if the legal entity that you’ve formed to operate in Florida conducts business in other states, you may fall victim to “nexus” based taxes. “Nexus” exists when a business operates in more than one state, and the rules and regulations for businesses that fall into this category are extremely complicated. Again, consult tax and legal professionals before doing anything relating to taxes and real estate investing.
Things To Consider Regarding Out-of-State Real Estate Investing
From a tax perspective, there are numerous benefits for real estate investors in Florida. But if you live outside of Florida, there are logistic concerns to keep in mind.
Anytime you invest in real estate outside your home area, you need to do a great deal of out-of-town research to learn where to purchase investment properties. Plus, from a financial perspective, managing properties and tenants from long distance can be impractical, besides dramatically cut into your profits.
The solution, then, is to use a real estate attorney and local realtor.
There are major tax benefits for real estate investors in Florida, compared to most every other state.
If you are interested in real estate investing in Florida, consult with us today to learn how you can take advantage of Florida’s tax laws. Hopefully, you can significantly increase your profits by avoiding state income tax in Florida.
By navigating around the tax laws and benefits of investing in Florida, we are here to help you.
We offer free phone consultations, and a no cost review of your case.
Call us today. 305.669.5280 and see how we can help you.
About the Author:
Jacqueline A. Salcines, Esq is the Owner and Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Real Estate and Business Law Group. With over 20 years experience including holding a dual degree in Accounting, her broad knowledge of REAL ESTATE LAW serves to aggressively protect and defend our firm’s clients, foreign investors, real estate buyers and sellers.
Call us today to set up a free consultation to discuss your specific needs. We are here for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
With the South Florida market experiencing a boom in sales and values, there is more great news to assist qualified buyers with their real estate purchases. Starting January 2018, FHFA has increased the conforming loan limits for Fannie Mae and Freddie Mac conventional loans. This means that the limits to purchase, prior to the mortgage being considered a jumbo loan, are higher.
Starting on January 1, 2018, the loan limits for conventional loans has increased from $424,100 to $453,100.
With house prices on the rise, this is great news for buyers looking to finance their purchases.
Real Estate Buyers now have more purchase power under conventional funding. And current or prior qualified jumbo pre-approved buyers and borrowers may qualify for traditional financing now, possibly at a lower interest rate and a lower down payment. This equates in more opportunities to close on those real estate deals for realtors and sellers alike.
Don’t go it alone. Always hire the services of a qualified real estate attorney owned title company to assist you in your real estate purchase and to help navigate all the confusing mortgage terms and conditions.
Whether you are buying real estate and require a mortgage or buying cash, before you sign the contract, reach out to us. We are here to help. We offer a free legal consultation regarding your real estate contract, purchase or sale.
With over 18 years experience practicing real estate law, and holding dual licenses of both lawyer, realtor and accountant, allow attorney Jacqueline A. Salcines to guide you.
We are a full service title company and handle closings from beginning to end.
Practice Areas
Real Estate Closings
Title Insurance
Lien Searches
Inspection report review and negotiations
Contract Law and review of Real Estate Contracts
Escrow law
Real Estate Litigation
Contact the Law Offices of Jacqueline A. Salcines, PA today at (305) 669-5280 to schedule your legal consultation.
The Law Offices of Jacqueline Salcines offers cost effective services designed to meet your individual needs and requirements. For strong legal representation, call us at (305) 669-5280 today! Attorney Jacqueline Salcines has been handling all types of real estate transactions for over 17 years.
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
TRUST | COMMITMENT | RESULTS
Jacqueline A. Salcines
Jacqueline A. SalcinesJACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280
Allowing a tenant to remain in a property after the natural expiration of the lease term, often results in the Residential Lease converting into a month to month residential lease. Not all leases have a termination clause that requires either party to terminate in writing or to extend. Rather, the leases are silent or state that if the tenant remains after the last day of the lease, it becomes a month to month lease, with a termination at will (that is, at the discretion and election of either the tenant or the landlord).
The issue arises, however, when the tenant stays on another month or two to live out the security deposit. This is not only illegal, but places the landlord in a predicament if there are any damages to the property. Cases like this almost always end up in litigation, in a landlord tenant eviction, for non payment. Tenant thinks they have a month to live, landlord wants them out as soon as possible with protection for damages.
Landlord Tenant Statutes in Florida, Chapter §83, requires that if a tenant remains in possession after the natural expiration of the residential lease, the Landlord must send a Termination of Tenancy Letter. That letter requires certain time frames for removal. For example, a month to month tenant, must be given 15 days to move out. If they do not move out after the 15th day, that does not mean the landlord can go in and remove them and the tenant’s possessions. Rather, that gives the Landlord permission to now file an eviction suit.
Any tenant that stays on past the termination of tenancy 15 days, is considered a “holdover” tenant and is liable for double rent to the landlord. While this may appear to protect the landlord, often tenants are judgment proof and collecting the monies after they are gone is almost impossible.
The termination of tenancy letter to the tenant must contain certain language as required per statute.
At the Law Offices of Jacqueline A. Salcines, P.A., we have been assisting Landlords and tenants with landlord tenant actions for over 18 years. Before you decide to write the letter yourself, contact us. We will get it right the first time and process your case in the most efficient manner possible.
We are here to help and protect your rights. Allow us to go to work for you! We offer free phone consultations, and a no cost review of your case.
Call us today. 305.669.5280 and see how we can help you.
About the Author:
Jacqueline A. Salcines, Esq is the Owner and Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Real Estate and Business Law Group. With over 18 years experience including holding a dual degree in Accounting, her broad knowledge of LANDLORD TENANT LAW including giving numerous pro bono seminars for Legal Aid and Put Something Back project, attorney Salcines serves to aggressively protect and defend our firm’s clients.
Call us today to set up a free consultation to discuss your specific needs. We are here for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
DYCK O’NEAL LAWSUITS FOR FORECLOSURE MORTGAGE DEFICIENCY BALANCES
DEBT SETTLEMENT ATTORNEYS
Dyck O’Neal continues on the prowl for South Florida debtors. Not only is a privately owned debt collection company filing foreclosure and short deficiency lawsuits in Florida, but now they are actively transferring judgments from out of state foreclosures, to Florida. Dyck O’Neal, a company who was approached by Fannie Mae years ago, bought up thousands of stale foreclosure judgments in Florida and across the country, and filed suits at the 11th hour, when the statute of limitations was about to run out.
But debtors should know that even if you receive collection letters from Dyck O’Neal or are sued for the balances on debt they purchased, these suits can be defended and can be won. Numerous defenses exist including the statute of limitations as well as practices under the Fair Debt Collections Act. If unlawful, some of these suits or collections can be extinguished all together. If valid, they can be settled for pennies on the dollar. But you must act timely. If you are served with a lawsuit by Dyck O’Neal, you will have twenty (20) days to respond. That means, 20 days to hire a lawyer to review your complaint and file a Motion representing you.
That’s where the Law Offices of Jacqueline Salcines, PA comes in. We have fought these Dyck O’Neal suits and settled them for pennies on the dollar. Often, the homeowner is protected under the Foreclosure Act, and Dyck O’Neal must walk away. Other times, they settle for pennies on the dollar.
It helps to have an attorney who is familiar with Dyck O’Neal suits, and how to litigate and fight them. At the Law Offices of Jacqueline A. Salcines, P.A., we have been assisting borrowers with their deficiency lawsuits and their debt settlement for over 17 years. You have the right to settle your debt for potions of what you owe. We are here to help and protect your rights.
Allow us to go to work for you and negotiate your debt.
We offer free phone consultations, and a no cost review of your case.
Call us today. 305.669.5280 and see how we can help you.
About the Author:
Jacqueline A. Salcines, Esq is the Owner and Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Real Estate and Business Law Group. With over 17 years experience including holding a dual degree in Accounting, her broad knowledge of DEBT SETTLEMENT serves to aggressively protect and defend our firm’s clients.
Call us today to set up a free consultation to discuss your specific needs. We are here for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
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While cash buyers are much the norm nowadays, there is always a hesitant buyer that questions whether purchasing a property ALL CASH is the best way to go. Or, if financing, even if you have the cash, is the better alternatives.
There are many pros and cons to each scenario. Purchasing cash allows a real estate buyer to avoid interest payments, closing fees, taxes on the purchase including intangible and documentary stamp taxes as well as avoids the necessity for bank imposed insurance requirements. However, tying up all your cash in real estate may not be the best investment for some.
Those real estate buyers that are able to give a significant down payment, 20 percent or more, and finance their deals, are able to put their money into additional real estate investments, or save for emergencies. Moreover, a mortgage on a property often protects against judgment creditors and provides other protections.
If you have questions or concerns regarding purchasing cash or financing, it is always best to consult with an attorney to represent you. With over 17 years experience, we are well versed in Real estate contracts, As Is residential contracts for Sale and Purchase, Force Majeure and how Acts of God affect real estate contracts, as well as inspections and interpreting reports, as well as negotiating concessions between buyer and seller.
Whether you are about to sign a contract and need legal representation or your contract reviewed, we are here to help.
We offer a free legal consultation regarding your real estate contract, purchase or sale.
With over 17 years experience practicing real estate law, and holding dual licenses of both lawyer, realtor and accountant, allow attorney Jacqueline A. Salcines to guide you.
We are a full service title company and handle closings from beginning to end.
Practice Areas
Real Estate Closings
Title Insurance
Lien Searches
Inspection report review and negotiations
Contract Law and review of Real Estate Contracts
Escrow law
Real Estate Litigation
Contact the Law Offices of Jacqueline A. Salcines, PA today at (305) 669-5280 to schedule your legal consultation.
The Law Offices of Jacqueline Salcines offers cost effective services designed to meet your individual needs and requirements. For strong legal representation, call us at (305) 669-5280 today! Attorney Jacqueline Salcines has been handling all types of real estate transactions for over 17 years.
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
https://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.png00jaspa1https://jaspa1.wpengine.com/wp-content/uploads/2018/07/logo_final_dark1.pngjaspa12017-09-18 14:27:272022-12-20 13:59:00BUYING CASH OR FINANCING MIAMI REAL ESTATE
