Foreclosure Laws in Different States

foreclosure1Foreclosure is the process by which a homeowner’s rights to a property are forfeited because of failure to pay the mortgage. If the owner cannot pay off the outstanding debt or sell it via short sale, the property then goes to a foreclosure auction. If the property does not sell at auction, it becomes the property of the lending institution. Foreclosure is very complicated and it’s laws vary by state so it would be advisable to consult with a real estate attorney in your particular state.

As foreclosure process can be very confusing and complicated, we decided to describe it step by step.

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Main Areas of Homeowner Liability

In many states, property owners owe different duties to people who come onto their property. They have a liability to protect any person from harm or injury that enters their premises. There are three areas under which a homeowner is liable to anyone on the homeowner’s premises:Avoid-Homeowner-Heartbreak-with-Liability-Insurance

  1. invitees
  2. licensees
  3. trespassers

In states that still distinguish among these categories of people, the legal duty owed to each category is different. It is important to ask a lawyer whether these categories and standards of care apply in your state.

Let’s see what each category mean.

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How to Find the Right Lender

piggyback-mortgage-house-familyWe all are daydreaming of a big and beautiful or small and cozy, but our own house. The process of buying a house can be, and in fact it is, very confusing and stressful. State and federal laws, current mortgage rates, tax considerations, your personal preferences and your financial situation – all these only add more headache to you.

One of the most confusing parts of the mortgage process can be figuring out all the different kinds of lenders that deal in home loans.

So, in order to get the best deal, or you have other special circumstances to address, understanding the different types of lenders can be a big plus.

There are direct lenders, retail lenders, mortgage brokers, portfolio lenders, correspondent lenders, wholesale lenders and others.

First, let’s define a lender and what he does. It is someone who lends money to another; it can be individual, public or private group. The money that was borrowed should be repaid with additional interest.

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Eminent Domain – What Does it Mean?

eminent domainEminent domain, broadly understood, is the government’s right to take private property for public use, even without the owner’s consent.

The most common uses of property taken by eminent domain are public facilities, highways and railroads.

As of public use, it means:

  • available to the entire public
  • needs of society (schools, hospitals, highways)

Nowadays, the meaning of public use is beginning to be broadened to public benefit, which means that property may be transferred to a private owner for the purpose of economic development, which in its turn can create new jobs, revitalize a depressed urban area, thereby it can be qualified as a public use.

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What Is Trespassing and How to Protect Your Property?! No Trespassing! Private Property!

Your home is your castle! We all want to feel protected and safe in our homes. Tmy house my castlehat is why we all are aware of importance to secure our private property. People have different views on property rights. Some don’t mind if people walk on their land, while others don’t want anyone on their property. Though, people are concerned about the trespassers, either they’re aware of theft and vandalism, or they want to avoid liability if a stranger is hurt while on their property. Yeah! Don’t be surprised! You may be taken to court if somebody was accidentally hurt on your property.

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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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Real Estate Mortgage Industry. Types Of Real Estate Mortgages

Buying a home is one of the biggest purchases a person or a family makes and it is also a difficult process. Not everyone has enough money on their accounts to buy a house, and this is when real estate mortgages come into play.

mortgageA mortgage is a loan made in exchange to the title of the borrower’s property. If not paid on time, the lender has the right to foreclose on the property and sell it to cover the loan. Mortgage lending is the primary source to finance private ownership of residential property. There are different types of mortgages, so let’s try to define each type of them.

fixedA fixed rate mortgage is one that includes an interest rate that remains the same for the entire life of the loan. Fixed rate mortgages are the most popular and their biggest advantage is that the homeowner is able to budget their expenses. The opposite of this is an adjustable rate mortgage that includes fluctuating interest rate that varies over the life of the loan and it is adjusted according to a set formula.

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Compliments of Mark Anderson of Andertoons

Does the Land Patent Mean You OWN the Land Absolutely?

Can the Land Patent Help You Stop Property Tax Bills Lawfully?

The government gave away land as a benefit to the people and in accordance with the Constitution of America. But how it is in reality? Unfortunately, people know very little about either Land or their land rights today. Alan Kreglow tried to explain the whole concept of “land patents” and “property taxes” in his article entitled: Regain control of your land through a Land Patent process.

According to the History, the Treasury Department under President George Washington issued Land Patents granting absolute ownership of unclaimed lands within the states. That patent was a contract between somebody and the United States, which is superior to any other claim on the property. Alan Kreglow says, these Land Patents represented absolute ownership, including both appurtenant rights and hereditary rights:

1) the intangible Land (boundaries from center of the Earth out):

2) the tangible Real Estate (dirt, trees, etc.).

All together is known as “Allodial Title”.

Alan Kreglow claims that “Landowners” do NOT pay property tax. You pay, if you hold title by recorded deed. In this case you own “real estate” (appurtenances to the land), but in law, real estate is not “Land” (the boundaries themselves and all the empty space inside the boundaries). You are just a “tenant” on the land, not an owner, because the land patent is not accepted, what means that the OWNER of the land is missing.

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