What Are The Consequences Of A Home Foreclosure?
Video Summary
What are the consequences of a home foreclosure? Well, the biggest impact it has is you lose your house. But, if you have found another location to live, well then we get past not having a place to live once they foreclose on your home.
It definitely impacts your credit, and every late payment makes your credit score go down. So, your credit will be impacted by the number of missed payments that you’ve had. The longer the foreclosure goes on, the more it impacts your credit score.
Also, once the foreclosure is concluded, the lender has one year from the date of the foreclosure sale date to bring an action to try and collect what they call a deficiency judgment. So, you would have to wait out another year to see whether or not the lender is going to come after you.
If the lender has forgiven, or agreed not to seek a deficiency judgment, or waived that, they may send you a 1099 and you may be liable for, have to pay taxes, on the property. However, if you owned the house for two out of the past five years, then you won’t have to recognize that gain.
Also, if you want to obtain a mortgage, you are going to have to wait two to four years after the foreclosure before you are going to be eligible to obtain a mortgage from a federally insured lending institution. That is sort of a laundry list of the impacts that mortgage foreclosure has on you if your home has foreclosed.
If you have any other questions or need someone to defend you in conjunction with a mortgage foreclosure action, give me a call at 7276-847-2288. Thank you.
- Published in Real Estate - Foreclosure, Videos
Do I Need A Lawyer For A Property Settlement Agreement?
Video Summary
Do I need a lawyer for a property settlement agreement? The answer is yes. I suggest that you definitely consult with an attorney in order to draft a property settlement agreement, whether it be before or in contemplation of divorce or in contemplation of marriage or even after you are married and you want to do a post-nuptial agreement.
There are all sorts of disclosure requirements that are necessary in order for the property settlement to be effective, particularly when it comes to a divorce. As a result of that, I usually have my clients discuss or have a domestic relations lawyer prepare the settlement agreement so that it will hold up if there is a divorce involved.
Many times the property settlement agreements get set aside and they find that they are inequitable and therefore in divorce court I want a divorce lawyer to be able to defend any property settlement agreement in the event that there is a divorce proceeding. That is not quite as difficult in the event that you need to use those in conjunction with a probate proceeding where a spouse has waived their right to homestead or other rights, but it is a document that you definitely need to have a lawyer to make sure that it is done properly, the proper disclosures are attached to it.
The lawyer can only represent one of the parties. It is fine if you, and your spouse or your fiancée, write down everything that you are agreeing to and then take it to the lawyer, but the lawyer can only represent one party to a property settlement agreement.
If you have any other questions about a property settlement, give me a call and I will be glad to chat with you. My phone number is 727-847-2288.
- Published in Real Estate, Videos
Do I Need A Lawyer To Transfer Property?
Video Summary
Do I need a lawyer to transfer property?
Well, you probably don’t need a lawyer to transfer personal property that does not have a title. However, if you are transferring an automobile you will go to the Department of Motor Vehicles and you have a title and it is pretty uniform.
However, if you are talking about transferring real estate, then a deed is what is used to transfer real estate. There are certain requirements that are required, so if you know what you are doing – not that you think you know what you are doing – then you don’t need a lawyer. However, to be sure that this is accomplished and the correct legal description is included, I would strongly suggest that you contact a lawyer to prepare a Deed of Conveyance and that the legal description must be accurate. The marital status is involved; joinder of spouse is in the event it is your homestead or the spouse’s homestead.
There is any number of other formalities as far as executing a deed. The cost for us to prepare deeds is $250, the cost to record, depending on whether or not there is a mortgage. So, if you know how to do it and you do it right, well, you don’t need a lawyer. If you have some questions or you want to make sure it is done right, I suggest that you do use a lawyer. If you need some help with deeds, give me a call at 727-847-2288.
- Published in Videos