Archive for the ‘Real Estate’ Category
In this time of economic uncertainty many people are getting into financial trouble. This puts a lot of stress on family life and can mean a lot of sleepless nights. People are losing their jobs and finding it harder and harder to get a new one. With a reduced income many homeowners are facing the distinct possibility of losing their homes through foreclosure. What can a homeowner do if they find themselves in this type of situation? The solution is to work with your lender.
If you get into financial difficulties the first thing you should do is communicate this directly with your lender. They can work with you to find a solution. If you go into foreclosure the lender will lose money. Therefore it is in their best interest to help you find a solution.
They can help you develop a loan modification. What this is a plan based on your present situation to get you back on track. The lender will base this on the value of your property and what type of financial problems you have. They will classify them as either temporary or long term difficulties.
A short term or temporary indulgence is usually considered to be under sixty days in length. This is for people with a temporary decline in income, say when moving between jobs or the like. In a case like this a repayment plan may be organized if your income will revert back to previous levels within sixty days. You will revert to your regular mortgage payments along with additional ones to cover the amounts you missed. This usually has to be paid off in one to two years.
If its going to be a longer period without making a payment payments may be suspended under the form of a forbearance plan. The payments may be suspended or reduced in amount during this period. The goal is to help you keep your home while you get your finances back in order.
Article courtesy of Mortgage Calculator
Property management may seem like an unwanted layer of red tape to many, but professional managers play a crucial role in the landlord-tenant relationship. There are even entire companies that do nothing but manage properties, like TransGlobe Property Management Services . These companies take on the work of being a landlord so that the property owner can be insulated from the day to day responsibilities associated with their rental property.
The contracts drawn up between a landlord and property manager are usually much more complicated than the leases for the property being managed. Managers accept certain financial and legal responsibilities and are designated as official representatives of the landlord for all communications with tenants and prospective tenants. That is a lot of work, which is why it’s usually better for landlords to work with experienced management companies, like Transglobe rather than hiring a family member or friend to do the job.
Professional property managers are paid to do everything around the rental property. This includes marketing the apartment or house, overseeing physical upkeep, screening applicants, collecting rent, dealing with repair men, and working with utility companies and inspectors. Landlords also depend on property managers to take care of problem tenants , such as those who fall behind on their payments, are destructive to the property, or are breaking terms of their lease. This may include instituting eviction procedures or even appearing in court on behalf of the landlord.
As the real estate market begins to slowly rebound, it’s still a good time to be house hunting in most parts of the country. While foreclosed properties can be appealing, there’s still a risk associated with short sales and people trying to buy a home in southern California especially will want to watch out for those properties.
Anyone looking for a La Jolla CA house will find a range of available properties. Most will be on the luxurious side, as this upscale community takes full advantage of it’s coastal location and the proximity to San Diego makes it even more attractive. However, there will be affordable options for most price ranges, it may just take a bit of digging.
The temptation will be high to attempt to find a house using internet listings and by scouring real estate ads. Buyers would do better to pick a qualified real estate company or agent than going the “do it yourself” route. Realtors are usually privy to listings before they are published online which gives clients a head start on prime properties. In addition, a licensed real estate agent is going to know more about the neighborhoods, developments, and terms of a given property than can be discerned in a simple listing.
On October 1st, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, commonly known as the S.A.F.E. Act , went into effect. This law requires several federal agencies to work together develop and maintain a federal registry of mortgage loan originators. This includes individual employees of any institution that is agency-regulated and engages in residential loan origination. This act was a result of the real estate crash of 2008 that rippled through the economy and resulted in foreclosures, bank failures, and a nation-wide recession.
Individual brokers and loan officers are required to register with the national database and keep their registration in good standing. This registration is not tied to a specific employer, although employers have specific requirements as well. Employers must require all their mortgage originators be registered and adopt and enforce policies and procedures to assure compliance. States have the option to setup their own registry and requirements. An example of requirements is the 8 hours of Illinois mortgage continuing education required annually for licensing in that state.
SAFE defines loan originators as those who assit borrows to apply for or obtain mortgage loans, those who negotiation residential mortgage loan terms, and those who take applications for residential mortgage loans. Employees who complete administrative and clerical tasks associated with loan origination but are not directly involved in assisting the client or negotiating terms are not considered loan originators.