Month: October 2022

What Should a Renter Do if the Landlord is Being Foreclosed?

Hostuder

Most renters are completely unaware of how (or even if) their landlord is paying the mortgage for their property–and from the time a renter finds his home is being foreclosed, it’s already too late to get anything. In years past tenants facing eviction because of their landlord’s foreclosure had been left outside in the cold without a protection and nowhere to go, with little or no proper to remediation. To protect innocent tenants stuck footing the consequences of the landlord’s irresponsibility, federal legislation has been introduced to prohibit both landlords and foreclosing creditors from ignoring their obligations.

Understand Your Rights

In May 2009, Congress successfully enacted the Protecting Tenants at Foreclosure Act (PTFA). The action covers each residential renter with a legitimate, active rental arrangement, whether written or oral. Your landlord is now statutorily required to honor the complete term of your rental arrangement throughout the foreclosure proceedings and also continue to preserve and repair the rental house as needed. If a brand new homeowner buys the house, he must assume the function as your new landlord and behave appropriately. If the new homeowner intends to use the house, your lease has expired or you are on a month-to-month (at-will) rental, you have at least 90 days from the date the new homeowner takes ownership of the house before you have to vacate.

Document Everything

From the moment you learn that your home is facing foreclosure, start maintaining a log of each correspondence to and from the landlord, even if you believe it is irrelevant to the situation. Use email or handwritten notes to converse with your landlord every time possible, and consistently make copies of any correspondence for your records before sending. In case your landlord offers you money in exchange for leaving early, agrees to cover a number of your moving expenses or makes any other promises, urge him to place down his words on paper so you have proof of your agreement .

Continue Paying Rent

Arguably one of the biggest mistakes a tenant can make when her landlord is being foreclosed is to cease paying the lease. As you might feel as though your landlord is not entitled to your money because he didn’t pay the mortgage with it, there’s no law that requires your landlord to turn on your lease to the lender. Neither if you negotiate with the lender to make your lease payments directly to the bank; until the lender forecloses, your landlord is still entitled to the cash. Provided that you continue living in the unit, you have to continue paying your rent on time and in full each month. If you stop paying, you can be evicted for nonpayment of rent and you risk losing your protection beneath PTFA.

…But Start Searching Listings Immediately

Though you can expect to continue living in the unit for three more weeks, then start looking for a brand new apartment immediately. Begin your search when you get notification of the foreclosure proceedings, and goal to have something set up from the last two weeks of your 90-day notice. Looking for new apartments won’t jeopardize your rights under PFTA, and your landlord cannot evict you for signing a new lease as you are still living in his unit.

Adhere to the Eviction Notice

When you inevitably receive your eviction notice, follow the directions precisely. Ensure you leave the unit at at least the exact same state as it was prior to moving in. Have your furniture and personal belongings packed and moved out one or 2 days ahead of your eviction date. Vacate completely from the eve of your true eviction date; if you can or want to, then you might move a day or two prior without penalty. In case the eviction notice violates your rights at all, however, challenge it when you get it. Contact the person who served you with the notice and explain your rights under PFTA. If a landlord or the lender threatens or bullies you, then do not devote; the two parties are banned from evicting youpersonally, and neither can physically remove you from the home. If someone does physically try to eject you, then contact the regional law enforcement agency immediately for assistance.

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What's an Origination Fee on a Mortgage?

Hostuder

You’ll want to earn money for over the down payment when closing on a house or refinancing. Your final prices –the fees that the lender charges on your mortgage–typically add up to many million dollars to pay application fees, lawyers fees, title insurance and the loan origination fee. The origination fee alone generally equals one percent of the loan amount, that the”Wall Street Journal” states.

Function

The origination fee, as stated by the Federal Reserve, pays for the work involved with originating the mortgage–the paperwork and number-crunching necessary to decide if you are a fantastic credit risk and just how large a mortgage you can afford. The work involves verifying the information you provide the lender about your income, debts and employment and figuring out the maximum size your monthly payment may be. It might also be known as an underwriting fee.

Good Faith Estimate

Under federal law, lenders should give anyone who applies for a mortgage a Good Faith Estimate saying the interest rate, the itemized closing costs and an yearly percentage rate that translates the joint costs and curiosity into a percent rate over the life of the loan. You may use this to compare the origination charges from the loan costs, as well as lenders.

Trend

A Bankrate study of great faith estimates, origination fees and third party prices found that these prices are all increasing: prices rose 23 percent between 2009 and 2010. According to Bankrate, lenders state that fees have not risen; what is changed is that their estimates are more precise than they was, so that they represent the true fees on financing.

Possibilities

It’s possible to negotiate with your lender to lower the fees. In accordance with the”Wall Street Journal,” you won’t have the ability to cut fees for third party services–assessing the house and doing a name search, for example –but you may have the ability to reduce the origination fee. If the lender charges a larger fee than one percent, or yells in additional fees like file preparation and wire-transfer charges, he is just padding the bill and can afford to cut those prices, the”Wall Street Journal” says.

Process

When you shut the mortgage –and the house purchase, if that’s exactly what the mortgage is right for –you want to bring a cashier’s check to the closing to pay the down payment and fees, including the underwriting fee. If you write a check in your bank account as payment, you might need to wait until the check clears the bank to close the purchase and loan.

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How Do I Find House Auctions?

Hostuder

Attending property auctions could provide an opportunity to buy houses at a cost that others may envy. After a property foreclosure, mortgage lenders utilize lawyers and auctioneers to schedule a time and date for a home to be auctioned. The maximum bidder typically receives possession of the home, unless a minimum sales price is not met. Auctioneers will generally require a deposit for a fixed sum that’s nonrefundable if you’re not able to receive financing. Auctioneers request that bidders bring certified funds.

Visit sites which provide foreclosure information. Auctions are exhibited to market the event. Register to receive alerts or updates .

Check your local sheriff’s department. Many sheriff’s departments post signs on properties which are scheduled for auction or foreclosure. Visit your local sheriff’s office or website to review properties which have been foreclosed and are scheduled for auction.

Visit auctioneer sites to find events that are upcoming. Auctioneers to view purchase dates and property addresses for houses which are scheduled for auction.

Contact foreclosure lawyers to learn about houses which are auctioned. Attorneys who represent mortgage lenders in your region may notify you about local auctions for houses which are bank owned.

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How Can I Reduce My Mortgage Rate?

Hostuder

Traditionally, homeowners in search of a mortgage interest rate that is lower try to refinance. While the refinancing option still resides, it’s generally available only to borrowers with good credit who are current on their loan. In light of the country’s foreclosure catastrophe, emergency government action provides a new way to attain an interest rate decrease. Your financial situation dictates the option you will be able to exercise.

Get in touch with your lender. You’ll find its contact info on your monthly mortgage statement. Your lender will ask you about the specifics of your financial circumstance. Have income employment and expense information handy.

Ask your lender about a mortgage refinance, even if you are current on your mortgage and have great credit. The Federal Reserve Board suggests starting with your initial lender because it may offer competitive prices or refinance-associated fee waivers to maintain your small business. Shop around, however, as other creditors may be willing to cut you a better deal to steal you away. The brighter your financial picture, the better your chance at an acceptance and positive terms.

Inquire about the federal Making Home Affordable program if you are in an unaffordable mortgage, past due on your home loan or facing foreclosure. Though some banks offer in-house assistance, Treasury Department statistics reveal that many major mortgage brokers take part in Making Home Affordable.

Query your lender concerning the Home Affordable Refinance Program (HARP). This program is for borrowers who are current in their mortgage but find the stability of a long-term, fixed-rate loan. The Making Home Affordable site states that HARP is best for homeowners whose property values have diminished, leaving them ineligible for a conventional refinance.

Apply to your Home Affordable Modification Program (HAMP) in case your monthly mortgage payment exceeds 31 percent of your monthly income. During HAMP, your lender’s first move to lower your mortgage payment is to decrease your interest rate to as low as 2 percent. If you meet eligibility requirements and make three straight obligations in a trial modification, your lender will approve you for a permanent modification. You maintain your lower rate of interest for five decades, based on the Making Home Affordable site. After five decades, your rate increases gradually to the industry rate on the day you were accepted for a permanent modification. When it sets, it’s adjusted for the rest of your loan.

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What's the Process of Getting a House Loan?

Hostuder

The home loan process can seem complicated and frustrating. There’s a lot of paperwork involved, and at times it feels like everyone but you has control on what is happening. Yet, with some study, diligence and the perfect loan officer, you can take back a feeling of control over the process and actively take part in the funding of one of your most important purchases.

Preparation

Before beginning looking for a mortgage, become knowledgeable about the different kinds of loans, terminology and rates. Read the newspaper’s real estate section and browse mortgage broker sites which provide information. Make a list of some questions that you may have regarding the information that you find. Prepare a budget and determine which kind of. This may become your benchmark.

Considerations

The most important thing you can take from the mortgage process is to obtain the ideal lender and loan officer. It is the loan officer’s job and your loan file smoothly through to loan approval. He should be knowledgeable, experienced, responsive and prompt, in addition to willing to spend some time to answer questions, explain the loan process, programs and terms. Personal recommendations from friends, colleagues, family and property professionals can help narrow down some options. Make appointments.

Documentation

By creating copies of your paperwork for every creditor prepare to your appointments. You may need your Social Security number and driver’s license, the past couple of years of W-2s and a month’s pay stubs to verify income. If you are self-employed, you will require tax returns for the past couple of years. You’ll also require the past three months’ bank statements and statements for some account that maintain your down payment money. Additionally, make a copy of any credit account or loan bills you pay on a monthly basis, and court-ordered payments such as alimony or child support. The loan officer will also pull a credit report on you.

Pre-Qualification

The loan officer will take all this information and determine what sort of loan you are pre-qualified for based on the information she has on hand. A Good Faith Estimate and Truth in Lending statement are created detailing the terms of the loan and the closing prices. Here is the record you may use to compare loan offers. They should be fairly snug, so go with the best price in the loan officer you can work with the best.

Approval Process

After you choose a loan officer and creditor, she will submit your program to the loan processor, who can compile the document, order the appraisal and gather some additional information and confirmation. The loan processor may request the loan officer for extra information from you, which you want to provide instantly. After the document is completed and the appraisal is finished, she will provide the file into the underwriter, who can decide if the loan is accepted. After acceptance, all that’s left is the closing, where you may sign all of the loan documents and finish the property transport. The procedure usually takes around 30 days.

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What Time Of Year Are Mortgage Rates Typically in Their Lowest?

Hostuder

Historically, mortgage rates proceed very slowly and the total amount of change throughout the course of this year will be modest. It may be possible to get a homeowner to save a bit on the mortgage for refinance or purchase by getting the mortgage through a specific time of the year.

Resources

The U.S. Department of Housing and Urban Development (HUD) and Freddie Mac provide historic mortgage rates in their websites. HUD supplies the monthly fee for FHA mortgages starting in October 1991 and the Freddie Mac information goes back to 1971. This information could be examined for yearly and seasonal speed trends.

Effects

The monthly changes in mortgage rates are normally rather tiny. Analysis of nearly 20 years of FHA speed data demonstrates that in most years the mortgage rate affected by less than one percent. The typical difference between the high and low monthly premiums is 0.64 percent over the course of a year. The most significant rate swing in one year is 1.20 percent.

Time Frame

When the monthly rates are averaged and compared to the typical over the years no big seasonal pattern emerges. These calculations involve averaging each of the January rates and comparing them for the total average of the yearly rates. The calculation is repeated for all those months. The results reveal a difference of less than a tenth of a percentage from the calendar month averages. That said, the month with the lowest average mortgage rate, according to the FHA statistics, is April. May and August were the second smallest, just a hundredth of a percentage greater than the April average.

Significance

Mathematical analysis of historic mortgage rate information reveals no seasonal trends that could have a significant impact in a mortgage rate. Monthly averages differ by less the 15 hundredths of a percentage. On a $300,000 mortgage, this difference translates into a $30 difference on a payment near to $2,000.

Factors

The trend in mortgage rates is likely more important than seasonality. If rates are decreasing, it may pay to wait to obtain a mortgage. In a rising rate environment, lock in a rate as soon as possible. The Mortgage Bankers Association supplies widely reported news releases on weekly mortgage rates. Other options for finding better rates are to look at rate buy-downs and hybrid goods like 5/1 and 7/1 ARM loans.

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Guest Picks: Concrete Suggestions for Decks and Patios

Hostuder

Like functional sculptures, lots of trendy indoor and outdoor products are created by a fiber cement material that renders the designs lightweight, easily transportable and ideal for urban dwellers. Concrete is a natural material that has long been a favorite among architects and designers because of its durability, in addition to its grand breadth of colors and distinctive finishes that provide a broad spectrum of design choices.

Because it’s most commonly used as a construction material, concrete is obviously ideal for outdoor products of all types. It is weather and UV resistant, making it virtually maintenance free and equipped to hold up to just about anything, such as children and dogs. Additionally, it is porous, so it drains well, making it good for planters since it enables plants to breathe and consume only enough water and nutrients. Better yet, it stays cool, helping maintain appropriate soil temperatures. — Robin from Urban Gardens

Ivanka Studio

Puzzle Slabs

Time for some games. How about mixing it up with these concrete slab mystery tiles interspersed with bud? They’re chic and witty and let you play on the terrace.

Ivanka Studio

Biofire Coffee Table

Ivanka creates this fabulous combination concrete table and bioethanol firepit. The double-duty layout is excellent for smaller spaces since it’s two products in one.

2Modern

De Castelli Claps Stone – $956.81

De Castelli’s lightweight cement Claps Stones are smooth white stones that function as seating, a place for setting a drink or just as decorative pieces. They are perfect for urban spaces, as they are easy to proceed into the rooftop and rear indoors.

Etsy

Concrete Geodesic Planter, Dark Gray by At Stuart

Inspired by the geodesic dome, this hand-cast cement planter is pure natural architecture for your garden. I would fill it with something colorful or using succulents. A group of them are magnificent.

Etsy

Concrete Coffee Table With Moss Planters by LAbC Furniture – $1,100

I’m loving this outdoor glass fiber–reinforced concrete block with moss insets on the surface. It is would be be good for indoor or outdoor use, as it’s lightweight and the moss needs no upkeep except an occasional misting.

Etsy

Concrete/Wood Planter Bench by Tao Concrete – $1,300

This concrete and timber planter seat has a wonderful blend of industrial and natural elements. For the two exterior or interior spaces, it’s a good illustration of a multifunctional piece that’s both a planter. It would be particularly good for smaller spaces where a single piece must do the work of 2.

Etsy

Extra Large Handmade Concrete Gold Planter from Dachshund in the Desert – $40

Oh what a delicious bit of bling this hand-painted concrete could result in any decor! I love the contrasting roughness and gold colour of this planter’s edge, which can be sealed so that it’s perfectly weather resistant and ready for outside.

Etsy

Concrete Birdhouse from Ferguson Mireault Concrete Design – CAD 95

Hi, birdies. Here’s a modern concrete and timber abode for contemporary feathered friends. What do I love? The magnetic lid that may be easily removed for cleanup along with the water-based acrylic sealer that enables it to be left outside all year round.

Stitched Concrete Stools

A study in trendy modern contrasts, these stools combine the appearance of soft fabric with the strength of concrete. The advanced Stitched Concrete stools by designer Florian Schmid are cleverly created by folding cement-impregnated fabric supported with a PVC backing, so they are weather and UV resistant, lightweight, and easily moved indoors or outside.

Concrete by LCDA

Cubik Concrete Table

Think big with this particular concrete and stainless steel dining table that has a design statement indoors or outside. Its lightweight concrete top sits on a base of 2 stainless steel legs, however, the element I love most is the centre well that may hold river stones or plants or — get creative!

ArchiExpo

Concrete Jungle Table

Discuss about funk and function. Jonas Bohlin’s Concrete Jungle dining table is ready to party. Its top concrete disc sits on a black painted steel base. Put some candles into the snowy aquarium gravel (that comes with the dining table), then light up it and revel in the glow.

Grupo Bondi

M. Bench – $194.79

A twist on outdoor upholstery, this Grupo Bondi concrete pouf makes enjoyable outdoor or indoor seating and can be also quite a conversation piece.

Stefan Zwicky

Comfort Without Conformity Chair

I am rather intrigued by designer Stefan Zwicky’s concrete homage to the iconic Corbusier seat. This really brings a contemporary classic outside. It is not for each space, but it would surely include a trendy detail into some landscapes.

5.5 Designers

Mobilier a Jardiner

How interesting is this concrete garden furniture? The creative minds in the agency 5.5 Designers came up with a collection of modular concrete bits that incorporate planters of varying sizes and configurations. The furniture is intended to go anywhere you are able to plant it.

Anna Badur

Concrete Bench

Anna Badur’s seat beautifully fools the eye using its “soft” concrete seat. It has buttonholes that Badur says she’s adjusted to the body to provide comfort. I love the way the designer has thought it throughout. It’s drainage holes if it rains, and the powder-coated steel frame and legs add a dash of colour.

HARD GOODS

Triangulum Fire Pit – $1,979

I love to heat up from the flames of an outdoor fire. Envision a group sitting about that one that’s made from durable combination concrete. It is equally good looking and practical. The fire sits 10 inches from the floor, over vertical slots that allow drainage and allow in air to feed the flames.

HARD GOODS

Knotty Stool – $756

These funky hollow-cast concrete tree stumps make fabulous outdoor side tables or additional seating. If you want to bring nature indoors, just add the optional sliders and roll up the Knotty Stool indoors.

Sit Urban Design

Bench With Backrest and Planter

I can see some of these planter chairs together on a terrace overlooking the cityscape. They work nicely as seating, occasional tables or both, and flexible pieces such as these optimize limited spaces.

Next: Concrete Driveways: Poring Over the Pros and Cons

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