Life After Foreclosure

Без названияWhat is a Foreclosure?

Foreclosure is a legal process in which a lender attempts to recover the balance of loan from a borrower, who has stopped making payments to the lender.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditors selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”.

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Is It The Right Time To Buy A House?

House Buying ProcessSo you made your life-changing decision to buy a house. Now it is the right time to take a step back and decide whether it is reasonable to make this kind of decision right now. Buying a home is a complex process that requires a big amount of time, money and patience.

Here are some questions that are absolutely necessary to be asked before the purchase:

Is My Credit Report Good Enough? 

It is extremely important to check your credit report and score. The first thing lenders want to know is how much of your monthly income goes towards debt payments (debt-to-income ratio). This ratio is expressed in a percentage of your personal debt. Luckily, you have the possibility to check online your credit. According to the law, you’re allowed to receive one free copy of your credit report per year, by clicking here. Do not hesitate to check your report for mistakes, because even the small ones can cause rejection. Continue reading

Everything You Need To Know About Easements

EasementThe property discussion might be very tricky sometimes. Does your neighbor use the roadway that passes your private property? Does a local utility company have the right to access a pipe buried in your yard? One day you may wake up and find out that you have to share a part of your possessions. Here are several things that you should know about easements.

An easement is a legal, non-possessory right to use or/and enter someone’s land for a particular purpose. It means a lesser interest in someone’s property, a legal arrangement by the landowner and a no owner in some way. There exist plenty of varieties of this type of property right (i.e. easement for ingress and egress over someone’s property, ross-access or reciprocal easement and maintenance agreement, conservation easement, construction easement, condominium/town-home declarations, etc.) Continue reading

Why Do You Need an Attorney When Buying or Selling a House?

Buying a houseBuying a house will probably be the most significant and the largest financial purchase you will make in your life. Of course, the house buying or selling process is one of the most complex and stressful things that requires much time, knowledge and a lot of effort, but not only. Also, this process involves the law of real estate, because each state has its own requirements and certainly there are different cases and problems demanding special issues of practice in this field of law. A real estate lawyer is specially trained and has enough experience to deal with these problems.  That is why you should start with a consultation with an experienced real estate attorney, who can help you avoid making any mistakes in buying or selling a house.

Home Buying Statistics

The 2013 National Association of Realtors (NAR) has conducted a Home Buyer Survey and it claims that 16% of purchased homes were new houses. The average price for a house was $210,000. The average price for a new house constituted $259,000, and for a previously owned – $196,000.

According to NAR in 2012 the average household income of buyers was $83,300.

Financial Crimes Enforcement Network (FinCEN) states that 69,000 suspicious activity reports to mortgage loan fraud were received in 2012. Here you will find more information about home buying/selling statistics.

Who are All of the Parties Who Could be Involved in Your Real Estate Closing?

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What Is Fencing Of Stolen Goods?

The fence is a new look at the world of property theft. As everyone knows, property is stolen if it was obtained by any theft, burglary, robbery or extortion. Knowing the property is stolen depends on the subjective and actual knowledge of the receiver of goods.

Fencing” – the crime of buying and reselling stolen merchandise and is one of the links law_fencethat binds theft to the larger social system.

A fence (as a noun) is an individual who knowingly buys stolen property for later resale, sometimes in a legitimate market. As a verb, the word describes the behavior of the thief in the transaction: The burglar fenced the stolen radio.

All fences are by definition businessmen: They are middlemen in commerce – albeit illegitimate commerce – providing goods and services to others, regardless of whether they operate from a legitimate business or rely solely on individual resources. Continue reading

Avoid Foreclosure

A home is often a most valuable possession of a family. Buying a house is very BuyingForeclosure_largestressful and when you finally got a  mortgage on the home you want, you never think that you’ll ever loose it. But you never know. Few choose to remain without their houses voluntary. Yet, if you miss your mortgage payments, you may lose your home through foreclosure.

Foreclosure is a process by which a party (bank, mortgage lender, etc.) who has loaned money secured by a mortgage or deed of trust on real property or is the owner of an unpaid judgement forces the sale of the property to recover principle balance due, plus unpaid interest and all costs associated with the foreclosure after the debtor fails to remedy the default on the loan.

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  • Every three months, 250,000 new families enter into foreclosure;
  • One child in every classroom in America is at risk of losing his/her home because their parents are unable to pay their mortgage;
  • 1 out of every 200 homes will be foreclosed upon

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