New Jersey suburbs - having deer as neighbors

We are the New Jersey 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, Vested Land Services LLC. We can help!

Having lived in the wilds of suburban Essex County, New Jersey, I can personally testify to the incredible number of deer roaming through wooded areas; such as the one that bordered my home.  I once read that there are as many deer now as there were in the time of the Revolution.  The reason, we killed off their natural predators.

www.pexels.com

In any event, they are back with an annoying vengeance.  Here's an interesting article on the problem from the New York Times

Deer Make the Worst Neighbors

Like many of us who choose to live in the suburbs, deer want a nice, safe neighborhood, with great food and plenty of privacy. For one particular doe and fawn, that neighborhood happens to be my backyard. 

 Sure, they’re quiet — come to think of it, I’ve never heard them make a sound. And the little one covered in Bambi spots sure is cute. But let’s face it, they’re rude neighbors. When I ask the mother to leave by, say, pounding on my kitchen window with a spatula, she stares back at me blankly and pees. 

 Sometimes, she deposits her fawn in my shrubs for the day while she runs off to do whatever it is deer do with their time when they’re not devouring my marigolds. I’m not a free babysitter, but she seems to think I am. And the fawn is under the impression that we can’t see her, even as my children crouch, perplexed, to get a better look at the little speckled creature crushing my lamb’s ear. 

 I’ve tried using subtle hints to let them know I want my space, like spraying my foliage with an organic concoction that smells like sour milk and claims to repel deer, but actually only repels people who like to sit near flowers. Sometimes, they take a hint and venture off — I imagine them taking long strolls in the nearby nature preserve, another suburban selling point. 

 No sooner have they left, though, when another mother shows up. How do I know she’s not the same one? A hint: this one has twins.

 You’d think I live far out in the country, in some area of thick woods and wild mountains. But no, I’m only 20 miles from Midtown Manhattan in New Jersey, the most densely populated state in the country.

 Blake Smith, who moved from Brooklyn to West Orange, N.J., 13 years ago with her husband, Tim, 49, can see the Empire State Building from her back deck, but it’s the deer that take her breath away.

 “They’re like these mystical creatures,” she said. “They’re like unicorns.”
 More like shameless interlopers. A few weeks ago, a deer pushed its way into Ms. Smith’s screened-in porch to get ahold of some potted hibiscus. Ms. Smith, 45, an associate director of digital at the New York Eye and Ear Infirmary of Mount Sinai, had moved the pots inside so they wouldn’t become deer salad. 

 So much for that. Ms. Smith gave up and put the pots back outside. “I told them, ‘Have them, just eat them. Just please don’t eat my watermelon,’” she said. 

 Ms. Smith knows these deer well. They are members of a herd that has lived in a vacant lot behind her house for years, with a doe that the family named Limpy for her uneven gait. Perhaps because they’ve been neighbors for so long, the deer listened to her about the watermelons and so far have left them alone. The hibiscus they ate.

 Whitetail deer are a source of suburban awe and angst. They were hunted to near oblivion in the late 19th century, but their numbers are back and they’re seemingly everywhere. New Jersey doesn’t even know how many whitetails call the Garden State home, since government estimates are based, morbidly, on the number of deer that hunters kill each year, which hovers around 50,000. In areas where hunting is prohibited, like my backyard, no one is tracking the herds.

 “It’s really hard to get a population estimate, especially in a fragmented, densely populated state like New Jersey,” said Brooke Maslo, an assistant professor of ecology at Rutgers University.

Read the full article.

For your real estate purchase or mortgage refinance 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@vested.com

Sphere: Related Content

Adjustable rate mortgages in the news

Adjustable rate mortgages, ARMs for short, are back in the news at the New  York Times.  The Times loves to tout ARMs as risky, but it’s never quite clear who is bearing the risk—the borrower or the investor.

Because adjustable-rate loans carry more risk, rates on them are lower than those on fixed-rate loans. After an initial period of fixed interest, rates may rise — though such loans also come with a lifetime cap that limits ups and downs.

The “risk” to the borrower is, of course, that rates may rise.  But the pain of that risk is the built-in caps on increase in most ARM loans.  For instance, the commonly used 1 year Fannie Mae note provides for a cap on each adjustment AND a maximum interest rate over the life of the loan.  These provisions are designed to avoid the so-called “interest rate shock” that elected politicians love to speak about.

In any event, is an ARM good for you?  Speak to a qualified mortgage loan officer to find out.  And, importantly, compare the numbers.

Here’s the full article:

The New York Times

August 29, 2013

Risks Aside, ARMs Gain Ground

By Marcelle Sussman Fischler

With mortgage rates inching up and homeowners often refinancing before the end of their loan terms, adjustable-rate mortgages are becoming more enticing to more borrowers.

In July, for example, 6.5 percent of mortgage applications nationwide were for adjustable-rate loans, while a year ago, the percentage was 4.2, according to the Mortgage Bankers Association, which expects demand to continue. “We expect ARMs to increase,” said Matthew J. Robinson, a spokesman.

Because adjustable-rate loans carry more risk, rates on them are lower than those on fixed-rate loans. After an initial period of fixed interest, rates may rise — though such loans also come with a lifetime cap that limits ups and downs.

For some borrowers, the initial savings may be worth the risk. By taking an adjustable-rate mortgage with a 5/1 term (with the rate fixed for the first five years) at 3.21 percent rather than a fixed 30-year jumbo mortgage at 4.69 percent, someone borrowing $750,000 could save $637.68 a month off the $3,885.28 payment, enough to “lease a nice car or more,” Keith Gumbinger, the vice president of the financial publisher HSH.com, said in an e-mail.

After 60 months, the borrower would have paid $54,565.92 less in interest, or $114,181.61 rather than $168,747.53. Kept in a piggy bank, it would be “enough to put your kid through at least one year of a good college,” Mr. Gumbinger added.

The potential hitch is that borrower may need to refinance or sell the home before the fixed portion of the loan ends — or possibly “be exposed to significantly higher interest rates and monthly payments,” Mr. Gumbinger said, “which could wipe out the savings pretty quickly, not to mention causing you budgetary duress.”

According to Freddie Mac’s Primary Mortgage Market Survey, for the week ended Aug. 29, a 30-year fixed-rate mortgage averaged 4.51 percent, while a five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.24 percent.

John Aita, a retail sales supervisor for Wells Fargo Home Mortgage in Melville, N.Y., says fewer borrowers these days seem likely to get stuck with a higher rate when the fixed portion of the ARM expires. “People never keep the loans that long anymore,” he said, citing six years as the average. “Either they refinance or they move.”

For first-time buyers who plan to move up to larger quarters as their families grow, or for young professionals whose income will rise in a few years, adjustable-rate mortgages are “a fantastic deal,” Mr. Aita said.

“If you are planning to use the house as a steppingstone and not going to stay 30 years,” he said, “take the adjustable.”

Those planning to downsize after their children go off to college can also benefit.

Six months ago, Beth Zucker, a single mother from Bucks County, Pa., whose twins are 13, refinanced from a 7/1 ARM to a 10/1 interest-only ARM at 3 percent.

She’s not worried about where interest rates will be when the rate adjusts in a decade. “When my twins go off to college,” said Ms. Zucker, who is a financial adviser, “I’m going to sell the house and downsize.”

The most common adjustable-rate mortgages are designated 3/1, 5/1, and 7/1, according to freddiemac.com.

A 3/1 ARM has a fixed interest rate for the first three years. After that, the rate can change annually. A similar rule applies for a 5/1 and 7/1 ARM. If the rates increase, monthly payments increase. And if rates dip, payments may not decrease, depending upon the initial interest rate. Typically, an adjustment “cap” limits how much the interest rate can jump or fall at each adjustment period.

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.

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

Sphere: Related Content

Rise in interest rates slow the refinance market

 From where I sit looking at new files being opened, it was clear that the increase in interest rates had a dampening effect on the NJ mortgage market.  So reports the New York Times.

With mortgage rates hitting their highest level in two years, the rush to refinance has slowed to more of a stroll.

As of the end of June, refinancing activity represented 64 percent of all mortgage applications, the lowest volume since May 2011, according to the Mortgage Bankers Association.

 The rise in rates by “better than a point” since early May has effectively killed off a lot of the refinancing business, in what amounts to a “purely an interest-rate-driven decision,” said Keith T. Gumbinger, the vice president of HSH.com, a financial publisher. But getting into a new mortgage still makes sense for some categories of homeowners.

 Who might benefit from the rate increase?

The most obvious candidates are borrowers whose rates are 5.5 percent or higher.

 Another group of potential borrowers are those who found their homes under water value-wise but who've built up equity because of the rise in prices.

Read the full article, Refinancing, Despite a Rate Rise.

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.

* * * * *

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

Sphere: Related Content

All-cash offers sometimes not worth the effort

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.

*  *  *

From the New York Times, this report that the "dream" of an all-cash buyer could turn into a nightmare.

For sellers, it seems, the dream has arrived.

Unfortunately, it turns out that the dream sometimes comes with a bit of an attitude problem.

Many buyers who are reliant on a mortgage are willing to bow and scrape a bit, happy to take a home with questionable detailing or a suspicious water spot on the ceiling, in order to give their offer a lift. But occasionally, buyers offering cash assume that status should afford certain concessions, even in a seller’s market.

Read the full scenario of bad cases 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

Sphere: Related Content

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

Sphere: Related Content

Financing a vacation home, banks will make it harder to get that mortgage

The NY Times reports on Financing a Vacation Home.  The quick conclusion -

Buying a vacation home these days requires plenty of cash on hand.

Mortgage down payment requirements are considerably stiffer than for primary residences, and lenders are scrutinizing income more closely, which can make financing especially difficult for the self-employed.

And we just don't mean looking at the amount of money you have.  There are many other factors to consider.  To find out what they are, read the full article.

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

Sphere: Related Content

Big trouble in reverse mortgage land?

Welcome to Vested Land Services LLC.  Whether you are an investor in commercial real estate, contemplating a home purchase, mortgage refinance, reverse mortgage or home equity loan, we are the title insurance agent to turn to; we do it all.

The New York Times headline reads - "A Risky Lifeline for Seniors Is Costing Some Their Homes."  It's not a pleasant story.

The very loans that are supposed to help seniors stay in their homes are in many cases pushing them out.

Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes and not pay it back until they move out or die, have long been fraught with problems. But federal and state regulators are documenting new instances of abuse as smaller mortgage brokers, including former subprime lenders, flood the market after the recent exit of big banks and as defaults on the loans hit record rates.

So why is this happening?  One of the drawbacks of reverse mortgages is the fees associated with obtaining the mortgage. 

Now, as the vast baby boomer generation heads for retirement and more seniors grapple with dwindling savings, the newly minted Consumer Financial Protection Bureau is working on new rules that could mean better disclosure for consumers and stricter supervision of lenders. More than 775,000 of such loans are outstanding, according to the federal government.

Yet,

Used correctly, reverse mortgages can be a valuable tool for seniors to stay in their homes and gain access to money needed for retirement. Seniors who have built up equity in their homes can borrow against a percentage of that and take out a lump sum or a line of credit. The loan doesn’t have to be repaid until the homeowner moves out or dies, but borrowers still have to pay property taxes, maintenance and insurance.

To be sure, three major lenders, MetLife, Bank of America and Wells Fargo have left the marketplace.

Into the void left by the big banks have moved smaller mortgage brokers and lenders. Some of them steer seniors into expensive, risky loans with deceptive sales pitches and high-pressure tactics, according to regulators, housing counselors and elder-care advocates.

Read the full article.

 

 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

Sphere: Related Content

"Divorce specialists" for real estate sales?

New Jersey has it all- great beaches, miles of parkway and turnpike, entertainment, you name it.  Now it seems that there are real estate brokers who specialize in sales of property where the owners are undergoing divorce.  So reports the New York Times.

[L]urking with quiet devastation behind many “for sale” signs is the big, sad shift that almost always requires that somebody move out: divorce.

For real estate agents and brokers, deals that spring from divorce are an inevitable slice of the business, and over the years, many find themselves gathering answers to questions they hoped never to ask.

How does one represent two people who won’t speak to each other? How does an agent show an apartment that has been divided by awkwardly placed locks or temporary walls? And what if your client’s highest priority is making sure their former partner does not come out ahead?

Two real estate brokers in Livingston, New Jersey, not far from our office in Fairfield, believe they have built-up an expertise in divorce sales.

“We specialize in it,” said Vicki Stout, an agent at Keller Williams Suburban Realty in Livingston, N.J., who proclaims herself to be a “divorce specialist.”

“But it is hard to advertise,” added Bob Bailey-Lemansky, her business partner. “No one is going to go to our Facebook page and ‘like’ divorce.”

Read more 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.

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

Sphere: Related Content

Need a mortgage? You need a home appraisal

While the New York Times article mentioned here is written with New York City it mind, this column about the home appraisal process is applicable to New Jersey homes, too.

BEFORE anyone can buy a house with a loan from a bank or refinance a mortgage, the lender needs an objective assessment of the property’s value — after all, the home is the bank’s collateral for the loan. Assessing the value is the job of the appraiser.

No mortgage is made without an appraisal.  In my experience the way an appraisal is made has run the gamut from a "drive-by" where the appraiser takes photos from outside the home and gets her information about similar homes (called "comparables" or "comps") from sales reports to the true appraisal where the appraiser physically inspects the home to count and measure rooms, gets a copy of the survey, interviews the homeowner, visits the municipal building department to determine if all improvements have been reported to the municipality and performs a thorough comparison between the subject property and its comparables.

The best thing a homeowner or broker can do to help the appraisal process is to prepare a one-page sheet for the appraiser that outlines the changes and repairs that the home has undergone since it was bought.

Read the full column.

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

Sphere: Related Content

Need a mortgage modification, you'll have to start with a hardship letter

Getting a lender to modify your mortgage is not a Sunday walk in the park. Like many things in life, thought is required. As this column in the New York Times points out, getting started on the right foot is essential. Especially when it comes to explaining why you need the modification.

HOMEOWNERS having trouble paying their mortgages may try to elicit sympathy from their lenders in long, emotional letters laden with woe.

While lenders do not have a heart, they

[D]o look for what is known as a hardship letter when a borrower applies for a loan modification. Such a letter is a requirement for modification applications under the government’s Making Home Affordable program.

Tips on writing a good letter:  explain up-front, in simple language, why you missed payments and how you propose to correct the situation.  Get to it first, because

The lenders’ loss mitigators, faced with mountains of modification requests, are unlikely to spend time reading more than the first few lines of each letter.

Lot's of good information in it, so read the full column. And good luck to you.

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.

If you would like to know what we can do for you 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

Sphere: Related Content

Using gifts for real estate purchase downpayment

The New York Times discusses the impact on your loan application when you receive a gift towards your cash needs for closing.

HOME buyers trying to scrape together enough money to cover the typical 20 percent down payment frequently look to relatives for help.

The number of first-time homebuyers who resort to the Bank of Mom and Dad is about 25%.  No surprise here as prices in the metro-New York area are high and first time home buyers are young couples who are, literally, just starting out.

There are some pitfalls to avoid when you receive a gift.

But mortgage lenders closely scrutinize cash gifts. That critical check from the parents may not count toward your home purchase if you can’t thoroughly document its source and intention.

Be certain that the money is transferred by check or wire as the paper trail is essential and must be able to be followed by the loan processor.  If possible, get the money into the buyer's account several months before the closing.  It might result in less questioning by the bank.  Also, donors should check on their gift tax liability.

Nothing is simple, is it?

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

Sphere: Related Content

Year-end dash to sell real estate

The year-end is approaching and with it some tax law changes. Add some confusion to the mix, such as the so-called Obamacare sales tax on real estate, and we can see why there’s a flurry of year-end activity, perhaps the greatest since 1986.

As the The New York Times Alexei Barrionuevo points out in A Mad Dash to Avoid a Bigger Tax Bite

NOT that anybody needs more stress during the holiday season, but sellers and their brokers and lawyers across the country have been scrambling to close deals and avoid January tax increases that will eat into their profits.

What's driving this rush?

 What is everyone so worried about? Federal capital gains taxes — the tax you pay when you sell an investment — are expected to rise at the top rate from 15 percent to at least 23.8 percent. That would include a 5 percent tax increase and a new 3.8 percent tax on investment income levied on high earners to pay for health care.

While no one knows exactly what will be decided in Washington to avoid the fiscal cliff, many people expect that the cost of selling an investment will be higher in January than in December.

There are some options.  The 1031 exchange process might help some owners postpone recognition of gain income.  But I'm not here to offer tax advice

Good luck to all those folks intent on closing before the end of the year.  It's less than a working week away.

Read the full report 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

Sphere: Related Content

Mortgage Foreclosure Backlog Impacts Market

Foreclosure backlog impacts real estate marketplace.  That's the theme of an article in today's New York Times.

FORECLOSURES are taking significantly longer in states where lenders must go through the courts, and the delay may or may not be good for borrowers, depending on their circumstances. But some researchers say that dragging the process out hurts society at large.

The backlog in foreclosures hurts the real estate recovery in states using judicial foreclosure, such as New Jersey, because they impact the value of surrounding properties.

The long and short is that New Jersey is chock full of foreclosure properties, in the pipeline and in the marketplace.

"The best outcome is to prevent the foreclosure," said Paul S. Willen, an economist and policy adviser at the Boston Fed. "But if it’s clear that can’t be done, it’s in society’s interest to get the foreclosure done as soon as possible."

Read the full column 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

Sphere: Related Content

Widows losing homes in foreclosure

I must admit, I'm a bit jaundiced about these types of stories that come across portraying banks as evil incarnate.  Here, the headline in the New York Times says it all, "Widows pushed into foreclosure."

Geraldine Bates lost her husband to kidney failure last year. Now, she has fallen behind on her mortgage payments and is terrified that she will lose her home in Jacksonville, Fla.

In the latest chapter of the foreclosure crisis, homeowners over 50 are falling into foreclosure at the fastest pace of any age group, according to nationwide data, in part because women are outliving their spouses and are unable to cope with cuts in their pensions, ballooning medical costs — and the fine print on their mortgages.

At first glance, the issue seems little more than a logistical headache. To stay in the home, the surviving spouse needs to take over the mortgage. But to do that, most banks require that the borrower assuming the mortgage be up-to-date on payments. Housing advocates say that their clients, especially if one spouse experienced a prolonged illness, often find they are already thousands of dollars behind.

The solution, ask the Federal government to create a nationwide solution.  Egad, this would be a nightmare as we have courts situated to adequately protect folks in this situation.

In my opinion, we don't have all the facts as I've yet to come across a bank that will not accept payments from the executor or administrator of an estate after the death of the owner of record.  As for modification of an existing mortgage, here, too, the executor or administrator is empowered under state law to act in the place and stead of the deceased owner. 

Finally, there's more than one way to skin a cat because if there's equity in the property, the surviving spouse should be eligible for a reverse mortgage that would pay off the existing first mortgage and provide a continuing cash flow to the survivor if that is desired.

Read the full report 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

Sphere: Related Content

Hurricane Sandy delays loans

mortgage refinance settlement services title insurance Fairfield NJ title agent
We have received a letter from a local community bank of consequential size advising that all loans in the pipeline heading toward closing will be delayed until each property is inspected by an appraiser. The New York Times has picked up on this new challenge to getting a mortgage in New Jersey.

THE extensive power failures that have paralyzed the region in the wake of Hurricane Sandy have understandably delayed closings in mortgage deals that had otherwise been buttoned up. But lenders are adding to the logistical bottleneck by requiring that properties in affected areas be reinspected for damage.

“If you are in a FEMA-declared disaster area or emergency area,” said Jason Auerbach, a divisional manager for First Choice Loan Services, of Morganville, N.J., “banks are requiring an inspection of the home to affirm whether there was damage done. They are reinspecting properties to make sure it’s still a functional property that can be lived in.”

We have had one closing postponed because the borrower disclosed water damage to the property just as the loan was being scheduled to close.

For properties in areas that didn’t suffer extensive storm damage, the inspection may constitute no more than a drive-by. The delay in such cases may be no more than a few days.

Both buyer and seller may also be required to sign a form attesting that they agree the property suffered no storm-related damage. Regardless, buyers should do a thorough walk-through well before the day of closing, advises Scott Penner, a real estate lawyer in Milford, Conn.

If you are advised of a delay by your new lender, be sure to discuss the effect of the delay on your interest rate!

Read the full story 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

Sphere: Related Content

Homeowners and the storm - exercise caution about insurance claims

reverse mortgage refinance settlement closing service title agent title insurance agent
The New York Times Your Money column written by Ron Lieber has a cautionary report on reasons for homeowners to be wary until they have the insurance check in hand.

There is a sort of honeymoon period that occurs after a big storm like Hurricane Sandy, when insurance executives appear on the local news offering reassuring words. Their brightly painted vans pull into residential neighborhoods amid the standing water and debris. Everyone is hopeful. Handshakes and back-patting all around.

That period is about to end. Prices for roofers and construction materials will rise, disadvantageous parsing of policy language will commence and gangs of class-action lawyers will round up aggrieved clients who still have months of homelessness ahead of them. Many claims will take years to settle.

It happens every time, and so it will with this storm. That’s not to say that a majority of people with insurance claims won’t be satisfied with the check they receive or won’t get one quickly.

There are things to watch that people should watch out for:

• The insurance adjuster who doesn't work for you.
• Categorizing the damage from flood rather than wind.
• Replacement versus repair
• Compliance with building codes

Read the full story.

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

Sphere: Related Content

In the face of Hurricane Sandy and other natural threats

Two stories in the 11/4/12 edition of the New York Times talk about the weather and its impact on living on the water. My opinion boils down to this – build on the waterfront, be it ocean, lake, bay, lagoon or river, the Federal and state governments no longer step in to help you rebuild.

IF tropical storm Irene last year was an eye-opener, was a reality check. Waterfront property in the New York area is some of the most coveted in the nation, but after back-to-back years of supposedly once-in-a-generation storms, public officials, developers, brokers and homeowners are being forced to re-evaluate.

Read Would you buy on the Waterfront?

The Real Luxury: A Way Out The damage caused by Hurricane Sandy speaks to something so obvious it is often overlooked: New York City shores are not fit for living.

Read it 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

Sphere: Related Content

The Rental Alternative to Foreclosure

refinance New Jersey mortgages title agency
The New York Times reports

FOR homeowners who have been buffeted about by the foreclosure process, the suggestion that they willingly hand their deed to the lender and rent the home instead may only add insult to injury.

But such an alternative to foreclosure — variously called “deed for lease” or “mortgage to lease” — is an option for a select few. Fannie Mae introduced a rent-back program in 2009, and this year, both Bank of America and CitiMortgage announced that they would try a similar approach in a handful of markets.

The programs are basically an extension of what’s known as “deed in lieu of foreclosure.” In this process, the lender agrees not to foreclose if the homeowners simply hand over the deed to their property.

An interesting idea and in some markets it might work very well if homeowners can rebuild their income.

There is a scam similar to this legitimate program.  In the scam, the "buyer" or "investor" gives you money for your home, usually enough to pay off your mortgage, and then agrees to rent you the house back at $X.  The problem is that the monthly payment is too steep for the former owner to maintain payments.

In the meantime, the investor has borrowed against the home, ceases to make payments and the former owner is on the street.

 

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

Sphere: Related Content

High closing costs? Who's to blame?

Vested Land Services title agent title insurance refinance new jersey

Closing fees are a component of the home purchase or refinance. This article from the New York Times is a tad misleading about these costs and where the blame, if that's the right word, lies.

FOR some people, a major hurdle to homeownership is the closing costs that come on top of the required down payment. There are fees for everything from title searches to deed recordings, and if you happen to be buying in New York or New Jersey, you’ll find some of the highest costs in the country.

But these fees have been easing, according to a report released last week by Bankrate.com, which found that average closing costs, including mortgage origination fees, fell 7 percent nationwide from 2011 to 2012. In New York they fell 12 percent.

OK, so where do these high fees come from? Not from third party suppliers such as title agencies, but from lenders and government officials.

Yet, the article continues,

Title insurance is the biggest cost, averaging around 1 percent of the loan balance. Mr. McBride suggested that borrowers shop around, eliciting good-faith estimates from a number of lenders.

Poppycock. Rates in New Jersey are regulated as they are in New York and costs will be identical from title agent to title agent. Companies such as ours survive based on the level of service we provide our clients to get buyers and borrowers to the closing table as safely and expeditiously as possible. (Unless your title agent is owned by a bank or controlled by a real estate agency whose goal is to get you to the table no matter what.)

But the buyer/borrower cannot escape government charges. The county recording fee for an average mortgage in New Jersey is $240! And, in New York, you must add government mortgage taxes that add thousands to the cost of a home or mortgage.

The only place where the buyer/borrower can maneuver is with the lender. There are three words to remember when applying for a loan, shop, shop and shop for the mortgage and if the loan officer cannot explain something to your satisfaction, run for the hills.

Read the full article.

 

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

Sphere: Related Content

Tapping your home's equity? Banks are making it easier.

The New York Times’ Vickie Elmer writes about good news for potential home equity borrowers.

Seems that the Office of the Comptroller of the Currency “noted that one in five lenders nationwide loosened up underwriting standards on home equity loans, while another 68 percent kept them unchanged from a year ago.”  That’s a big improvement over 2009. 

“Lenders also have been lowering the credit scores and equity levels needed to qualify, industry experts say. “You may not need to have as much equity as lenders may have demanded two years ago, when housing prices were going to fall,” said Keith Leggett, a senior economist at the American Bankers Association. This is especially true, he said, in areas where home prices are appreciating.”

refinance heloc home equity closing settlement service 

Advice for tapping your home’s equity-

“Borrowers must decide whether they want a traditional home equity loan, sometimes called a second mortgage, which has a fixed interest rate and fixed payments, or a home equity line of credit, known by its acronym, Heloc. A line of credit usually has a variable rate and can be drawn down incrementally. The variable-rate Heloc is one and a half percentage points lower than the fixed-rate home equity loan, which in turn is around three percentage points above the average 30-year fixed-rate conventional mortgage.”

Once you are approved for a home equity loan, you will have to select a title agency to close your loan. For my two cents, avoid the one recommended by the lender because experience shows that borrower’s need the personal touch when it comes to closing the loan, not some production line outfit. Personal service, that’s something we’re proud to be able to provide.

Read more 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
refinance refinancing title agent agency settlement closing

Sphere: Related Content