Worst Month of the Year to Sell a Home: December

Sunday, December 1st, 2013

If you are just listing your home this fall/winter, then don’t have any high expectations for selling it quickly.  December is notoriously the worst month of the year to sell a home.

Most people would not want to move during the holidays, so they probably aren’t actively looking either.  Homeowners are thinking about decorating their home for the holidays and are focused on time spent with friends and family, not packing up and moving.  Plus, most people don’t love moving in the bitterly cold weather.  The second worst month of the year to sell a home is September.  If the family has kids, they want to have them settled into the new school system for the beginning of the school year.  This is what also makes the spring the most popular time to sell a home.  If a buyer purchases a home in the spring, by the time they have settlement, it will be summer and the kids will be out of school, having as little impact as possible on their transition to a new school.

On the flip side, if you are the buyer and in the market for a new home, you will have less competition and will probably come across some antsy sellers that need to sell their home.  So if you are really looking to purchase in December, then you may be able to come across some great deals and the sellers may be more prone to negotiating.  Either way, it’s always important to be represented by a lawyer that specializes in real estate transactions.  There are many circumstances that can unfortunately occur on either side of the process during the closing so make sure you are represented (especially on the day of closing).  Contact Charles Block today for more information.

 

Things That Can Go Wrong At Real Estate Closing

Sunday, June 23rd, 2013

Most people are very excited for closing day on their new home.  Unfortunately, many do not realize that things can go wrong, and sometimes do, that will prevent them from closing on that day.

One of the most common issues that arise during closing is a mistake found on the paperwork.  Buyers are advised to not sign any paperwork until the mistake has been corrected.  In most circumstances, the closing may be held up for an extra hour or so, but the mistakes can be fixed and the transaction can go forward as intended.  Another common problem is due to the lack of funds due the day of closing.   This may happen when the sellers owe more money than what they sold the home for and they owe the bank the difference between their mortgage and the sale price on the day of closing.  If cashiers checks are not signed or wired money did not go through, then this can not only make the day longer, but it can also postpone the closing to another day.  It can also be a problem for the buyers if they purchase something large that will affect their credit between the time they applied for the mortgage and the day of closing.  Some banks will do a last minute credit check the day of closing.  If the buyer bought a new car, it may change his or her debt to equity ratio enough that the bank can’t approve the loan anymore.  Another situation that often occurs is when the buyers do a final walk through of the property right before closing.  At the buyers request or the request of a city code, the seller often has a list of things to repair before the day of closing.  If the buyer does the final walk through and any of these items are not repaired or replaced, this can hold up the closing process until the items are fixed.

Any or all of these situations are reasons enough to have an experienced real estate lawyer by your side the day of closing.

Reckless Driving

Sunday, April 15th, 2012

Reckless driving is defined as a moving violation in which a driver displays a disregard for the rules of the road. In essence, reckless drivers put themselves and others at risk, and they often involve more than one traffic violation. Reckless driving offenders are punished by fines, jail time, and/or driver’s license suspension or revocation.

Disregard for the safety of people or property is a common element in reckless driving car accidents. Reckless driving acts include, but are not limited to, the following situations:

.Causing an automobile accident

.Running red lights

.Distracted driving

.Running stop signs

.Drinking and driving

.Speeding

.Driving under the influence of drugs

.Suddenly braking

.Driving without headlights

.Tailgating

High Rate of Speeding

While speeding alone isn’t usually considered reckless driving, an extremely high rate of speed might lead an officer to charge someone with reckless driving.

Alcohol and Drugs Also Lead to Reckless Driving

Everyone that gets behind the wheel knowing that they are drunk or impaired are by definition reckless drivers. According to the courts, reckless driving and DUI offenses are separate crimes, and drivers may sometimes be charged with both crimes.

Most car accidents can be prevented by following these simple tips:

.Always wear a seatbelt

.Avoid distractions caused by passengers, cell phones, food, or loud music

.Don’t speed

.Obey all traffic signs

.And try not to drive when tired.

Not every automobile accident can be prevented, but you can control whether or not you cause a serious car crash.

The penalties for Reckless Driving in New Jersey are as follows:

.Jail of up to 2 Months (3 months for a 2nd offense)

.Fines of 50-$200. (Up to $500 for a Second Offense)

.5 Points on your Driving Record

The penalties for Careless Driving are:

.Fines

.2 Points on your Driving Record

Avoiding Foreclosure

Monday, February 6th, 2012

Foreclosure can happen to anybody in any financial income bracket. Also, it is not something that you should hide from because it never goes away.

There are many ways to avoid foreclosure but you must act on time. Once you miss your first payment it gets hard to catch up and becomes overwhelming

Foreclosure is when a Lending institution repossesses your home because of unpaid mortgage payments. The mortgage company does not typically begin the official foreclosure proceedings until you are 3-4 months past due. The duration of proceedings depends on your State’s Foreclosure laws.

The Obama Administration has put a number of programs in place to help homeowners who are at risk of foreclosure and struggling to make their monthly mortgage payments. Homeowners are encouraged to contact their lenders and loan servicers directly to inquire about foreclosure prevention options available to them.

Programs to Help Homeowners Avoid Foreclosure Include:

.The Making Home Affordable © (MHA) Program: helps homeowners avoid foreclosure, helps stabilize the country’s housing market, and also helps improve the nation’s economy. Homeowners have the opportunity to lower their monthly mortgage payments and obtain a loan at a lower rate. There are also choices available for unemployed homeowners and homeowners who owe more than their homes are worth.

.Home Affordable Modification Program (HAMP): lowers a homeowner’s monthly mortgage payment to 31 percent of their verified monthly gross (pre-tax) income. The HAMP modification usually results in a 40 percent drop in their monthly mortgage payment.

.Principal Reduction Alternative (PRA): was designed to help homeowners whose homes are worth less than they owe, by encouraging servicers and investors to reduce the amount you owe on your home.

.Second Lien Modification Program (2MP):  this program was designed for homeowners whose first mortgage was modified under HAMP SM and they have a second mortgage on the same property. The homeowner might be eligible for a modification or principal reduction on their second mortgage under 2MP.

.Home Affordable Refinance Program (HARP): is designed to help homeowners who are current on their mortgage but have been able to refinance because the value of their home has declined.

.Home Affordable Unemployment Program (UP): designed for individuals who are unemployed and are having a tough time making their mortgage payments. The program provides a temporary reduction or suspension on your mortgage payments for at least twelve months while you seek re-employment.

.FHA Forbearance for Unemployed Homeowners: Federal Housing Administration (FHA) requirements now require servicers to prolong the forbearance period for unemployed homeowners to 12 months. It also requires servicers to extend the forbearance period for FHA borrowers who qualify for the program from four months to twelve months also removing any upfront hurdles to make it easier for the unemployed borrowers to qualify.

.Home Affordable Foreclosure Alternatives (HAFA): If your mortgage payment is unaffordable and you wish to transition into more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA SM.

 

Close your mortgage deal with the best Lawyer

Friday, November 12th, 2010

Are you planning to go for a mortgage deal for your commercial property? Are you planning to go ahead with the mortgage deal for your residential property? Which ever way you take, it is always important that you hire an experienced mortgage lawyer or attorney to fix your deal, or else it would turn out to be a complete loss for you. Simply put, a trained, qualified and experienced mortgage lawyer can bring real difference in the mortgage deals, and even the most complex mortgage deal can happen in just few hours.

Mortgaging a deal isn’t a child’s play and you have to come across many mortgage federal laws of which only a qualified and experienced mortgage lawyer is aware. You cannot expect a novice to materialize the mortgage deals for you. It is always you who have to be serious in choosing an efficient mortgage lawyer for your property deal.

Here are few important points that will help you to ascertain what a mortgage lawyer can really do for you:

  • 1. A mortgage lawyer can help you in fixing your mortgage deal if you have poor credit history. He can adjust your mortgage deal on the basis after considering your financial position.
  • 2. If you find yourself scrambled in the adjustable rate mortgage, a mortgage lawyer can help you to mortgage the real estate deal for you.
  • 3. If you are facing foreclosure, because you were not able to pay the amount pending on your home or office, a mortgage lawyer will come to your rescue and help you give the best option out.

With that much informed, it is very important that you select a professional and experienced mortgage lawyer who can understand your financial situation and close down the real estate property deal for you. If you are hiring an untrained or inexperienced, mortgage lawyer who is just new to the mortgage industry, then you know very well what repercussions you’d ultimately find. There are experienced lawyers available on the internet. You can search for professional Real Estate Lawyer Haddonfield, New Jersey and many other places.

Here are few points that you need to take into consideration when choosing a mortgage lawyer:

  • 1. Mortgage lawyer should be experienced. A mortgage lawyer who is we experienced and can handle your complexities in your property will be the right option to go with. Take time when selecting the mortgage lawyer.
  • 2. Mortgage lawyer should be affordable. An expensive mortgage lawyer will ask for high fee and this would eventually make you lose all your hard earned money.
  • 3. Mortgage lawyer should always be available for advice on telephone. Realizing the fact that it is not possible every time to meet physically with the mortgage lawyer, availability of the lawyer over the phone can help you to seek his advice.