REMEDY FOR SOME FORECLOSURE VICTIMS!
REMEDY FOR SOME FORECLOSURE VICTIMS!
If you lost your home through foreclosure in 2009 or 2010 there may be a remedy waiting
for you. The Office of the Comptroller of the Currency (OCC) has ordered an independent review of foreclosures processed by GMAC Mortgage, HSBC Finance Corp., Sun Trust Mortgage and EMC Mortgage.
If one of these loan servicers processed your foreclosure, and you believe that you were financially harmed during their foreclosure process, you may have some cash coming!
The government has determined that there may have been flaws in the foreclosure processing in some cases. Homeowners/borrowers who feel that they were financially harmed may request an independent review. If errors are found, the servicer will be required to compensate the borrowers for that financial injury.
Borrowers are eligible if:
- The home lost in foreclosure was the borrower’s primary residence
- The loan was at any step of the foreclosure process between January 1, 2009 and December 31, 2010
- The loan was serviced by one of the organizations listed above
- The request for a review must be received by the independent reviewing authority by April 20, 1012.
The review process is a free program, so there will be no charge to borrowers.
For more information, select this link:
http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm
WHAT TO EXPECT AT YOUR SIGNING
WHAT TO EXPECT AT YOUR SIGNING
This posting is the forth in a series designed to help take the mystery out of the home buying and selling process. That process can be confusing and, since it pertains to the single most expensive asset most of us have, our home; we feel that our clients are better prepared for the experience if they have some understanding of each step in the process in advance.
If you have reached this point in the purchase of any real estate, congratulations, you are in the home stretch. The seller has met all of your requirements and, with the exception of the loan, you have met theirs. You will have received final approval of your loan, completed all inspections, and reviewed and approved all inspection reports.
The deed of trust and the promissory note are two of the many documents that you will sign. The escrow officer will return all loan related documents to the lender, where they will be carefully reviewed. The lender will fund the loan on the date of closing, sometimes the day before.
The document signing usually takes place a few days before the recording of the transfer of title, and escrow is closed. The escrow officer will have informed you about the exact amount of the funds you have to bring to close the transaction.
The signing usually takes between an hour and an hour and one half to complete, so make sure you set aside enough time.
Funds must be in the form of a certified check, or you can wire transfer them directly into escrow. Sorry, no personal checks, cash or credit cards may be used.
Don’t forget to bring identification. Most people use a driver’s license or passport. The person who conducts the signing is a notary and must notarize many of the documents.
First American produced a straightforward video that is easy to understand. If, after you view the video, you have questions, please feel free to call, text (916) 337-0658, or e-mail Mike@BuyYourVilla.com for clarification.
WHAT IS A BUYER INFORMATION REQUEST FORM?
WHAT IS A BUYER INFORMATION REQUEST FORM?
This posting is the third in a series designed to help take the mystery out of the home buying and selling process. That process can be confusing and, since it pertains to the single most expensive asset most of us own, our home; we feel it best to provide our clients with an understanding of the process before it starts.
Once a buyer submits an offer to purchase a property, and the seller accepts that offer, the Realtor’s® involved with the transaction open an escrow. It is common for the Realtors® to select an office and escrow officer with whom they have worked before. That past relationship provides some assurance that this escrow will go smoothly.
Since it is not legal to force a buyer to pay for a title insurance policy, the buyer’s agent frequently ends up selecting the escrow officer. The exception is when a buyer is offering to purchase a bank owned home. In that case, the seller/bank usually dictates which title company they will use. Buyer’s agents usually get to bank/seller to pay for the title insurance so that no laws are broken.
A fully executed purchase agreement, meaning a copy of the agreement with all participants’ signatures, goes to the escrow officer. The escrow officer must follow the instructions provided in that purchase agreement. The escrow officer must disburse all monies deposited into escrow as directed in that purchase agreement.
If, for any reason, the buyers or sellers wish to cancel the transaction while it is in escrow, they must both agree before the buyer’s earnest money deposit can be returned. The buyer’s agent usually guides the buyer’s actions to ensure that they will get their money back. This is one of the reasons to select an experienced Realtor® when you plan to purchase real property. Fortunately, most escrows end with a successful purchase.
Another important document used by the escrow officer is the Buyer Information Request Form. This simple form provides the escrow officer with the information needed to complete the transaction.
First American produced a straightforward video that is easy to understand. If, after you view the video, you have questions, please feel free to call, text (916) 337-0658, or e-mail Mike@BuyYourVilla.com for clarification.
WHAT IS TITLE INSURANCE?
WHAT IS TITLE INSURANCE?
This posting is the first in a series designed to help take the mystery out of the home buying and selling process. That process can be confusing and, since it pertains to the single most expensive asset most of us own, our home; we feel it best to provide our clients with an understanding of the process before it starts.
The second posting and video in the series covers title insurance. Title insurance is one of many types of insurance with which a homebuyer must deal.
Just as you have insurance on your automobile protecting you against a loss in an accident and hazard insurance for your home in case of fire or disaster, title insurance protects a homeowner against obscure or unforeseen issues from the past that could endanger your title (ownership of the property).
Title insurance only exists in the United States and a few other first world countries. In most of the world when you purchase real property, there is a danger that you could lose that property because of the actions of the past owners.
In the United States when you purchase property, you also purchase a title insurance policy. If, at some later date, issues arise, such as unpaid taxes, forged documents during a past transfer of the property or mechanics liens because a former owner failed to pay a contractor, title insurance protects you, the owner, and ensures that you do not lose your property as a result.
First American produced this straightforward video that is easy to understand. If, after you view the video, you have questions, please feel free to call, text (916) 337-0658, or e-mail Mike@BuyYourVilla.com for clarification.
What Is Escrow
WHAT IS ESCROW?
This posting is the first in a series designed to help take the mystery out of the home buying and selling process. That process can be confusing and, since it pertains to the single most expensive asset most of us have, our home; we feel that our clients are better prepared for the experience if they have some understanding of each step in the process in advance.
The first posting and video in the series covers escrow. A licensed, neutral third party that handles the many documents and all of the money involved in the purchase, sale or refinancing of real property. The escrow officer must follow all of the written instructions provided by the parties to the transaction. Once a buyer’s deposit earnest money or other funds into the escrow account, both the buyer and seller must agree to any action that the escrow officer can take with respect to those funds.
In essence, escrow protects all parties to the transaction.
First American produced this straightforward video that is easy to understand. If, after you view the video, you have questions, please feel free to call, text (916) 337-0658, or e-mail Mike@BuyYourVilla.com for clarification.