Refinancing Your Mortgage? Here’s What You Should Know

Should I Refinance My Home?

There are many reasons to refinance a home, including but not limited to, reducing debt, building onto a home, or reducing the length of your mortgage.  There are many factors to consider when deicing if you should refinance your home.  Some of those factors may be the value of the home, how long you have left on your current mortgage, your current interest rate, and current private mortgage insurance rates (PMI). Continue reading

Do I have to pay off my mortgage before I sell?

Sometimes, sellers in real estate transactions ask us if they have to pay their mortgage off prior to the sale of the property. The answer is no. The seller’s mortgage will be paid off at the time of closing. At that time, the buyer’s attorney will deduct the amount necessary from the seller’s proceeds in order to pay off the seller’s mortgage. Prior to the closing, the buyer or the seller’s attorney will order a payoff from the seller’s mortgage company. Continue reading

What is a short sale?

We are frequently asked, “What is a short sale?” A short sale is a sale of real estate where the seller’s mortgage exceeds the purchase price of the property. In those situations, there are three parties involved in the sale transaction instead of the usual two; the buyer and the seller. The mortgage company or the bank becomes a third party to the transaction. That is because the bank or the mortgage company has to approve the sale of the property and thereby agree to accept less than the amount due on its mortgage. Unfortunately, experience teaches us that the time period for handling a short sale transaction takes much longer than the normal real estate transaction. This is because banks and mortgage companies take a long time to make the decision whether or not they’ll approve the sale.

It is important to know that short sales are never guaranteed. Some of the factors that may have a negative impact on the short sale may include multiple loans, outstanding dues, or failure to pay liens. An experienced attorney can help walk you through the process of a short sale to make sure everything runs smoothly.

If you require experienced legal assistance for any of your real estate, bankruptcy or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.

What Should I Know About Creating A Lease?

When creating a lease, a landlord should consider that a number of important factors that must be taken into account for. There are very limited circumstances as to when a landlord can evict a tenant. You want to make sure everything is detailed in the lease, including the household members who are allowed to reside with the tenant, the amount of the rent and a provision that details that the security deposit is maintained in a separate bank account. Continue reading

Is custody automatically granted to stay at home parents?

When a couple is getting a divorce, one of the biggest topics of discussion and concern is which parent will receive primary custody of the child or children. Some parents may fear that the parent who stays at home with the children will automatically be granted full custody simply because they spend more time together. However, it is important to know that this is not the case in many situations. Continue reading

Can I have sole custody?

Divorces are complicated matters that become further complicated when children become involved. Determining a custody agreement can be a highly emotional process because the thought of not seeing your child as much as you once did can be very upsetting for some parents. In fact, many parents wonder if it is possible for them to obtain sole custody of their children. Continue reading

What is no fault divorce?

When a couple in New York State makes the choice to get divorced, they will have to begin the process by declaring the reason for the divorce. However, New York is a “no-fault” state. No fault divorce means that you can just say that your marriage isn’t working anymore and there is no sign that the state of the marriage will improve in the future. Continue reading

Can I save my home from foreclosure?

If you find yourself in overwhelming debt and no way out, your home may be facing foreclosure. The idea of losing a home that you worked so hard to own in the first place can be devastating and incredibly stressful. If you are concerned about your home going into foreclosure, you should make sure you assess all of your options. One option that many people fail to remember is that filing for bankruptcy can stop a foreclosure and help you save your home. Continue reading

What should I know about equitable distribution?

When a couple files for divorce, they will have to discuss a variety of factors and answer some difficult questions about their future. These questions may include which person will have primary custody of the child, whether or not one of the spouses will receive support payments, and how all of the marital property will be divided between the spouses. Marital property includes anything that was purchased during the course of the marriage. Depending on how long the couple was married, they have likely acquired a number of assets. These assets may include a home, a car, all of the furniture in the home, and any other property that the couple may have acquired over the years. Continue reading