What Is a Split Refund?
Video Summary
What is a split refund? I believe this. What your question relates to is, as far as an escrow deposit is concerned, the escrow deposit is where the parties are disputing it, who is entitled to it, and so usually they settle on it and then each party’s received a portion of it, so they split the refund as far as that’s concerned, but sometimes it could be a split refund as far as two different parties that sold the property and they’re each entitled to half or a portion of an insurance refund check or an escrow reimbursement, or any other monies that come into the as a result of the sale of property. If you have any questions, give me a call at (727) 847-2288.
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What Can I Do If a Seller Fails to Disclose Something?
Video Summary
What can I do if a seller fails to disclose a defect in the home that I’m purchasing? Under our Florida law, the seller is required to disclose any facts that may materially affect the value of the property that are not readily observable. This is called a latent defect, and that’s what the Florida Supreme Court found as what they call a tort, and that is the responsibility of a seller to disclose that only on residential transactions, not on commercial transactions. In addition, the standard contract that is used for residential transactions, which has been approved by the Florida Bar and also the Board of Realtors, it provides in here that you are required to disclose any matters that may material affect the value of the property that are not readily observable. In addition to that, the many times the realtors have a seller filled out a seller disclosure form, which is a questionnaire as far as that’s concerned.
So if they failed to disclose that, well, that would be what they call affirmative fraud. So there are three avenues which you could pursue if a seller failed to disclose a defect is one under tort law, which is the case law in Florida. Two is the contract which reprise, and three is if it was not disclosed on the form, your remedy is to ask that the residential illustrate transaction be set aside and you get your money back and you give ’em back the property you have one year from the date of closing to do that. Otherwise, there’s a four year statute of limitations as far as being able to bring this action from the time you discover this defect, one of the big components that you have to prove is the seller knew of the defect. And so just because there’s a defect, if it wasn’t something that you could show the seller knew about, well they came very well, disclose something that they didn’t know. Also what must they disclose. There’s any sorts of things other than just the particular property itself as far as the physical aspects of it as to whether what has to be disclosed. So if you have any questions about this, give me a call at (727) 847-2288.
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How Does A Lender Determine A Borrower’s Eligibility For A Loan Modification?
Video Summary
How does the lender determine the eligibility of a borrower for a loan modification? Well, they usually require you fill out a financial statement and particularly as showing what your income is, the members of your household, the household income and what your expenses are. If you have a regular job and you have pay stubs, and then that goes a long ways for them to evaluate whether or not they will give you a loan modifications. Many times you see where they’ll have a trial period. And I don’t represent lenders. So, that’s the best I can do on telling you on what they look at or what the documentation they’ve requested of my clients. Whenever I’m attempting to get a loan modification for a borrower who happens to be in foreclosure. So there may be a, a modification, although I haven’t seen many where your current and you just want to modify your loan, that would be something you submit financial information to, or if the loan has been paid down. So if you have any questions about a loan modification, give me a call at (727) 847-2288.
- Published in Real Estate - Buying, Videos
How Many Loan Modifications May A Borrower Receive?
Video Summary
How many loan modifications may a borrower receive? The short answer to that is, as many as the lender is willing to give to the borrower and these days and times with COVID, the lenders are probably more inclined to work with the borrowers in order to modify the loan, to keep them in their houses or various loan programs with FHA BA or loans that are government backed as far as programs. You need to of course have the ability to pay whatever the reduced modified payments would be. But, there’s no limit on the number of loan modifications. It’s strictly within the discretion of the lender as to how many times they’re willing to work with the borrower and modify the loan. So, if you have any questions about the loan modification, well give me a call at (727) 847-2288.
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Why Would My Spouse Have To Sign If I Am Going To Live On The Property?
Video Summary
Why would my spouse have to sign If I’m going to live on the property? This is a question I get asked frequently, whenever someone is married and they wish to buy a home many times that there are estranged from their spouse and have come to Florida and want to buy a house and need to have financing. The reason for this is, the Florida constitution provides that if you obtain homestead property, that the mortgage must be joined, which means the spouse must sign the mortgage document in order for the mortgage to be effective against the property that you’re purchasing. So a result of that, no lenders going to lend you any money unless they have a valid mortgage. The title companies will always ask your marital status. And if you are married well then, they will require the joiner of your spouse. Which means the spouse would have to sign the mortgage. The spouse doesn’t necessarily have to sign the promissory note. The promissory note says, I promise to pay, or as the IOU, whereas the mortgage simply says it’s a lien and gives the lender the right to take the property away from the borrower, if the promissory note is not paid. So the reason for it is pursuant to the Florida constitution. It is required in order to have an effective mortgage. If you have any questions, give me a call at (727) 847-2288.
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