The internet can be great for providing information on any number of subjects. And real estate is among the most popular, with “experts” weighing in on any issues raised by (confused) consumers. Recently, there has been a flurry of activity offering “guidance” on the new 3.8% sales tax on real estate. Much of the “analysis” …READ MORE >>
Tag Archives: financing
The non-paying tenant can be devastating to your financial plans for the property. In addition to the obvious issues of cash flow, a non-paying tenant in possession continues to have access rights, and can interfere with a landlord’s plans to market and sell a property. And eviction is also expensive and time-consuming. And typically the …READ MORE >>
There is new relief in sight for homeowners “underwater” on their mortgage, where the market value of the property is less than the outstanding payoff of their mortgage. Previously, only those whose mortgage was no more than 125% of the market value of their home were eligible, and then only in certain circumstances. That permitted …READ MORE >>
Tougher standards are leading to a more stable lending environment
When I first started practicing real estate law many years ago, I remember getting a call from a mortgage broker who was representing my client, the buyer, to give me an update on how the financing was going. “Well,” he started, “we pulled his credit and it was around 620, and this is a …READ MORE >>
What does this mean for buyers? A lot.
As though today’s real estate financing market weren’t enough of a minefield, add to the mix. New regulations issued by FNMA, and soon to be enacted similar set by Freddie Mac, require lenders planning on selling loans in the secondary market to do a pre-closing credit check on borrowers before funding the loan. What does …READ MORE >>