Foreclosure prevention seminars - do they work?

An article making its way around the Internet through MCT News Service poses this question on Sun-Sentinel.com-

I saw a notice for a foreclosure prevention workshop sponsored by my lender. Do these really help or is it just public relations for the bank? — Anonymous

I guess the answer is "yes and no."

Whether it's calling your bank's 800 number, working with an attorney or going to a workshop, you will get out of it what you put into it. Be completely prepared. Make sure you have two years of tax returns, six months of bank statements, a copy of your budget and bills, pay stubs and any other paperwork that might be relevant.

The point to remember is that you have to start somewhere, and a workshop may be just the right place to do it.

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

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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

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FDIC sells bank, new owner puts squeeze on borrowers

The FDIC closes a bank, offers that bank for sale, finds a buyer and agrees to cover some of the losses that the buyer incurs. That's how it works when your bank goes under.

But, what happens after you become a loan customer of the new bank? Is it all peaches and cream? Not necessarily so.

  

According to a report on CharlotteObserver.com, banks often put roadblocks in front of their borrowers and either hound them to pay off  their loans or face foreclosure.  One borrower wouldn't roll over and took the bank to court.  It WON!

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

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Just what does your homeowner's insurance cover?

Hurricane Sandy was a wake up call to many homeowners who had to struggle with their insurance coverage.  Knowing just what is and is not covered by your insurance policies is an important part of homeownership.  Realty Times' most recent posting discusses what you should know about coverage and exclusions.  Confused?  Seek help from a professional insurance agent.

Read the full Realty Times 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

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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

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