Tuesday, June 29, 2010
Nassau commercial property tax assessment system may be changing
Stay tuned to news 12 for updates and this blog for comments. The legislature is currently voting, to learn more click here.
Monday, June 28, 2010
July 7th Mortgage Mania Course Waiting List
Instructors: Andrew Lieb, Esq., MPH (Managing Attorney, Lieb at Law, P.C.) and Karen Laurence (Mortgage Loan Officer, Bethpage Federal Credit Union)
It’s time to learn the secrets in order to qualify for a mortgage. This seminar will begin with the basics, discussing everything from the definition of a mortgage to types of mortgages. You will learn who the players are at the bank and how their respective roles impact your deal. Mr. Lieb will discuss the differences between a prequalification and a commitment and how to close your deal smoothly under the Real Estate Settlement Procedures Act. Mrs. Laurence will share secrets that occur behind the scenes at the banks and let you know how to navigate through issues with credit scores. This course will enable you to weed-out high-risk clients and to advise average credit score clients on structuring their applications to get approved. Let’s prevent mortgage contingency clauses from killing our deals.
Friday, June 25, 2010
Its time to buy
Everyone talks about the first time homebuyer tax credit & that home prices are at record lows, thats nice, but I am interested in this headline in Newsday from today: "Mortgage rates plummet to record lows". In the article its reported that the "30-year fixed interest rate fell to 4.69 percent". That makes borrowing money so cheap. To illustrate I went to http://www.mortgagecalculator.org/ and plugged in borrowering $350,000 on a $400,000 purchase at 4.69% and than at 5.69%. This illustrates the difference in 1% interest on a 30 year loan.
At 4.69% the monthly payments are $2,323.55 and the total payment would be $836,476.53. At 5.69% the monthly payments are $2,539.60 and the total payment would be $914,256.26. To be clear, that is a difference of over $200 per month and over $77,000 paid over the life of the loan. Thats a reason to buy now.
At 4.69% the monthly payments are $2,323.55 and the total payment would be $836,476.53. At 5.69% the monthly payments are $2,539.60 and the total payment would be $914,256.26. To be clear, that is a difference of over $200 per month and over $77,000 paid over the life of the loan. Thats a reason to buy now.
Home Schematic
Thank you to all who attended our course, Discovering the Home Inspection, last evening. Here, as promised you can find the Home Schematic thanks to Housemaster.
Tuesday, June 22, 2010
Truth In Lending Act (TILA) continued explanation about servicer safe harbor
I posted yesterday about my story from a Foreclosure Settlement Conference where the Referee wanted to learn more about the safe harbor for servicers that protects servicers from liability to investors when they participate in HAMP regardless of the investors desires. Since my post, I have received some questions on the topic and feel that reading the congressional findings may help the reader to understand my position.
Congressional Findings
Servicer safe harbor for mortgage loan modifications; congressional findings. Act May 20, 2009, P.L. 111-22, Div A, Title II, § 201(a), 123 Stat. 1638, provides:
"Congress finds the following:
"(1) Increasing numbers of mortgage foreclosures are not only depriving many Americans of their homes, but are also destabilizing property values and negatively affecting State and local economies as well as the national economy.
"(2) In order to reduce the number of foreclosures and to stabilize property values, local economies, and the national economy, servicers must be given--
"(A) authorization to--
"(i) modify mortgage loans and engage in other loss mitigation activities consistent with applicable guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Stabilization Act of 2008 [Div A of Act Oct. 3, 2008, P.L. 110-343]; and
"(ii) refinance mortgage loans under the Hope for Homeowners program; and
"(B) a safe harbor to enable such servicers to exercise these authorities.".
Congressional Findings
Servicer safe harbor for mortgage loan modifications; congressional findings. Act May 20, 2009, P.L. 111-22, Div A, Title II, § 201(a), 123 Stat. 1638, provides:
"Congress finds the following:
"(1) Increasing numbers of mortgage foreclosures are not only depriving many Americans of their homes, but are also destabilizing property values and negatively affecting State and local economies as well as the national economy.
"(2) In order to reduce the number of foreclosures and to stabilize property values, local economies, and the national economy, servicers must be given--
"(A) authorization to--
"(i) modify mortgage loans and engage in other loss mitigation activities consistent with applicable guidelines issued by the Secretary of the Treasury or his designee under the Emergency Economic Stabilization Act of 2008 [Div A of Act Oct. 3, 2008, P.L. 110-343]; and
"(ii) refinance mortgage loans under the Hope for Homeowners program; and
"(B) a safe harbor to enable such servicers to exercise these authorities.".
Quirky local laws require careful reading
Yesterday Newsday ran an article about issues with fences in Southampton, which can be found by clicking here. While I found the entire article an interesting read, the part of the article that cought my eye was the definition of front yard and rear yard used by the Town. Specifically, the front yard faces the water if the house is on a pond, lake or bay. Yet, if the house is on the Ocean, the rear yard faces the water. Talk about crazy. The point is that a person interested in looking up anything in a law and more specifically in a Town Code must always look to the definitions and not assume that a provision applies until a complete understanding of the terms is achieved. Navigate carefully my friends.
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