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Greetings!
Welcome to the 3rd issue of KimKproperties Real Estate Newsletter.
I hope you find this piece interesting and informational. For more information within each topic please feel free to use the embedded underlined links.
Colorado Springs
February 2011 Market Sales Snapshot
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2nd topic in Options: Are You At Risk of Foreclosure? Series
What is a Loan Modification?
Defined: You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay). Below are some of the ways mortgages are modified:
Reduction in principal
Reduction in interest rate, or a change from a floating to fixed rate, or in how the floating rate is computed
Lengthening of the loan term
Reduction in late fees or penalties
Capping the monthly payment to a percentage of household income
Mortgage forbearance program
It is important to contact and communicate with your lender. Don't wait until it's too late. As always be aware of predatory lending and loan modification scams.
Making Home Affordable Program (HAMP)
Loan Modification FAQs By HUD
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The Importance of Title Commitment
Be an Informed Buyer
Before you close on your new home the important detail of producing a title commitment is required. The most accurate description of title is a bundle of rights in real property. A title commitment is the result of determining from the public record just what these rights are and who owns them. It is a means of determining that the person who is selling the property really has the right to sell it, and that the buyer is getting all the rights to the property (title) that he or she is paying for.
What are the general steps in preparing title commitment?
- Chain of Title: History of Ownership
- Tax Search: Determine present status of general real estate tax and special assessments against the property.
- Judgment and Name Search: Determines if there are any unsatisfied judgements against the seller or previous owners, which were in existence while they owned the property.
- Commitment is issued by the Title Company when the search has been completed, and all defects and clouds on title, if any are cleared.
*Realtor.org
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