All Posts Tagged With: "title"
The mortgage foreclosure legislation Congress won’t touch
Stashed away in a drawer somewhere on Capitol Hill is a simple piece of legislation that would have done much to stop the mortgage mess, robo-signing, unfair foreclosures, and the growing claims against lenders. But Congress has not touched the Produce the Note Act since it was first introduced in February 2009 — nearly two [...]
29Nov2010 | Peter G. Miller | 0 comments | Continued
What Kind of Foreclosure Title Can I Expect?
With huge numbers of foreclosed properties now available for sale you have to wonder what type of title you might expect if you purchase one of these distressed homes. The lender selling REOs (real estate owned by a bank or other lender) does actually care how you own title, What it does care about is [...]
3Mar2010 | Peter G. Miller | 0 comments | Continued
What’s A “Deed In Lieu” Of Foreclosure?
There were more than 3.5 million foreclosure notices sent out last year, a total which does not include homes lost with something called a deed in lieu of foreclosure. What is a “deed in lieu” of foreclosure and is it good or bad? Good & Bad In basic terms, a deed in lieu of foreclosure [...]
6Jan2010 | Peter G. Miller | 0 comments | Continued
Can A Condo or Co-op Go Bankrupt?
Can a condo or co-op go bankrupt or be foreclosed? The answer is you bet — but the good news is that such financial disasters are rare. In general terms a condominium is a property where there are units with individual title and financing as well as common areas which are owned by the condo [...]
30Dec2009 | Peter G. Miller | 0 comments | Continued
How To Read The HUD-1
Since January 1st, 2010, all real estate transactions have been settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction. The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — [...]
8Nov2009 | Peter G. Miller | 0 comments | Continued
Job Search Online — How To Find The Best Work
The Internet is awash with job sites, many claiming to have millions of jobs, or the best local jobs or the jobs you really want in a given field or profession. There’s some truth to these claims. The Internet has made the process of finding a job very much faster and easier than in the [...]
2Jan2009 | Peter G. Miller | 0 comments | Continued
Why Does Closing Cost So Much?
Closing is expensive for several reasons. First, state transfer taxes are typically based on the sale price of the property or the amount of mortgage debt. These tend to be very large sums, so even a small percentage can be a lot of money. Second, payment for many services occurs at closing — title insurance, [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
What’s a “special” warranty deed?
With a “special warranty deed” an owner says that he or she owns the property but does NOT make any guarantees about prior title claims and does NOT say the property is free and clear of all liens. Example: I will sell you my home but I can’t tell you if there are any prior [...]
27Aug2008 | Peter G. Miller | 0 comments | Continued
Why is it necessary to survey a home each time it’s sold?
A survey is very important. It shows the amount of property purchased, the location of improvements on the lot (such as the house), and the location of the lot itself. A new survey is needed each time a property is sold not because a house might move, but because of encroachments, easements, and such. For [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
What is “adverse possession?”
In general terms, adverse possession is created by the hostile, open, notorious, and continuous use of a property by someone other than the owner, without permission, for a given period of time. For instance, a garage is built over a property line. The property owner never complains for 20 years. Then, one day, the property [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
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