Real Estate
-- Contracts & Closings
The purchase and sale or leasing of real estate presents a number of legal issues that should be overseen by an experienced attorney. These include leases, liens, purchases, closings, titles, environmental issues, mortgages, refinances, taxes, escrow accounts, special assessments, zoning issues, code requirements, landlord/tenant issues, survey issues, as well as a variety of business situations. An experienced lawyer is needed to negotiate and document these transactions whether a co-op, condo, or multiple dwelling is involved.
-- Refinances
If you are considering refinancing your home, you want quality information and honest answers to your questions. While the process and costs of refinancing may seem confusing at first, do not let it scare you from refinancing your home to consolidate debts. Whether you are consolidating credit cards, paying off a home equity loan, a car loan or merely lowering your current mortgage interest rate, you may save thousands of dollars. My Professionals would be happy to discuss your options and help you to analyze what is the best mortgage program to fit your needs.
Rate shopping for the lowest mortgage interest rate is tricky. It is important that you make sure you compare the interest rate over the same terms of years and make sure the lending fees which may include points, origination fees, application fees, etc., are quoted and enter into your comparison. A lender can charge higher fees and offer a lower interest rate while another may charge a slightly higher interest rate with lower fees. A reputable lender will not hesitate to answer any questions. You should receive a good faith estimate of closing costs from the lender when you submit your application. Also you should receive a Truth and Lending Statement showing you exactly what this loan will cost you over the term of your Note.
-- Foreclosures
Whether you have exhausted direct efforts to resolve your real estate contract disagreements or you want a lawyer to prepare for the likelihood of foreclosure, The My Professionals is knowledgeable and experienced in Foreclosure Law.
Foreclosure is the system by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), requires sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, when the debtor fails to make payment. After the payments on the promissory note (which is evidence of the loan) have become delinquent for several months (time varies from state to state), the lender can have a Notice of Default served on the debtor (borrower) stating the amount due and the amount necessary to "cure" the default.
If the delinquency and costs of foreclosure are not paid within a specified period, then the lender (or the trustee in states using deeds of trust) will set a foreclosure date, after which the property may be sold at public sale. Up to the time of foreclosure (or even afterwards in some states), the defaulting borrower can pay all delinquencies and costs (which are then greater due to foreclosure costs) and "redeem" the property. Upon sale of the property the amount due is paid to the creditor (lender or owner of the judgment) and the remainder of the money received from the sale, if any, is paid to the lender. You must protect the “equity” built-up in your property.
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