Executing a deed in leu of foreclosure

We started a new construction, but contractor used all money without finishing. We don’t have funds to finish project. While we have been trying to sell the project, but as of now there are no takers. And on top of that we are deliquent over 1 year.
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Does having a second home be able to alllow you to refinance or adjust the mortgage?

There are currently no federal laws that applies to folks with second homes or investment properties. Under the rules, only troubled owners of primary residences need apply. There isn’t any difference between foreclosing on a primary residence and repossessing a vacation home, save that it might be even more difficult for the lender to recoup its investment in the vacation property because most resort markets are moving even slower than those mostly made up of primary residences.

How to add registered domestic partner to title after home purchase complete


I am buying a house and mortgage is in my name only. I would like to add my registered domestic partner to the title after escrow closes. How is this done?


You will have to sign a quit claim deed  and add your partner to the property deed. Your name will be mentioned as the grantor of the property whereas both you and your partner’s name will be mentioned as grantee to the property.

Will a short sale affect my credit rating

Q. We have to relocate because of my husband’s job. Our home value has fallen nearly $100,000. We would like to get rid of it, but we don’t want to go into foreclosure. Someone mentioned a short sale. What impact would that have on our credit rating?

A. A short sale, in which you negotiate with the bank to sell your home for less than you owe on your mortgage, will have a dramatically negative affect on your credit.

A consumer who has been through a short sale could see a drop in her credit score of up to 200 points, essentially the same decrease as if the homeowner had gone into foreclosure. And like a foreclosure, the negative mark will pull down the score for seven years.

That said, if you’re underwater on your mortgage and you need to move, a short sale is a better option than foreclosure. Going through foreclosure will make it very difficult for you to get a loan for at least three to five years; if you’ve done a short sale, you may be able to qualify for a new mortgage within two years.

Refinancing dangers according to Sen. Charles Schumer

Sen. Charles Schumer is warning homeowners who are taking advantage of low mortgage rates by home mortgage refinancing that they should beware of predators.The senator says they’re the same predators who pushed subprime loans that contributed to the economic crisis.With mortgage rates at historic lows, hundreds of thousands of homeowners are eligible for refinancing in New York state alone.

The senator says misleading offers include lures such as no down payments or closing costs, limited documentation or low credit scores. But such offers, Schumer says, can come with hidden fees and clauses and floating interest rates that can wipe out any savings from the refinancing and even cost the homeowner more.

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Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.