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Reverse Mortgages: Are They For You?

In today’s economy, many older people have seen the value of their retirement funds decline substantially. Some are struggling to make ends meet, cannot afford their medication or are living on high interest credit card debt. If you are one of these people, there may be another solution. If you and your spouse are 62 years old or older and have equity in your home, you may have the option of a reverse mortgage. A reverse mortgage allows you to tap into the equity in your home to pay off your home loan. This eliminates or reduces your monthly payments and...

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Practical Suggestions for Dealing with Distressed Property: Mortgage Foreclosure, Modifications and Refinancing

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Many people struggle to find out what to do when they are having trouble paying their mortgage or when they find their real property is under water. Nationwide, home prices are down 30% and since the 2006 real estate peak, 11 million homeowners are underwater. By under water, I mean they owe more on their property than what it is worth. Florida’s statistics are even more startling because Florida suffers from one of the worst rates of real estate depreciation. People who find they are struggling to make mortgage payments or who are under water often try to educate themselves about...

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Anatomy of a Real Estate Closing

What occurs during a real estate closing and why should i consult with an attorney? A closing begins with the contract. A contract consists of an offer and acceptance regarding the material terms of the transaction. Material terms include but are not limited to the price, the closing date, the method and time of payment, and the deposit. For a contract to be valid, there must be a meeting of the minds between the parties on the material terms. I recommend that both buyers and sellers have an attorney review all contracts for purchase and sale. The most effective way to do...

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How to Select a Divorce Attorney for You

When you are going through a divorce, you want to select an attorney you feel will effectively achieve your goals and address your concerns. It is important that you feel comfortable with your divorce attorney because you do not want to have issues communicating with the attorney you have hired to help you through an often difficult and trying time. An experienced attorney will explain your legal situation in plain English and work with you toward achieving a successful conclusion of your divorce. When selecting any attorney, it is important that you have confidence that your attorney will properly advise you...

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Condominium and Homeowner Associations: Changes in Florida Law

A vast majority of Floridians live in communities which are governed by condominium and homeowners associations. In July 2010, major changes became effective in the laws affecting these associations. As we speak, the legislature is considering additional statutory changes which could affect the interaction between property owners and these associations. The major changes implemented by the July 2010 legislation address the rights of associations to collect past due assessments. For example, associations can now collect past due assessments directly from tenants who occupy the property subject to unpaid assessments. Associations also now have the power to prohibit owners who are more...

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Short Sales in Florida & the Impact of Proposed Federal Legislation

When properties sell for less than the mortgage amount, this is called a short sale. Ten years ago, nobody was talking about short sales. This is because banks lent only eighty percent (80%) of the appraised value on property and properties values were stable or were increasing. Today, properties have decreased in value so that many are no longer worth even the 80% the banks loaned on them. To sell these properties, therefore, the owners must ask the lenders to accept a short sale. Proposed HR 6133 would require lenders to act promptly on short sale offers, and to either accept...

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