July 2008 Monthly Archive
July 30, 2008 | Comments: 1
Probate: A Difficult time to Deal with Heirs and the Estate
Probate is the legal process used to transfer property, real estate, personal belongings and bank account holdings. Depending on the size of the decedent's estate and family dynamics, probate can tie assets up in the court system for six months to three years. If family disputes arise, legal fees can end up costing more than the estate is worth.
Part of the problem with probate is that it involves government agencies and attorneys. When someone dies it is almost guaranteed that many people will want to stick their fingers in the inheritance pie.
Real Estate Investing article on "Probate: A Difficult time to Deal with Heirs and the Estate"
July 26, 2008
Heir Apparent is Next in Line
Heir apparent refers to direct lineage descendents of a person who holds real estate, financial assets and valuable personal property. As long as the heir apparent outlives the property holder, by law they are entitled to inherit assets upon the property holder's death.
Typically, an heir apparent consists of children born to the decedent. If the decedent did not have children, the next closest lineal relative would become the heir apparent. For instance, if the decedent has no children, but has parents, siblings, aunts, uncles or cousins, the decedent's assets would transfer to the closest living relative.
Real Estate Investing article on "Heir Apparent is Next in Line"
July 22, 2008
Deed in Lieu of Foreclosure is a powerful tool when properly used.
Deed in lieu of foreclosure is a legal document which allows Borrowers to transfer all interest of their property to their lender. Individuals facing foreclosure are able to utilize deed in lieu of foreclosure to stop foreclosure proceedings and return their real estate to the bank.
The main advantage to deed in lieu of foreclosure is it allows the Borrower to immediately be released from their mortgage debt. In essence, the Borrower hands over the keys to their lender and walks away from the house. Deed in lieu of foreclosure is relatively quick and less traumatic than the foreclosure process. Additionally, deed in lieu of foreclosure is usually less damaging to the Borrower's credit.
July 20, 2008 | Comments: 3
Real Estate Foreclosure Investing is it a good deal anymore? What you need to know!
Real estate foreclosure rates have skyrocketed to unprecedented numbers and created a devastating economic fall-out. Real estate foreclosure isn't limited to homeowners. It also affects real estate investors, business and cooperative programs, farmers, business owners, banks and lending institutions.
Real estate foreclosure can be devastating to anyone facing the loss of their property. However, there are solutions available to individuals who have become delinquent on their mortgage payments. While these solutions may or may not allow the Borrower to retain their property, they can ease the financial burden and lessen the pain of the foreclosure process.
Real Estate Investing article on "Real Estate Foreclosure "
July 18, 2008 | Comments: 18
Lottery Winnings
Lottery winnings can be a blessing or curse. While everyone dreams of winning a lottery jackpot and becoming an instant millionaire there are certain considerations which should be reviewed before cashing in that winning lottery ticket.
Lottery winnings are subject to both state and federal taxation. Combined, these taxes could amount to 50 percent of the winnings. Individuals who elect to receive a lump sum payment for their lottery winnings receive considerably less than individuals who elect to receive payments over a period of time.
Real Estate Investing article on "Lottery Winnings "
July 17, 2008
Forbearance Agreement for your Mortgage Payment
A forbearance agreement is used when a Borrower falls behind on their mortgage payments. In essence, a forbearance agreement reduces or suspends mortgage note payments for a specified period of time. A repayment plan follows and includes the normal monthly mortgage payment, along with a payment to repay the delinquent amount.
Real estate forbearance agreements are generally reserved for Borrower's facing temporary financial setbacks. Borrowers must provide proof they can adhere to the repayment plan once the forbearance timeframe expires.
Real Estate Investing article on "Forbearance Agreement for your Mortgage Payment"
July 08, 2008
Bank Loss Mitigation
Bank loss mitigation is a special division of mortgage lenders. This division oversees delinquent accounts and assists borrower's who have fallen behind on their mortgage payments. Employees of the bank loss mitigation department are known as loss mitigators. Homeowners delinquent on their mortgage note or facing foreclosure are assigned to a bank loss mitigator. These specialists work with borrowers to help them devise a plan to become current on their past due payments and avoid foreclosure.
The primary function of bank loss mitigation is to review investments and determine when to sell or trade them. Sometimes, bank loss mitigation will sell mortgage notes to another lender in order to reduce their losses. Oftentimes, selling delinquent mortgage notes benefits the borrower. Other times, it can force the borrower into foreclosure.
Real Estate Investing article on "Bank Loss Mitigation"
July 03, 2008 | Comments: 2
Avoid Bankruptcy
People should avoid bankruptcy whenever possible. It is a life-altering experience that affects a person's credit history for years and can bankrupt emotions and self-confidence for a lifetime. Most people believe bankruptcy can wipe their financial slate clean. However, few people realize the underlying consequences and negativity associated with the bankruptcy process.
Options are available to avoid bankruptcy. One of the most efficient options is debt consolidation. Using debt consolidation to avoid bankruptcy can reduce owed debt by 40- to 60-percent and help individuals obtain a clean credit report once outstanding debts are paid in full.
