Category Archives: Mortgages

Closing Cost Scoop from a Real Estate Attorney Greenville SC

real estate attorney Greenville SCMany potential homeowners are surprised after understanding they must cover a total sum of about $10,000 or more when they arrive at the real estate attorney Greenville SC office for closing on their new home or real estate purchase.

So that you can have the ability to settle on a price that is expected at closing , sellers along with the homebuyers should know what expenses to expect at the attorneys office.

Don’t just take your closing cost for granted. Almost everything involved as a closing cost can be negotiated.  And just as with the purchase price of your home, you need to shop around and make sure that you are aware of what to expect and negotiate for the lowest possible added on cost to your purchase.  Below is a list of most of the additional cost that you should look out for:

  • Appraisal
  • Credit Report
  • Closing Fee or Escrow Fee
  • Title Company Title Search or Exam Fee
  • Survey Fee
  • Flood Determination or Life of Loan Coverage
  • Courier Fee
  • Lender’s Policy Title Insurance
  • Owner’s Policy Title Insurance
  • Natural Hazards Disclosure Report
  • Homeowners’ Insurance
  • Buyer’s Attorney Fee
  • Lender’s Attorney Fee
  • Escrow Deposit for Property Taxes & Mortgage Insurance
  • Transfer Taxes
  • Recording Fees
  • Processing Fee
  • Underwriting Fee
  • Loan Discount Points
  • Pre-Paid Interest
  • Property Tax
  • Wood Destroying Pest Inspection and Allocation of Costs
  • Home Owners Association Tranfer Fees

Knowing what to expect at closing and what your cost will be is important before you head down the road to purchasing property and get over-stretched at the  closing table.   Our advice is to get a preliminary breakdown of these cost before you make a final offer on a property to make sure that you can afford the purchase.  And, negotiate those costs!

For more information – feel free to visit: http://greenvilleattorneygroup.com/business-attorney-greenville-real-estate-attorney/

Charleston Lender Talks about SC Housing Trends

Charleston LenderSouth Carolina has a population of about 4,511,400 people and the number of vacant homes at the moment is 16.58%. Homes sales went up by 3% in October 2014 compared to the same period the previous years. The highest sales were reported in Charleston where the median sale price is about $223,000. Greenville and Summerville take the second and third position respectively in terms of home sales. Pre foreclosures make up majority of the homes that are available for sale in South Carolina.  If these numbers spark and interest and need for lending, check out the preferred Charleston Lender here.

Inflation has decreased significantly and interest rates have been at their lowest. This is expected to continue into 2015. There has also been an increase in housing starts and construction permits in the state and house prices are expected to increase at a moderate pace.

New listings increased by 9.2% to reach 5,492. Pending sales rose by 1.3% to 3,181 while inventory went up 1.0% to get to 33,129 units. Properties are also spending fewer days on market. The days on market has reduced by 3.3% to 116 days. This is the 12th consecutive month to report a decline in days on market.

2014 has proved to be another recovery year for the South Carolina residential housing market. But student debt and high mortgage continue to be a significant obstacle for potential first time home buyers. The good news is that interest rates are still low and this is expected to encourage more people to make home purchases. Job growth is likely to continue into next year and people are expected to make more money.

In Charleston, one of the most prominent cities in South Carolina, there has been a decrease in foreclosure properties in most of the areas. Investors are choosing to exit most of the markets and inventory has decreased. However, general inventory has gone up in the Charleston real estate market. Some of the most popular areas in Charleston include:

· South of Broad

· Harleston Village

· James Island

· West Ashley

· West Ashley inside Mark Clark

For any potential buyer looking for a residential property in South Carolina, it is important to rely on a qualified real estate agent who understands local market trends. The trends are dynamic and for this reason it is advisable to use an individual who is aware of the latest changes. This will help you to get the best property at a good price. The South Carolina residential housing market is promising and investors should take advantage of the current interest rates to grab some of the hot properties in the state.

Bankruptcy Alternative – The Basics

If your business is financially bind, paying the monthly dues can be difficult. That is why the first thing that pops up in the mind of business owners is to declare financial failure or bankruptcy. Filing for bankruptcy is not the sole option to resolve insolvency because there are other alternatives available. Though bankruptcy can provide financial relief, but before making your decision you should first try to study other alternatives.

Talk to Your Creditors

Real Estate ForeclosuresCalling your creditors and discussing the problem with them can be intimidating, but it should be the first thing that you should do if your business is facing financial issues. Your creditor can offer other payment options that can alleviate the difficulty of repaying your debts. Most creditors are not favorable to bankruptcy that is why they instead offer a plan that will be beneficial to both parties.

Credit Counseling

Looking for a credit counseling firm can also help in determining the right way or alternative that can help you in resolving the insolvency. The agency will be the one to contact your creditors and discuss a repayment option based on the salary of the filer and the debt. Likewise, the agency will distribute the payment to the creditors until the debt is repaid completely. However, you need to be careful in finding the best credit-counseling agency particularly in terms of fees.

Debt Consolidation

Debt consolidation is one of the effective alternatives for bankruptcy. This option allows borrowing money from a financing company and use the money for repaying debts from different creditors. This may sound strange, but many business owners facing financial trouble are using this method to solve the insolvency.

The concept of debt consolidation allows you to repay few debts while borrowing for one larger debt. The good thing about this alternative is that you can apply for debt consolidation loan from a bank in a lower interest rate and use the money repaying for few debts carrying higher interest rates. If you will use your home as collateral, the interest rate of the debt consolidation loan is even lower.

However, before considering for debt consolidation makes sure that it will work to your financial needs. You should consider this alternative only if you have several debts that have higher interest rate such as finance company loans and credit cards. You can qualify for debt consolidation loan if you can prove to the lender that you are employed and have good job. Likewise, you should also prove that your income is more than enough to repay the loan.

Defaults

Another alternative for bankruptcy is to default your debts. This means that if you do not have any exemptions in terms of income or property, the creditors can take nothing from you. Likewise, the Fair Debt Collection Practices Act, the creditors cannot harass or force the debtor to repay. However, the disadvantage of debt default is that it remains on your credit history for several years that eventually may affect your credit rating.

Discover more information about mortgages here:  Columbia Mortgage Information

Therefore, if you are facing tough time in your finances, you should consider getting advise from an expert bankruptcy lawyer.

Chapter 7 – Bankruptcy Exemptions and How it Effects Mortgages

Bankruptcy can happen to any business regardless of its type and size. However, debtors must be mindful of the alternatives available instead of filing for financial failure. Chapter 7 is one of the alternatives that you can choose if you notice that your business needs some financial adjustments. If you will consider filing Chapter 7, most of your assets will be liquidated in order to reduce the amount of your debts.

Before filing for Chapter 7 bankruptcy, it is important to understand first the inclusion of this chapter. This chapter is also called as liquidation bankruptcy because the assets and property of the debtor are gathered and sold in order to pay most of the debts and the remaining amount of the debts is discharged. However, in filing for Chapter 7 there are exemptions in which some of the properties are protected from being sold such as your home.

To find out how Bankruptcy will effect your mortgages, contact Greenville Mortgage Place for expert advice on Mortgages and Foreclosures.

Homestead exemptions – The home is one of the assets that filers for Chapter 7 are concerned. Luckily, homestead exemptions protect the home of the filer, yet there are limits to the protected amount.

Automobile or car exemptions – Under Chapter 7 bankruptcy, the car of the filer is also protected. However, the federal and state laws have set certain amount of the value of the vehicle to be protected. In 2010, the capped amount for the vehicle exemption set by the federal law was $3,225.

Personal Property exemptions – There are different types of exemptions applicable for personal property. In fact, most of the personal properties are exempted from being sold. Examples include jewelry, clothing, appliances, home furnishings and many more. However, the law sets limit per item that will be applied to this exemption.

Wildcard exemptions – All the properties, assets or items that exceeds in the maximum value of other categories fall on this Chapter 7 exemptions. The debtor can impose wildcard exemption in order to protect other properties to end up in bankruptcy. The bad side is that not all state offers wildcard exemptions and the value is limited.

Even if your business is facing financial crunches, you need to be very careful in making your decision. If you think that you can still do things to save your business, then you should not file for bankruptcy. If there is no other option and you want to resolve the insolvency problem you may consider Chapter 7 bankruptcy, but make sure to understand the exemptions.

The Chapter 7 bankruptcy exemptions also depend on the tax of the filer. Likewise, the federal and the state law are the one establishing the exemptions. That is why if you do not have any idea about this chapter and its exemptions, the best thing to do is to hire a bankruptcy attorney. This will help you in familiarizing the law and how it can help you from bankruptcy.

Chapter 7 bankruptcy allows the filer to make a start after resolving all the debts. Through the exemptions the filer can start a new business while keeping certain properties.  For more information: http://en.wikipedia.org/wiki/Chapter_7,_Title_11,_United_States_Code

How to Avoid Filing for Bankruptcy | Managing Debt and Mortgages

Declaring bankruptcy is not only embarrassing but may also cause long-term effects to your business and family. Bankruptcy poses negative impacts to your credit record, thus it also affects the ability and credibility of getting loans, purchasing property and finding employment. That is why before filing for bankruptcy, it is important to consider finding for alternatives that can help in resolving your financial troubles. There are several alternatives that you can consider, but if you are not knowledgeable about the bankruptcy law, you should hire a bankruptcy lawyer. Or for some great Advice on Myrtle Beach Mortgages contact: Myrtle Beach Mortgage Place at http://MyrtleBeachMortgagePlace.com

Bankruptcy can affect your life in many ways; it will remain on your credit rating for many years. It can keep you from getting mortgages on property. That is why if you are planning to apply for house loan or car loan after declaring bankruptcy, you should expect that the scenario will affect your application. Likewise, if ever you get credit you will be considered as higher risk, thus higher interest rates might be imposed. Bankruptcy can also reflect your personality being financially undependable and it will influence the possibility of getting hired.

To avoid the long-term effects of bankruptcy on your life, it is important to look for alternatives. Some alternatives need assistance while others can be carried out independently. Knowing the alternatives makes you well-informed so that you can choose the options that best suit your financial needs.

Household Adjustments

If you are facing difficulty in paying off your debt, the first thing that you should do is to check on your household expenses. Aside from those things that are necessary, you should identify those things that are not essential to your daily life and in running your business. Spending money for unnecessary things will affect your budget an eventually leads you to debt. Cost cutting is one way to spare you from bankruptcy and this involves adjusting the household expenses.

Renegotiation

Renegotiating the terms of your debt can help in avoiding bankruptcy. This can be a difficult task as you need to call your creditors to inform them about your plans of filing bankruptcy. However, renegotiating can also help because the creditors can adjust the term that the debtor can able to pay the debt easily. Likewise, finding an agency to renegotiate the terms to the creditors on your behalf is also suggested, but make sure that the agency is reputable.

Debt Management Plan

This alternative is helpful, but you need to hire an agency that can help you in creating a plan on how you can pay your debt. After creating the plan, you will give the money to the agency and they will be the one to disburse it to the creditors that you owe. However, the disadvantage of this alternative is that the creditors have no obligation of sticking with the plans and they can change their minds anytime.

Before making the decision of declaring bankruptcy, you should think your goals and your future. If you think that you can still pay your debt using those alternatives, then never attempt to file bankruptcy. This way you can keep your business at the same time maintain your credibility.

For more information on how to get help with your current mortgage: http://en.wikipedia.org/wiki/Home_Affordable_Modification_Program