The NY mortgage tax, how to save on it

Located in Fairfield, NJ, we are the title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help.

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 New Yorkers entering into a loan transaction that we in New Jersey do not have to face, for now, the mortgage tax based on the amount being borrowed.

The NY mortgage tax applies to all mortgage transactions although in residential cases, the bank shares a part of the cost of the tax.

The NY Times contains a short article on one way to avoid the full impact of the mortgage tax when you refinance a mortgage - ask your new lender to take an assignment of the existing mortgage loan.  No tax is due on the amount being assigned to the new lender.

Read the full article to get a better understanding of the mortgage tax and its complications.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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Facing foreclosure? 4 tips for homeowners

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.

Foreclosure is defined as the "process of taking possession of a mortgaged property as a result of someone's failure to keep up mortgage payment." This is a simple definition for a very complicated and overwhelming process. Consumers facing the possibility of foreclosure suffer both financially and emotionally from losing their homes.

So, what is to be done? Arm yourself with knowledge that will help increase your chance of a loan workout or "amicable walk-away."

Here are 4 tips from Realty Times:

1) State Programs For Homeowners
2) Deed in Lieu of Foreclosure
3) Short Sale
4) Cash for Keys

None of this is actually for the faint-hearted but it does pay to know your options.  Read the full article Four Tips for Homeowners Facing Foreclosure.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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Home mortgage interest deduction is unevenly used per the NY Times.

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.

The home mortgage interest deduction remains under attack. This report claims that it is high income homeowners who benefit from the deduction.

A new report from the Pew Charitable Trusts reinforces what many economists have been saying for some time: the mortgage interest deduction primarily benefits high-income homeowners.

And just why is that?  Because higher income homeowners itemize their deductions. Read the full article here to understand the animus towards the deduction.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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No mortgage contingency clause in that contract?

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.

Buying a home requires a well conceived and written agreement between the parties. The contract will contain terms of the purchase as it relates to price, home inspections, and the all important mortgage contingency clause.  With respect to the latter, if the buyer cannot obtain a mortgage, the deal is off.

But a bustling seller's market has brought a new wrinkle to real estate land - the no mortgage contingency offer.  The New York Times reports,

In a housing market starved for inventory, buyers are stepping over one another to bid on desirable properties. But a high bid may not be enough — sellers are also seeking offers without mortgage contingencies.

But the combination of a competitive market and a difficult lending climate has made sellers in New York less amenable to such conditions. They want noncontingent or all-cash offers.

Why would a buyer agree to this?  Well, the obvious answer is that she wants the home and has a high level of confidence that a mortgage on her terms will be obtained.

There is, from our viewpoint, a serious downside to the no-contingency contract.  What if the house doesn't appraise for the contract price?  In our title agency we have had more than our fair share of transactions canceled because the home is appraised for less than the contract price.  In that situation, the buyer receives back the deposit, and is out only a few hundred dollars for home inspections and similar costs. 

Obviously, in a transaction without a contingency, the confident buyer now has a problem.  A normal loan to value ratio of 80-90 % is not  going to work.  So the buyer has to be able to put down more cash towards the purchase of the home.

Read the full article here.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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Mortgage loans for the retired

Another issue comes to the forefront when it comes to getting a mortgage loan, that is the particular problems faced by borrowers who are retired.

Retirees trying to obtain a mortgage may find that a pristine credit history and healthy retirement accounts are not enough. Lenders are also looking for a consistent monthly income in line with their usual debt-to-income standards.

There are a couple of horror stories in this article from the NY Times.  Read it here.

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. We are the title insurance agent that does it all for you.  We cover all of New Jersey

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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NORC in NYC neighborhood, Naturally Occurring Retirement Community in the news

NORC?  Did you ever hear that word before?  Well, get used to it.  A Naturally Occurring Retirement Community is what you get when the old folks stay in their home instead of heading to Florida or other retirement states.

NORCs require support from social service agencies and the local community.

This article from the NY Times discusses a NORC in the Fort Hamilton neighborhood of Brooklyn.

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. We are the title insurance agent that does it all for you.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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