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