Buying a New Home? You may want to think of some Estate Planning at the same time…

Q. I’m getting married and purchasing a house.  I would like to have a will prepared at the same time.  What kind of questions will you ask when we meet?

A. The preparation of a will often requires some thought and consideration.  By the time the will is probated, you will not be able to make any changes – so do take the time required now to seriously consider the following:

Will you be married when you purchase the home?

Will you own the property with your spouse?

How will you hold title to the property?

To whom do you want your assets to go?

Do you have wishes as to specific bequests?

Do you have children?  Are they minors?

Who will be their guardian?  Their trustee?  Alternates?

Who will be the Executor of your estate?

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Published in: on June 13, 2011 at 2:15 pm  Leave a Comment  

Two new mortgage disclosure forms…Will this make the mortgage process simpler? You decide.

The Consumer Financial Protection Bureau (CFPB) announced the drafting of two proposals for a combined RESPA/TILA Disclosure form and asked for feedback. The CFPB indicates that this is one of the first steps in combining the Truth in Lending form and the Good Faith Estimate into a single, simpler disclosure form.  Check out http://www.consumerfinance.gov/know-before-you-owe-go/  Let them know what your opinion is.

Published in: on May 19, 2011 at 2:25 pm  Leave a Comment  

How Can a Bi-Weekly Loan Program Help You?

Q. I want to refinance my home for a shorter term.  Could you explain the benefits of a Bi-weekly loan?

A.  A bi-weekly loan is a great option for reducing the term of your mortgage.  The basic premise of the loan is the more often you make payments the faster your principal decreases making your interest payments less over the term of the loan.  The Bi-weekly payment plan is set up to have you make 26 Bi-weekly payments as opposed to 12 month installments.  A thirty-year loan would be paid off in 23 years or less and a 15 year loan would be paid off in about 13 years.  With so many employers switching to bi-weekly periods, it makes financial planning simple.  Check with your loan officer to see if this option is available to you.

If your lender does not have a specific Bi-weekly program you can usually accomplish the same goal by making one extra payment per year.  Simply take your monthly principal payment, divide it by 12 and add that amount to your normal monthly payment.

Published in: on May 13, 2011 at 8:10 am  Leave a Comment  

Look what State was voted best place to live…

Look at what State was voted best place to live.  Looking to move?  Give me a call or email if you need a referral to a Realtor or Mortgage Loan Officer.

http://www.statemaster.com/graph/lif_bes_sta_to_liv-lifestyle-best-states-to-live

Published in: on April 26, 2011 at 2:31 pm  Leave a Comment  

Are you buying a home this year or considering a Will or Trust?

Q. I’m getting married and purchasing a house.  I would like to have a will prepared at the same time.  What kind of questions will you ask when we meet?

A. The preparation of a will often requires some thought and consideration.  By the time the will is probated, you will not be able to make any changes – so do take the time required now to seriously consider the following:

Will you be married when you purchase the home?

Will you own the property with your spouse?

How will you hold title to the property?

To whom do you want your assets to go?

Do you have wishes as to specific bequests?

Do you have children?  Are they minors?

Who will be their guardian?  Their trustee?  Alternates?

Who will be the Executor of your estate?

Our initial meeting will only take a half hour or so.  Once your Will is prepared, we will contact you and set a time for you to come in and sign it.  I would suggest placing it in a safe place.  And be sure to let someone know where it is!

Published in: on April 19, 2011 at 2:25 pm  Leave a Comment  

Are you selling your home? Do you need to accept the first offer that you receive?

Q. As a seller, do I need to take the first offer that comes in?  What else can I do?

A. The simple answer is No.  Offers, even very attractive ones, are rarely accepted as-is.  Usually a Seller will be willing to accept some of the Buyer’s terms and want to modify others.  This is done by making a “counter offer.”  Counter offers, for example, may be based on:

Price — The Buyer has made an offer below what the Seller is looking for;

Deposit– The Buyer is not putting enough money into escrow to satisfy the Sellers concerns and potential losses that will be sustained should the Buyer default.

Closing Date – The Seller cannot meet the requested date;

Household Items – The Buyer has asked for items not listed  – i.e. appliances, window treatments, etc;

Most important to note is that for a contract to be binding, the initial offer, and all counter offers, must be in writing.  Any changes to a contract must be initialed by all parties.  There is no contract until all parties have initialed all changes and signed.  Until this is accomplished the property could be sold to someone else!

Published in: on April 8, 2011 at 10:18 am  Leave a Comment  

Temporary Good News for Loan Officers

Court Ruling Delays Implementation of New Rules Governing Loan Originator Compensation

The United States Court of Appeals for the District of Columbia has issued an order that stays the implementation of a new Federal Reserve Rule governing loan originator compensation. The new rule was to take effect April 1, 2011.

The Court’s order relates to a suit brought by the National Association of Mortgage Brokers, who objected to the portion of the new rule that prohibits mortgage brokers from paying their loan officers commissions that are based on fees paid by the consumer. The NAMB filed an emergency motion for expedited relief and an emergency motion to stay implementation of final rule pending appeal.

The Court’s order granting the stay was issued on March 31, 2011.

Published in: on April 1, 2011 at 1:44 pm  Leave a Comment  

Thinking of Buying a New Home? Are You Married? Learn How You Should Take Title…

Q. My wife and I are buying a house this fall. How should we take title?

A. There are different ways spouses can take title to a property:

Joint Tenants with Rights of Survivorship: Both you and your spouse own a 100% indivisible interest in your property.  Should one of you pass away before the other, your interest will automatically pass to the surviving spouse without having to go through the process of probate.

Tenants in Common: You and your spouse own a 50% divisible interest in your property.  At the time of death of either spouse, their interest can be left – by will or trust – to any other party of their choosing.  This type of ownership is quite often utilized by parties that are not married.

Another concern of ownership should be the Homestead right.  Whether or not a spouse is named on the deed, they are nonetheless entitled to a $100,000 interest in the primary residence and are required to sign the deed upon conveyance of the property.  This is a lifetime right, existing even after the passing of the record owner.  A Homestead Right may be terminated by affirmative release by the spouse – the signing of a “Release of Homestead Right” – or by deed.

Published in: on March 31, 2011 at 10:53 am  Leave a Comment  

NH Foreclosures: Foreclosing Bank must show possession of both the Promissory Note and Assignment of Mortgage in order to foreclose.

Belknap Superior Court: A Foreclosing Mortgagee Must Show Possession of Both the Note and an Assignment of Mortgage

On January 20, 2011, New Hampshire’s Belknap County Superior Court issued a ruling and Order on a Motion for Reconsideration of its November 1, 2010 denial of petitioner’s motion for injunction in Miroslav Zecevic v. U.S. Bank National Association, as Trustee, Harmon Law Offices, P.C., Mortgage Lenders Network, USA Inc. d/b/a Lenders Network, Wells Fargo Bank, N.A. d/b/a America’s Servicing Company and GMAC Mortgage, Docket No. 10-E-196. In its Order, the Court granted in part and denied in part Zecevic’s Motion for Reconsideration of its decision on the petitioner’s June 16, 2010 complaint seeking temporary, preliminary, and permanent injunctive relief, and seeking damages against the lender that was attempting to foreclose on his home.

This case is important because it indicates that even though New Hampshire is a non-judicial foreclosure jurisdiction, the county Superior Courts are adopting the view that a foreclosing mortgagee must show possession of both the promissory note and a record Assignment of Mortgage in order to have standing to foreclose a mortgage. While presentation of such evidence is not a requirement to commence foreclosure in New Hampshire, Zecevic indicates that a mortgagor in default may successfully enjoin a foreclosure if the mortgagee is unable to show evidence to a court of competent jurisdiction that it is both the holder of a promissory note and an Assignee of record at the time foreclosure is begun.

In his original complaint, Mr. Zecevic alleged that the servicer of his mortgage failed to respond to his demand for proof that it had credited $45,109.51 in mortgage payments to U.S. Bank National Association. The complaint further alleged that foreclosure was improper, given that U.S. Bank National Association had failed to respond to his demand for proof that it was the holder of the promissory note evidencing his indebtedness under the mortgage loan.

Even though U.S. Bank National Association, as Trustee, was an Assignee of record under an instrument executed by Andrew S. Harmon, Esq. on behalf of MERS, the Court enjoined the foreclosure of Mr. Zecevic’s home, finding that U.S. Bank National Association, as Trustee, “failed to demonstrate that it ha[d] proper standing to foreclose on the petitioner’s property due to missing evidence of the assignments of the underlying promissory note and mortgage.” Citing U.S. Nat’l Ass’n, as Trustee for SG Mortgage Securities Asset Backed Certificates, Series 2006-FRE2 v. Emmanuel, 27 Misc. 3d 1220 (N.Y. App. Div. 2010) [quoting Kluge v. Fugazy, 145 A.D. 2d 537, 538 (N.Y. App. Div. 1988)], the Court clarified its view that “foreclosure of a mortgage may not be brought by one who has no title to it and absent transfer of the debt, the assignment of the mortgage is a nullity.” (emphasis in the original.)

Stating that Mr. Zecevic’s request for production lists a number of documents that speak directly to the foreclosing lender’s standing to conduct a foreclosure, the Court granted Zecevic’s Motion to Compel Production of Documents from U.S. Bank National Association, as Trustee. The Court also granted Zecevic’s Motion to Enter a Final Decree Against Mortgage Lenders Network, USA Inc, d/b/a Lenders Network and GMAC, both of whom had failed to file appearances in the matter. The Court denied the foreclosure attorney’s motion to dismiss and motion to award attorney’s fees.

Published in: on March 4, 2011 at 8:36 am  Comments (4)  

NH Housing Finance Authority

In combination with great rates the New Hampshire Housing Finance Authority  offers 4% cash grants to help first-time buyers with down payment and closing costs.

Published in: on February 10, 2011 at 1:09 pm  Leave a Comment