As said earlier, there are Mortgage lenders willing to work with you even after bankruptcy. They are referred to as the B-C-D Lenders and can be found almost everywhere in the United States. They finance mortgages for those who are not qualified for conventional mortgages. But be ready to pay high fees and interest rates. Bankruptcy affects your credit score in a direct manner. Majority of this mortgage lenders use you credit score as a factor to know if you qualify for a mortgage and assess the level of risk you create for them. With the presence of “BANKRUPTCY” in your credit report and history, it is suggested that the level of risk you pose to the lender is High, This is why these lenders ask for a higher fee and places a higher interest rate because they feel this way, they will be recompensed.

Please keep in mind that these alternative mortgage programs have a principle or requirements on which loan will be approved. Your application for a mortgage may be approved or rejected based on your ability to meet these requirements. Most of these lenders have requirements. If you try a mortgage lender and you can not meet some of these requirements which mean you can not qualify for the lender’s loan, try other ones. Let us assume that a loan program requires not less than 20% down, a credit score of 580 or more or no late payment on your rental history for the last one year, a different loan program may have identical requirements but will accept a credit score of 550.Firstly, You should think about each loan program and make sure the one you choose fits into the one that will have a good influence on the approval of your mortgage. If one does not have a good effect and will not aid in the approval of your mortgage, please find another. Keep searching till you find the one that suits you.

Seek information and advice from a mortgage broker who has knowledge and skills in mortgage after bankruptcy. This is the best way to find out precisely if you qualify for mortgage after bankruptcy or you do not. A mortgage broker can obtain your data, check your financial condition, search for alternative loan programs and compare the prices and everything that has to do with them. They can be in the best position to know which of these mortgage lenders will be ready to do business with you even after going through the Bankruptcy experience. for more helpful articles from mortgage professionals, Click here

Contingencies are commonly included in most real estate purchase agreements or contracts. They are written clauses that give protection to both the buyer and the seller of a home as well as give them time to assess important aspects of the home before proceeding to the closing. These are normally included in an effort to allow potential buyers and sellers to back out from the deal without facing legal issues in the event the contingencies are not met by either of the parties involved in the transaction.

The common contingencies are usually seen in pre-printed contract forms used by real estate agents. Below are some of them for your guidance.

A home inspection is normally asked by home buyers to ensure that the property they are buying is free from material defects. If in case some defects are discovered during the purchase period, they can ask for an immediate repair from the buyer or they can just back out of the deal. The contingency clauses can specify which party will shoulder the repairs and to what extend. Other options can be included for homes that require repair. A professional home inspection report specifies the date of the inspection and the status of the residential property concerned.

Other inspections such as those on the presence of lead, radon, mold and other toxic chemicals may be included in the contingencies. In addition, inspections and tests may also be performed to check infestation by termites, verify if water from private wells is safe and check if a septic system or well is functioning well. In some areas, water rights to the property may have to be verified to avoid any violations should the new owner decides to dig a well. As for the septic system, a contingency clause may ask for an approval to build a waste system in the absence of one in the property.

Home buyers are also particular about appraisals as they usually want to invest their hard-earned money on a property with a fair market value. With an appraisal report, they can feel confident that the home they’re buying is not overpriced.

Financing is another important contingency. The contract should state the kind of financing preferred by the buyer and which the seller is willing to accept. An appropriate timeframe is also necessary to allow the buyer to get a loan. In some cases, though, the seller can also include his or her own financing contingency such as accepting an offer only after the potential buyer successfully sells their home or only if the buyer is pre-qualified to avail of a home mortgage loan. It is vital to note then that home sellers pre-qualify their prospective buyers so as not to waste their time.

A contingency on deeds is applicable as well. The purchase offer can state what type of deed the buyer expects from the seller during closing. This should be accompanied by a statement from the seller ensuring that the real estate property will be free from liens and other issues that cropped up with the past owners.

So in essence, these contingencies are with a purpose thus, it is vital that they be stated in the contract in the most specific way as possible.

An investment property mortgage is a loan for non-owner occupied property. There are two main classifications of investment property mortgages. These classifications include: commercial and residential. A commercial property mortgage is for a dwelling that contains 5 or more units and/or is zoned as commercial. A residential investment mortgage is for a dwelling that is one to four units and is zoned residential. Commercial and residential mortgages are two completely different loan types and have significantly different qualification standards. The following is a basic description of each mortgage type.

Residential Property Investment Loans

Residential property investment mortgages have similar qualification guidelines as standard owner-occupied mortgages. Although, they do have higher down payment and credit score requirements. Below is a summary of the general guidelines for residential investment mortgages.

• Credit Score Requirement – The minimum credit score requirement is typically 680 or above for investment mortgages.

• Debt to Income Ratio – Typically, the debt ratio limit for an investment mortgage is 40% of the borrower’s verifiable income. Besides W2 income, the borrower’s last 2 years tax returns will be needed to calculate the income that can be used from other rental properties or other sources of income.

• Down Payment – Investment property mortgages require at least 15% down, but the down payment requirement increases with lower credit scores and the greater the number of units in the property.

• Income – Lenders typically will only use rental income if the borrower has a two-year history of owning rental properties. This is usually documented via the tax returns and schedules.

Commercial Property Investment Loans

Commercial loans typically have higher rates, greater fees, and shorter terms than residential mortgage. The two most important factors for lenders on this loan type include: a positive cash-flow for the property, and the borrower’s past commercial property management experience. Below is a summary of the general guidelines for residential investment mortgages.

• Credit Scores Requirement – The minimum credit score requirement is typically 720 to 740 for a commercial loan.

• Down Payment – The minimum down payment for a commercial mortgage is typically 30% or greater. When refinancing, the maximum equity position is usually 70% of the appraised value of the property.

• Debt Service Coverage – This is a ratio used by lenders to calculate the property’s ability to generate cash flow. It is a calculation comparing the net operating income minus the mortgage payment and the other debt payments.

Other funding sources include: hard money lenders and private loans. Hard money loans are short-term loans from private investors. Private lenders typically use the equity position in the property as the determining factor whether they will approve and fund the loan. There are usually excessive closing costs and fees (points) charged on this type of loan. Private loans are loans that a person would receive from their family or friends. The terms may or may not be similar to hard money loans. Both hard money and private lenders typically only put a lien on the property and do not report payments on the borrower’s credit report.

If you are a home-owner, refinancing is something that can come along as either an opportunity or a necessity. But, whichever it is, it is a big decision that will require a lot of thought and research. Many people are aware that refinancing is an option but are confused about:

>> Where to start; or

>> Whether it is the best path to take.

So, if you are considering refinancing your home, here are a few basic questions you need to ask yourself:

Question 1 – Why do you want to refinance?

Before you do anything at all, you must first evaluate the reasons behind your desire to refinance. To help you, here is a list of reasons why you might be considering the option to refinance:

You may want to lower your monthly payment

Sometimes interest rates drop, and you might find that you can refinance in order to lessen your monthly mortgage payment. However, you might have a problem if you owe more than your house is worth. You may also want to make sure that your interest rate won’t be higher as the result of your lower monthly payment.

You may want to lower your total costs

Sometimes refinancing can be the best way to pay off your home loan faster. As you pay less interest by refinancing, you can lower the overall cost of your home loan. If you are eager to pay off your loan quickly, be careful. It is because refinancing to a shorter term loan might also increase your monthly payment-in which case it may not be worth it.

You may want to switch interest rates

Switching from a “variable” interest rate to a “fixed” interest rate is one reason to refinance. This can make your mortgage payments simpler and easier to manage in the long run as the interest rate will remain unchanged for a fixed period. Also, switching to a fixed interest rate can also protect you against any potential interest rate rises.

You may want some cash-out

This type of refinancing option involves using the equity in your house to enable you to get cash for other purposes. If the reason for refinancing your home loan is to get cash-out, then make sure that your new mortgage is still affordable, and that you are seeking the cash-out for an essential reason, otherwise you may run into serious trouble in the long run.

Question 2 – What will it cost you?

This is probably the biggest question that you may ask yourself about refinancing. When it comes down to it, you need to be aware of all of the potential costs before you can make a proper decision. Once you have considered all of the possible outcomes, you can then make a well-informed decision. If you are looking to cash out, your purpose is to get more money immediately, so it will obviously cost you a little more in the long run.

So, if you are looking to save some money and you may want to avoid any fees where possible, then here are some aspects of refinancing that may cost you money:

Penalties

Check out the fine print on your current mortgage. If you are not sure what it means, have an expert finance broker or solicitor look at it. There is a chance that there may be some penalties involved for paying off your home loan early. If this is the case, it might not be cost-effective to refinance.

If you owe more than your house is worth

Houses can decrease in value. If you owe more than your house is worth, you might end up having to pay the difference yourself, and that may make refinancing a less attractive option.

Question 3 – How long are you going to stay in your home?

A lot of your decision-making will depend on how long you intend to stay in your home, such as:

>> If you intend to move in a few years, then refinancing with a “variable” interest rate mortgage loan may be a good option or not refinancing at all may be the best choice for you.

>> If you intend to stay in your home for a very long time, a variable interest rate home loan might not be the best idea. But, refinancing to a “fixed” interest rate home loan may help you in the future.

Question 4 – What do you do now?

So, you have now weighed up all of your options and you know for certain that you want to refinance. What do you do now?

First, you need to make sure that you will be able to refinance. This means:

>> You will need a good credit score;

>> You will need to ensure you have enough “equity” in your home (i.e. this might be 10 or even 20 percent of your home’s value); and

>> You will need to have proof of a good source of “income” and steady “employment”.

After you have considered all of the above, you should check your current mortgage for any possible penalties for paying it early, and make sure that the penalties will not outweigh the benefits of refinancing.

Next, seek expert and professional advice from a qualified “finance broker” who will:

>> Have access to interest rate comparisons;

>> Be able to show you the long-term savings benefits; and

>> Be able to confirm if these savings outweigh the short-term costs.

Refinancing helps you lower your home loan cost and ensures maximum savings. Do not get overwhelmed by the complicated refinancing process. You can contact an expert finance broker to help you.

Realty and personal property terms have often been confused as to what they exactly mean. Here we will clear that right up for you. We will look at the terms personal property, realty, land, real estate, and lastly real property.

Let’s begin with personal property. Personal property also known as chattel is everything that is not real property. Example couches, TVs things of this nature. Emblements pronounced (M-blee-ments) are things like crops, apples, oranges, and berries. Emblements are also personal property. So when you go to sell your house, flip, or wholesale deal, you sell or transfer ownership by a bill of sale with personal property.

Realty.

Realty is the broad definition for land, real estate, and real property.

Land

Land is everything mother nature gave to us like whats below the ground, above the ground and the airspace. Also called subsurface (underground), surface (the dirt) and airspace. So when you buy land that’s what you get, keep in mind our government owns a lot of our air space.

Real Estate

Real estate is defined as land plus its man made improvements added to it. You know things like fences, houses, and driveways. So when you buy real estate this is what you can expect to be getting.

Real property

Real property is land, real estate, and what’s call the bundle of rights. The bundle of rights consist of five rights, the right to possess, control, enjoy, exclude, and lastly dispose. So basically you can possess, take control, enjoy, exclude others, and then dispose of your real property as you wish as long as you do not break state and federal laws.

Lastly there are two other types of property we should mention.

Fixture

Fixture is personal property which has been attached realty and by that now is considered real property. So you would ask yourself upon selling to determine value “did you attach it to make it permanent?” The exceptions to this rule are the garage door opener and door key, these are not considered fixtures.

Trade Fixtures

Trade fixtures are those fixtures installed by say a commercial tenant or can be the property of the commercial tenant.

I hope this clears up some misconceptions about personal property, realty, land and real estate and now fixtures and trade fixtures!

Selling an apartment or flat in a condominium is a little different than selling a house. Apartment comes handy when you are looking for a small residence in some highly populated area but the problem arises when you have to sell it. Many people prefer to stay as tenants instead of purchasing an apartment. One thing that you must consider when buying an apartment is its resale value. For instance, an apartment at uppermost storey might sound OK to you but families with young children or some old members will just reject the deal, because it’s not possible for the children or senior fellows to go up or downstairs in case the lift is out of order. Therefore, you should look at the apartment from a general point of view before purchasing it, so that it won’t be a problem when you decide to sell.

Emphasizing on strong features in ads:

Think of an appealing title that will immediately catch attention when giving ads in the classified section of a newspaper (or property portal). For example, instead of choosing titles like “two bedroom apartment for sale” or “studio apartment for rent”, use titles like “perfect apartment for a family, with schools and markets in close proximity” or “ideal apartment for young professionals”. You must think of some strong points for your property and then highlight these features in the title.

Choosing the right medium:

As stated above, you must think of the strong features and then target some specific type of customers according to those features. In addition to the catchy titles, choose your advertising medium according to your targeted customers. For example, if your apartment will be best suited for students than advertising the apartment in a college campus makes absolute sense. Similarly you can choose internet, social networking websites, magazines, newspaper, etc in accordance to your targeted customers.

If you can’t replace, at least repair:

Once you’ve put on the ad, you can expect some prospective buyer or tenant to visit the apartment. If the apartment is newly built and vacant for some time, a little clean up will do. However, if you or some of your tenants are currently residing in the place, it means you must go through the basic repairing and cleaning work. Pay special attention to the kitchen and bathroom, and make sure your apartment is odor-free. That familiar scent of cigarettes may not trouble you or your friends in general but it may put off some buyers at once, especially if they are looking to move in with family.

We’re all aware of the annual property tax which is based on the property’s value as this is set by the Lands Office and with the valuation date 1.1.80. It is appreciated that values as at that date 1980 were very low by comparison to today’s, even now recessionary, prices. The existing tax system is scaled and it is as follows:

From 0 Up to €120.000 Tax 0% *

€120.001 €170.000 0,4%

€170.001 €300.000 0,5%

€300.001 €500.000 0,6%

€500.001 €800.000 0,7%

€800.001 €+ 0,8%

* Note the percentages are per thousand not per hundred

The new proposed law (not approved as yet) which will become effective from the new year 2013 suggests the following.

The values as set at 1.1.80 will be upgraded based on inflation, which is 3.5 times i.e. an apartment valued as at 1.1.80 for €100.000, it will now have a value of x 3.5 €350.000.

In addition the tax scale will be as follows:

From + 0 %

0 €150.000 0

€150.001 €500.000 0,6%

€500.001 €1.000.000 0,8%

€1.000.001 +1%

So the apartment which had a value of €100.000 1.1.80 and which was tax exempt, now it will be:

€100.000 *3.5 = €350.000

Less tax free €150.000

€200.000

Tax 0,6% €1.200 p.m.

This is a very large hike on taxes and it is especially hurtful when one considers that:

• Cos are not allowed to benefit the €150.000 exemption.
• Individuals property value is the total of all the properties that one owns, e.g. if one owns 3 properties i.e. the flat €100.000 a holiday house €80.000 and a plot €30.000 (at 1.1.80 values) the total of €210.000 will be increased by 3.5 less the exemption (only €150.000) and the appropriate scale levied.
• This will hurt especially the developers who own large holdings sold or unsold units, who will pass on the higher tax to the buyers.
• Most buyers are liable to pay the property tax after delivering of a property. A buyer who is tax exempt on his own will most likely find that he will be taxed on the 1% rate. But if he has deposited his sales contract with the Lands Office he can claim back the difference (or the total if tax exempt).
• Property which belongs to more than one person, each person will be taxed separately, reducing thus the tax accordingly since each person will be taxed exempt by €150.000.
• If you are wondering what the 1.1.80 is and if you have a title, the value of 1.1.80 is so recorded on the title (middle space).

This is a temporary measure until the Lands Office carries out a new valuation at current prices (one expects of course that the scales will be reduced).

You do appreciate that an apartment having a 1.1.80 value of €30.000 (real example on Kennedy Avenue – Nicosia) which is owned/not yet transferred by the developer to the buyer, he will be charged at the top scale of 1% (€30.000 x 3.5 x 1%) = €1.050 p.a. – but if he has no other property, he could claim it (once he pays) back.

In order to continue with the bad news and because the local authorities use the value of 1.1.80 for the local municipal taxes, sewage etc, if they are to adopt the 3.5 factor, you do appreciate what we are talking about.

Those who consider to transfer to a Co each one of their property to separate Cos, bear in mind the setting up cost of the Co, the annual tax of €300 p.a., the auditors fees etc, better check this with your accountant if it pays – bearing in mind the Cos do not have the €150.000 exemption. Some people transfer their property to the spouse and children in shares, but one must consider the side effects of this.

This is a crazy law at this point of time when people are hard up for cash while straggling developers might go under since their property/municipal taxes will no longer be affordable with the 1% rate. No wonder that people are turning to churches in an increasing numbers as well as to the casinos!!

There are many types of apartments offered for peoples various needs. For budget-minded single people like me, a loft or single bedroom apartment may be better suited for me than a three-bedroom suite in the heart New York City. Here I will discuss the different possible apartment types that you can either buy or rent. If you know of another type of apartment dwelling, please share!

Studio Apartments These apartments, in my mind, are often associated with the artistic type. This is probably because I relate it to an art studio, which is an open room for the artist to create. But in reality, studio apartments are great for single people who don’t need a large space to live (they are generally 300-600 sq ft, although they can come larger), who are on a budget, or who like open spaces. There is typically one room that functions as the living room, kitchen, dining room, and bedroom while the bathroom is typically separated.

One Bedroom Apartments These apartments are typical for single occupants or couples. They usually contain one bedroom, a separate bath, a living room with a full kitchen usually separated by a wall, counter, or half walls. Sizes can vary greatly in this type of apartment depending on the location and price.

Two Bedroom, Three Bedroom, Four Bedroom Galore Two + bedrooms are great for smaller families and can be similar to the one bedroom layout in an apartment complex. In two bedroom apartments, there is usually a larger bedroom (similar to a master bedroom) with a smaller bedroom. When you get into apartments with more than two bedrooms, there are a vast array of set-ups and most of the time, the bedrooms are similar in size. Smaller apartments usually have one entrance while larger apartments may have two separate ones.

Some Special Perks Some apartments come with special perks in their apartments that home owners may take for granted. These include, but are no where limited to, a foyer, nook, laundry room, and separate dining area. What special features does your apartment have?

A mortgage promissory note is a promise to pay. If you don’t pay, then your home or commercial property could go into foreclosure where the Lender, bank servicer, trustee, or investor can use questionable tactics to get your property. There is a mortgage that goes along with the note, a contract in real estate. The Bank Lender created both the note and mortgage for their benefit. You can use their own promissory note and mortgage contract against them to regain your home or property. Let’s talk about the note first.

The note on the last page should have an allonge or allonges to prove a true sale(s) to a Trust, another bank, or investor each and every time the note with the mortgage is sold, assigned, or transferred. An allonge is an illegal alteration of an incomplete note. An allonge in blank, without the assignee signing it is illegal as per the Uniform Commercial Code, UCC, Federal code of laws that is controlling the world and the lender’s Pooling and Servicing Agreement that controls the Trust that your note and mortgage are supposed to be in.

When the lender assigns, transfers, or sells the note and mortgage, they become securitized and are sold multiple times to investors or into a trust for multiple streams of income for the lender. Within 30 days of each assignment, transfer, or sell, the assignment of true sale must be recorded under States’ statute. The dates of the allonge endorsement(s) and the notarized assignment(s) must match to prove true sales before a foreclosure can legally occur.

In addition to other disclosures required by TILA, 15 U.S.C. §1641(f)(2), Liability of assignees, not later than 30 days after the date on which a mortgage loan, including mortgage and note, is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including-

(A) the identity, address, telephone number of the new creditor;

(B) the date of transfer;

(C) how to reach an agent or party having authority to act on behalf of the

new creditor;

(D) the location of the place where transfer of ownership of the debt is

recorded; and

(E) any other relevant information regarding the new creditor.

This requirement of law is quite useful in a case when you have authoritative documentation that there are other holders of the note that are not the same as the party who claims the right in a mortgage foreclosure action.

It can be the catalyst to force the court to make the foreclosure attorney to produce the note titled to them and other evidences of ownership of the loan since it is a violation of Federal and State law not to. True fraud evidence becomes a very useful plank in your quiet title law suit to oppose and stop foreclosure.

In most foreclosure cases, the judge does not know the law governing the real estate mortgage and note under the Uniformed Commercial Code of Federal Laws, UCC, Articles 3, 8, and 9. Otherwise, the judge would know that bank securitization is unlawful and illegal and the homeowner would win against the banks every time. We surveyed 10 judges in the State of Florida in 10 different counties and only one judge knew what bank mortgage securitization actually is and how it affected mortgage foreclosure cases.

The mortgage is created to perfect the note. There are no such words in Black’s Law dictionary as a security instrument. It is a made up terminology by the banking industry to take your money and property. The mortgage is the contract with many legal flaws. Nowhere does it say that the note and mortgage must be paid by the borrower.

The real estate market is very difficult. Without proper knowledge, you cannot enter into it. A successful real estate business needs full knowledge. The term real estate is used for real property than that of personal.

The commonly used types of real estate are single-family homes and commercial property. Single-family homes means person own piece of land and the re-sale value of such property is also higher. The properties like farms, industrial sites came under this category. Commercial property means the area used for businesses like offices, warehouses, hotels, shopping malls and retails. It also covers the unoccupied land to be used for such purposes.

It is very important to gain knowledge about certain rules and regulations before making your entry. You must know that what is your next step. There are real estate professionals that will provide you help in this process of buying and selling of land. A real estate agent works for a particular company and showing properties that came under company’s listings. There are no any restrictions on a real estate broker because he is independently licensed to evaluate the whole market. A real estate attorney will help in buying and selling commercial property business.

Before hiring an agent or broker, you also have some knowledge about buying and selling of property. If you are hiring an agent, must collect some information about his company and its previous record.