Tag Archives: home
How Important is a Land Survey when Purchasing a Home in Montgomery, AL
When purchasing a real estate, most mortgage lenders will require that you obtain a Montgomery land survey in order to acquire the money that’s needed to purchase the home. A land survey is the licensed individual that prepares the survey for the property. This survey serves as a legal depiction of the property in a graphical format, and allows you to see each of the features of the property from a top-down perspective.
There are various types of surveys that show improvements to the land, including the home and garage, as well as the size of the lot or land where the home is located. If there are any uneven boundaries or variances, they are stated in the Montgomery survey. While preparing the survey, the individual performing the check will pour over court documents and records, taking legal documents into account including deeds and land documents from the county recorder’s office. The survey will also include property measurements.
Legal Aspects – When there are property disputes between two parties, a survey is necessary to determine where your land ends and the land of a neighbor begins. As the buyer, you can use a survey to easily address items owned by adjoining property owners that may be interfering in your own property. The survey in Montgomery can be used as court evidence in boundary and property disputes.
The survey is important from a legal standpoint because it can help you determine if you’re legally allowed to add features to your property once it has been purchased. For example, a large item like a pool can actually infringe on the property of a neighbor if you have uneven property lines. If you build a structure that crosses the property line of your neighbor then you are exposing yourself to a potential lawsuit and the expenses of having to move the item – or pay to leave them there.
Restrictions – Some areas also have restriction that can have an effect on the property you’d like to buy. Zoning restrictions are in place to keep areas uniform and developed within specific ordinances. Violating a zoning restriction can lead to heavy penalties as well as legal action from local authorities. A survey in Montgomery would list all the potential problems that can arise from zoning when the final data is compiled.
Building restrictions are imposed by local authorities or the developer of a property about how structures on that property can be built – a garage for example. The individual performing the land survey will be able to examine records on the property relating to building restriction and can determine if you are buying a property that is subject to restrictions of this kind and if it’s currently in violation of any restrictions. The most common restriction is the setback or how far the home is from the front and sides of the lot. In some cases, though not all, you can apply to have restrictions waved before purchasing property.
Loan Modification & foreclosure scams
Colorado Foreclosures Frequently Asked Questions
It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If you have further questions not addressed below, or would like additional information resources, feel free to Contact Us.
Do I qualify for a short sale?
The qualifications for a short sale include any or all of the following:
1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
What is a mortgage modification?
A mortgage modification is a process through which your mortgage lender changes any or all of the following:
* Your interest rate
* Your principal balance (through a reduction)
* Your loan terms (example: from an adjustable to a fixed rate)
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.
Why would a lender modify my mortgage?
Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.
What do I need to qualify for a mortgage modification?
According to the Making Home Affordable Web site (www.MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:
* Information about your first mortgage, such as your monthly mortgage statement
* Information about any second mortgage or home equity line of credit on the house
* Account balances and minimum monthly payments due on all of your credit cards
* Account balances and monthly payments on all your other debts such as student loans and car loans
* Your most recent income tax return
* Information about your savings and other assets
* Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
If applicable, it may also be helpful to have a letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)
How do I qualify for a mortgage modification?
The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):
* Loss Mitigation
* Mortgage Modification
* H.O.P.E.
Prior to contacting your mortgage lender you can quickly complete an eligibility test at www.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit www.HopeNow.com.
What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?
You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.
What is a Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.
What are the qualifications for a Home Affordable Refinance?
According to the resources released by the government, following are a list of qualifications:
* You are the owner occupant of a one- to four-unit home
* The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
* At the time you apply, you are current on your mortgage payments (you haven’t been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
* You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
* You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan