Don't take "no" on your mortgage application laying down

From the Wall Street Journal.
"When the Bank Says No, Draft a Rebuttal- A rebuttal letter can help you fight a lower-than-expected home appraisal"

The buyer is ready to buy, and the seller is ready to sell. Then comes the low blow: The home is appraised below the contract price.

In order to close the transaction, the buyer has to come up with a greater down payment.

A possible recourse, albeit one with slim chances, is a formal rebuttal letter, also called a reconsideration letter, prepared by the borrower or loan originator, with input from a real-estate agent or an appraiser.

To challenge an appraisal, borrowers should make their case with the commissioning lender, said Michael Vargas, president of New York-based Vanderbilt Appraisal Co., which specializes in high-end homes. Lenders, however, are prohibited from communicating directly with appraisers, under the Home Valuation Code of Conduct (HVCC), rules enacted by Congress in 2009 to reduce mortgage fraud. Therefore, the lender will commonly send the borrower's rebuttal to an appraisal-management company, a third-party entity that hires appraisers, for review.

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. 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

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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.

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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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Vested Land Services client Treetop Development buys in Queens, NY

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.

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Long time client Treetop Development has made a major acquisition in Queens, New York. According to Crains,

Teaneck, N.J.-based Treetop Development, which three years ago began snapping up residential buildings across the Hudson River in northern Manhattan, has now jumped across a second river, the East.

The developer has acquired Saxon Hall, a 16-story rental apartment building located at 62-60 99th Street in Rego Park, Queens, for $85.25 million.

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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A larger down payment does help you get that house

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.
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As this story demonstrates, the credit crunch is not over.  Fact of the matter is that buyer's with larger down payments have a better chance of getting their mortgage approved.

This is from Realty Times:

Take reports of lenders easing the credit squeeze with a pinch of salt.

It still holds true that the larger the down payment, the more likely you are to get a mortgage and at the lowest rate.

LendingTree recently released a study analyzing down payments for borrowers in each state and found overall, nationwide, the average down payment is down 9.4 percent since 2011.

Rather than lenders actually requiring less down, some of the decrease could be due to fewer investors coming to market with larger down payments, if not all cash.

Unfortunately the down payment remains among the greatest obstacles to buying a home, so get with it.

Read more at Down Payment Remains Top Obstacle for Home Buyers

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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Who wins in a boundary dispute? It depends.

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.

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Realty Times comments on a problem that we see frequently, boundary line issues.

It happens all the time. Neighbors join together building or rebuilding a fence that divides their properties. The activity takes place without benefit of a survey, and their agreement is not formalized by any writing, much less by a recorded document. Their choice of the fence location might have been dictated by convenience, because it looked right, or because that's where the old fence was. In any event, they mutually agree that its placement marks the boundary between their properties.

Many years later, when a subsequent owner acquires one of the properties, he questions the location of the fence and orders a survey. The survey shows that the fence is inaccurately placed and that it encroaches on the new owner's property. The new owner wants the surveyed boundary to be established. His neighbor argues that the doctrine of boundary by agreement should control, and that the fence should remain. Who is likely to prevail?

Read more to find the answer.......

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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