Florida Probate Court Information

1. What is Probate?

Probate is the method by which the assets of a deceased person are gathered, creditors paid, and the remainder of the estate distributed to beneficiaries. In most Florida counties, the probate system is conducted in a specialized probate division of the Circuit Court, under the oversight of one or more probate judges.

2. How is Probate Initiated?

Although any beneficiary or creditor can initiate probate, normally the person named in the will as Personal Representative, also known as the executor in other states, starts the process by filing the original will with the court and filing a Petition for Administration with the probate court. If there is no will, typically a close relative of the decedent who expects to inherit from the estate will file the Petition for Administration.

3. Who is Eligible to Serve as Personal Representative?

A bank or trust company operating in Florida, any individual who is resident in Florida, and a spouse or close relative who is not necessarily resident in Florida are all eligible to serve as the Personal Representative. Nonrelatives who are not resident in Florida are not eligible to serve as Personal Representative.

4. How is the Personal Representative Chosen?

If the decedent had a will, the person named in the will as the Personal Representative will serve, if eligible. If that person is unable or unwilling to serve as Personal Representative, the person chosen by a majority of the beneficiaries in interest of the estate shall choose the Personal Representative. If there is no will, Florida law provides that the surviving spouse may serve, or, if there is no spouse or the spouse is unable or unwilling to serve, the person chosen by a majority of the beneficiaries in interest shall serve.

5. Is the Personal Representative Required to Retain an Attorney?

In Florida, the Personal Representative is required in almost all probate estate to retain a Florida probate attorney. Although the Florida probate forms are available to the public, these are of no use to a non attorney.

6. How is the Personal Representative Compensated?

Florida law provides a compensation schedule for the Personal Representative, based on a
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percentage of the assets of the probate estate.

7. Is the Family of a Deceased Person Entitled to a Portion of the Estate?

Florida law provides for a family allowance for the surviving spouse and minor children of the deceased, as well as an elective share for a surviving spouse, thirty percent of the estate, if the surviving spouse would prefer the elective share to that left under the terms of the will. A Florida resident is entitled to disinherit adult children, for any or no reason. Of course, if it can be shown that the adult children were disinherited as a result of the influence of another, they may have recourse through the probate court.

8. What Assets are Subject to Probate?

Assets owned by the deceased person are subject to probate. Assets that pass by means of title, such as real estate titled as “Joint Tenants with Right of Survivorship,” or bank accounts titled as “Transfer On Death” are not subject to the probate process. Assets that pass by means of a beneficiary designation, such as life insurance or some retirement accounts, are also not subject to probate.

In some situations, however, assets that would otherwise pass by title or beneficiary designation can be subject to the probate process, particularly in the case of a surviving spouse choosing to take an elective share against the estate.

9. How is Distribution of the Estate Handled if there is no Will?

Florida law sets forth rules for the distribution of an estate if there is no will.

If these is a surviving spouse and no lineal descendants, the surviving spouse is entitled to the entire estate.

If there is a surviving spouse with lineal descendants, and all lineal descendants are also descendants of the surviving spouse, the surviving spouse is entitled to the first $20,000 of the probate estate, plus one-half of the remainder of the probate estate. The descendants share in equal portions the remainder of the estate.

If there is a surviving spouse with lineal descendants, and not all lineal desdendants are also descendants of the surviving spouse, the surviving spouse is entitled to one-half of the probate estate, and the descendants of the deceased share the other half of the estate in equal shares.

If there is no surviving spouse and there are descendants, each child is entitled to an equal share, with the children of a deceased child sharing the share of their deceased parent.

If there is no surviving spouse and no children or other descendants, Florida law provides additional rules for distributing an estate in such circumstances.

10. Who is responsible for paying estate taxes?

Under the Internal Revenue Code, the estate tax is collected from the estate of the deceased. Depending on the terms of the will, the estate tax may be paid from the probate estate only, or also from a living trust, life insurance proceeds, and other assets passing directly to beneficiaries outside the probate estate. The estate tax return, Form 706, is filed by the Personal Representative. The Form 706 is due to be filed 9 months after the date of death.

By: Jeffrey Skatoff

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Jeffrey Skatoff is a Florida probate lawyer in South Florida. His law firm, Clark Skatoff LLP, has handled hundreds of Florida probates in the Florida Court system since 1971. Attorney Skatoff also handles will contests, trust disputes, and tax issues arising in the administration of a trust or estate. www.clarkskatoff.com

1-888-SKATOFF

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In my Probate Real Estate business over the last 22 years one of the road blocks which come up often is dealing with the estates attorney. As a Probate Agent using the I.A.E.A as much as possible I have been usually able to control the situation by positioning myself correctly. You have to understand as either an investor or real estate agent coming into an existing probate in process, the attorney is just not going to do things your way to help you purchase at a wholesale price or earn a listing or sale. There are some things you can do to increase your success rate and this is my focus today. Probate Homes are a goldmine so don’t look at this as a reason to not work with Probate Real Estate.

First I take every potential probate as an opportunity to establish a new business relationship with an attorney for future business. Yes, I’m going to control the deal but in a way which shows my professionalism in this niche and have the attorney at the end of this transaction consider me an agent to do business with in the future. Remember, this is a six figure opportunity and every probate you come into contact with regardless if you earn from it or not is a chance to start the building blocks for future business with the attorney.

What I do is once I have a offer signed by the petitioner/executor and as either an investor, probate agent or both, I have my title company deliver the package (offer, all support document, a letter of introduction with short bio on me and finally a one page letter on what we need for the attorney to do (time line) to have a successful close. Your Probate Real Estate business will take giant steps ahead if you follow this procedure. You won’t win everytime as some attorneys will take offense to you trying to control the deal but if you do this right the attorney should see you as a true professional who knows what he/she is doing. As a Probate Agent I want the attorney to understand I work in probate sales, take listings and also will cash the estate out if they prefer a quick sale. The most important part of this package is the statement I include which says “If you have any questions on my offer which the estate has accepted, please list your disagreements in writing (per my offer terms) within 3 days and I will have my attorney (Mr X) contact you.”

What I have done here is informed the estates attorney he/she needs to review now and if any changes are suggested they must be in writing and back to me within 3 days. I also state if he/she does have any contract changes I will have my attorney contact them immediately or they can talk now if he/she prefers but “Time is of the Essence”. This is powerful as now I have set the table with my position. The attorney knows I’m not a wanna be who purchased some late night infomercial package on buying probates as I have the correct forms, language, and I’m represented by an estate attorney. Most of the time any changes will be minor and we move right along with the escrow. When there has been a road block I have my attorney call and it is usually cleared up and we move forward. I have never had a probate offer at this point (petitioner/executor) signature turned down. This will serve you well so try to understand this concept.

You can have an estate attorney write a letter for you or make a phone call for a few hundred dollars and if you are acting as an investor in this probate flip you are going to make a minimum $25K so what is the problem on a few hundred dollars? As a Probate Agent remember you will be earning from 4-6% commissions so again a few hundred dollars to smooth your clients offer makes perfect sense and has served me well over the years. To find an estate attorney look for an attorney who does estates in their practice and if you can be referred by someone even better. Explain to the attorney what you do as an Probate Agent and your needs. A small retainer or pay as you go will be worked out when you find the right attorney. Remember the attorney must understand your positing in dealing with Probate Real Estate Investing and what your needs are. I had to go through several after my first attorney retired but I have always been able to find the right one.

This is a six figure opportunity done the “Diamond Farming” correct, professional way and I take pride in the way I have conducted my probate business over the years and I teach my probate real estate students the exact same techniques I use. Call me if you care to discuss this any further as I’m always willing to take the time to talk about probate real estate investing an or being a probate agent.

Gary DiGrazia Sr
ReMax In Motion Real Estate
http://www.probate-realestate.com
http://www.GaryDTeam.com

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When you buy or receive a home as a gift, the deed to the home is the written proof of ownership of the home. It is also referred to as a title. If you need to change the deed on your home because of a name change resulting from a marriage or a divorce, it is a simple process that typically takes about 30 days to complete. Other reasons you may change a deed include death, inheritance, adding a new spouse or adding a child’s name.

Step 1

Gather documents. In order to start the name change process for your deed, first get together the necessary documentation. For a name change, you’ll need your name change document. For a marriage, a copy of your marriage license is required. For a divorce, you’ll need a divorce decree and for a death, you may have to provide a copy of the death certificate, as well as the will that turned ownership of the home over to you. If you are adding a child’s name to your deed, you will need the child’s birth certificate.

Step 2

Call the title company and inform them that you want to change the name on your home deed, and explain your reason. Title companies usually require you to complete an application and request a picture ID, as well as the appropriate documentation to begin the change process on the deed.

Step 3

Pay the title company. In order to change the name, or add or remove a name on the home deed, the title company collects a fee for their services. The fee covers the time it takes to prepare the new deed and file it with the county clerk’s office where the home is located.

Step 4

Obtain new deed. When the new deed is recorded in the public records by the title company, you will also receive a copy of the deed with the new names on it. File the deed in a safe place as your proof of ownership of the home.

Tip

If you prefer, you can use a real estate attorney to help you change the deed on your home.

About The Author

Kristie Lorette is a freelance writer and marketing consultant that specializes in personal finance. She is also the editor of The Mortgage & Credit Diva, a blog devoted to mortgage and personal finance tips, tricks, and advice for consumers. You can read Kristie’s blog at www.mortgageandcreditdiva.blogspot.com or learn more about her writing and marketing services at www.studiokwriting.com.

Home Loan Modifications Explained

Continuous declines in United States’ housing values after the mid-2000s caused an increasing number of borrowers to explore the loan modification process in an attempt to avoid losing their homes to foreclosure. Unfortunately, a large number of homeowners who sought to have their loans modified were thwarted by lengthy and impersonal negotiation processes imposed by lenders, the borrowers’ inability to qualify for modified loans, and the unwillingness of banks to modify loans to affordable levels. In addition, too many of the borrowers who were able to successfully navigate through the loan modification waters later learned that their diligent efforts were ultimately in vain as the United States Comptroller of the Currency reported that over half of the loans modified in the first quarter of 2008 went into default within six months. In order to prevent the loan modification process from beginning to resemble a futile quest for the Holy Grail, it is essential to examine some of the key issues surrounding loan modifications.

Loan Modification Goals

Generally speaking, the primary reason that borrowers seek to have their home loans modified is to reduce the amount of their monthly payments. This result can be achieved by reducing the interest rate of the loan, extending the repayment period of the loan, preventing an interest rate from adjusting upward, reducing the principal balance owed, eliminating a negative amortization term, adding delinquent payments to the balance, or any combination of the aforementioned. It is not surprising that the modification goal most sought by borrowers also happens to be the request lenders have been most unwilling to grant: principal balance reductions. Although reductions in balances create significant losses for banks, it should also be noted that homeowners have been generally unwilling to continue to make mortgage payments when they believe that their home’s value will not exceed the amount that they owe against the property. Therefore, the failure to reduce balances via the loan modification process, coupled with declining housing values, may account for the U.S. Comptroller of the Currency’s finding that the majority of loans become delinquent shortly after being modified.

The Process

Although loan modification procedures and requirements vary
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from bank to bank, the typical process begins with a borrower contacting the bank’s loss mitigation department to request a loan modification. The lender will then send a loan modification application and forms to the borrower to be completed and returned to the lender. The bank will also require other documentation to be provided by the borrower in support of the application. This documentation may include bank statements, tax returns, pay stubs, a hardship letter and an appraisal or broker’s price opinion to show the current value of the property. After all of the requested documentation has been received by the lender, a bank representative or negotiator will eventually contact the borrower to make a proposal of the new loan terms or simply reject the initial modification application altogether. The borrower then either accepts the bank’s proposal or negotiates new terms until an agreement is reached and new loan documents are formally executed. It is also advisable for the borrower to regularly contact the loss mitigation department throughout the process to ensure that all documentation is being received and that the modification request is proceeding in a timely fashion.

Obstacles to Modification

The most obvious obstacle to successfully modifying a home loan is the borrower’s inability to qualify for the new modified loan. Once again, lender eligibility requirements for modification can differ greatly. However, Fannie Mae and Freddie Mae have implemented a Streamlined Modification Plan to more effectively respond to the increasing number of loan modification requests. Under this plan, the borrower must satisfy the following criteria: 1) the borrower has not filed bankruptcy; 2) the borrower’s existing loan was originated prior to January 1, 2008; 3) the property securing the loan is owner-occupied and a single family residence; 4) the borrower is at least 90 days delinquent on the existing loan; 5) a 90% or higher loan-to-value ratio is present with the existing loan; 6) the payments after modification do not exceed 38% of the borrower’s gross monthly income; and 7) the borrower must successfully make 3 consecutive monthly payments after modification to demonstrate an ability to pay before the modification is formalized.

Also, lenders are generally under no legal obligation to modify loans for borrowers. Consequently, if a modification request becomes too cost prohibitive, banks will often take their chances with the foreclosure process instead. Lenders may also have inadequate staffing to handle the increasing number of modification requests without frequent borrower follow-up. A borrower’s property might also serve as security for more than one loan, and it can often be challenging to coordinate modification terms between multiple banks. Further, if the loan has been sold by the bank on the secondary loan market to any number of potential investors, the original loan will often be split into different fragments before pooling them with other portions of loans as mortgage-backed securities. In this case, it can be very difficult to coordinate with the many investors to obtain approval for the modification.

Finally, borrowers should be weary of a large number of fraudulent companies attempting to assist homeowners with the loan modification process. The mere fact that these companies are using seemingly reputable television commercials or websites as advertising mediums should not alleviate a borrower’s concerns. The rapidly increasing number of loan modification scam-artists has temporarily caught law enforcement off guard and it may take some time before these culprits are apprehended and their brazen actions are quelled. In the meantime, borrowers should be especially cautious when dealing with companies that demand fees in advance of any services to be provided as this practice in and of itself is prohibited by most state laws.

For further assistance with the loan modification process, it is advisable to contact an attorney or your local REALTOR
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®. In addition, the U.S. Department of Housing and Urban Development has a list of approved housing counseling agencies at hud. When a borrower attempts to personally modify a home loan, it is essential to identify modification goals, understand the particular lender’s modification requirements, frequently check on the status of the application’s processing, and by very patient.

By: Brian S. Icenhower

Article Directory: http://www.articledashboard.com

Brian S. Icenhower, Esq., BS, JD, CRB, CRS, ABR, a California Association of Realtors Director, practicing real estate attorney, a real estate expert witness and litigation consultant, a prosecution consultant of Tulare County District Attorney Real Estate Fraud. He may be contacted at bicenhower@icenhowerrealestate.com, or www.icenhowerrealestate.com

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Commercial Real Estate Investments – Why They Are Better Than Its …

This makes investing fix real estate a incredibly more expensive alternative. However, by creation use of one of the oldest forms of practice business, partnerships, one can avail the benefits of real estate with far little cost to …

An Outline On Law, Lawyers And Law Firms | ATTORNEY ARTICLES

Breaks, civil rights, education, intellectual property, real estate and taxes. Attorneys-backbone of the legal system: In general, the legal system affects all aspects of society. Lawyers play the role of advocates and advisers. …

Learn To Calculate Jamaica Home Tax

However all the Jamaica real estate taxation as administered by the government of Jamaica is accurate as at January one, 2006. The buyer’s Jamaica real estate attorney must do a title search prior to deposits and signing the Jamaica …

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Five Things You Must Know Before Buying Property In Belize

Buying property is always a stressful process and can be even more so when purchasing in a foreign country. However, Belize is part of the British Commonwealth with a legal system that shares the same British common law as does Canada and the United States.

However, there are five basic things that every buyer must know before they begin that process of buying their dream property in Belize:

1. A foreigner can own property outright in Belize and has the same rights as a Belizean citizen to freehold property ownership. Since the Alien Landholding Act was abolished in 2001 there are no licenses, permits, special permissions or conditions needed for a foreigner to take title to freehold land in Belize.

2. It is always advisable to have professional legal advice when purchasing property although you will often be told the opposite. There are experienced and reputable paralegals who will be familiar with the title history of local properties and they can often finalize a purchase. However, there can be important issues concerning how best to take title which can impact your closing costs and potentially impact how you sell your property. Don’t take any risks, obtain qualified local, legal representation.

3. Title insurance is very prevalent in the US and increasingly so in Canada but is not so common in Belize. However, Belize is one of the few Central American countries that in fact does offer title insurance through one of the major American providers, Stewart Title. It is important to note that the Government of Belize guarantees most Belizean titles while your local lawyer can provide a title opinion which makes property purchase as secure regarding your title as in the USA and Canada.

4. Closing costs in Belize are very straight forward. Since there is no capital gains tax associated with the purchase and sale of real estate, the Government assesses a 5% stamp tax on the declared purchase price of the property at the time of transfer of title. However, there is an additional tax of 5% for foreigners and persons who have resided in Belize for less than 3 years. It is important to fully review and understand your options prior to completing the sale to insure you take title to your Belizean property that best serves your particular circumstances. Closing fees to your lawyer
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or paralegal should be budgeted at a minimum of $500 – $1500.

5. Local financing, although available, would not be a recommended course of action. The majority of foreign property transactions is either cash or otherwise financed offshore. Belizean interest rates are typically much higher than you will be used to in your home markets with fixed terms of only twelve months and only issued in Belizean dollars. At the end of every year the loan is closed out and then renewed at the current interest rate. A more reasonable alternative may be to borrow through an offshore banking institution and, as always, professional advice is very important.

Common sense needs to prevail when contemplating buying property in any foreign jurisdiction and that should begin by retaining an advisor who is on your side and not compromised by acting for the seller as well. Begin by following the above five factors and you will go a long way to making this an exciting and joyful experience.

By: Robert Tweedie

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Robert Tweedie is a Canadian with over twenty five years experience as a real estate attorney combined with ten years experience in the United States as a certified business analyst. He is the managing partner with ChaseForbes, which specializes in all facets of purchasing property in Belize as well as more complex issues regarding offshore investing and privacy. More information is available at www.chaseforbes.com

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What’s the Difference Between: A Lawyer, Solicitor, Advocate, Barrister, Counselor, and an Attorney?
 by: Amit Laufer

Have you ever wondered where all these somewhat confusing terms came from? Well the answer is they are all types of Lawyers originated from various legal systems. Some of the terms are from the English legal system, some are from Scotland and some from the American legal system.

An Attorney is somebody legally empowered to represent another person, or act on their behalf.

A Lawyer is somebody who can give legal advice and has been trained in the law.

Are Attorney and Lawyer are synonyms? Basically yes, but they are not necessarily Interchangeable terms, you cannot for instance say I give you the Power of a Lawyer, but you definitely might say I give you the power of Attorney…

Look again at the above definitions, does it now make any sense? Off course it does.

An attorney in fact is an agent who conducts business under authority that is controlled and limited by a written document called a letter, or power, of attorney granted by the principal. An attorney at law is an officer of a court of law authorized to represent the person employing him (the client) in legal proceedings.

A Solicitor- One that solicits, especially one that seeks trade or contributions. The chief law officer of a city, town, or government department but does not act as an advocate in court, as opposed to the Attorney who pleads in court. (English Law).

A Barrister(Called Advocate in Scotland) presents the case in court. Most senior and distinguished barristers are designated King’s (Queen’s) counsel.

A Counselor at law- In the past at least in some U.S states there was a distinction between the term A Counselor at Law who argued the case in court and an attorney who prepared the case but didn’t argue it.

Nowadays an attorney at law is authorized to exercise all the functions of a practicing lawyer. All of them must, however, like the ordinary attorney, be admitted to the bar. The term attorney is also used for county, state, and federal prosecuting officers, as county attorney, district attorney, and attorney general.

Lawyers, also called attorneys, act as both advocates and advisors in our society. As advocates, they represent one of the parties in criminal and civil trials by presenting evidence and arguing in court to support their client. As advisors, lawyers counsel their clients concerning their legal rights and obligations and suggest particular courses of action in business and personal matters. Although all lawyers are licensed to represent parties in court, some appear in court more frequently than others. Trial lawyers, who specialize in trial work, must be able to think quickly and speak with ease and authority. In addition, familiarity with courtroom rules and strategy is particularly important in trial work. Still, trial lawyers spend the majority of their time outside the courtroom, conducting research, interviewing clients and witnesses, and handling other details in preparation for trial.

Lawyers types:

The legal system affects nearly every aspect of our society, from buying a home to crossing the street. Lawyers hold positions of great responsibility and are obligated to adhere to a strict code of ethics.

The more detailed aspects of a lawyer’s job depend upon his or her field of specialization and position. Although all lawyers are licensed to represent parties in court, some appear in court more frequently than others.

Lawyers may specialize in a number of different areas, such as bankruptcy, probate, international, or elder law. Those specializing in environmental law, for example, may represent public-interest groups, waste disposal companies, or construction firms in their dealings with the U.S. Environmental Protection Agency (EPA) and other Federal and State agencies. These lawyers help clients prepare and file for licenses and applications for approval before certain activities may occur. In addition, they represent clients’ interests in administrative adjudications.

Some lawyers concentrate in the growing field of intellectual property, helping to protect clients’ claims to copyrights, artwork under contract, product designs, and computer programs. Still other lawyers advise insurance companies about the legality of insurance transactions, writing insurance policies to conform with the law and to protect companies from unwarranted claims.

Most lawyers are found in private practice, where they concentrate on criminal or civil law. In criminal law, lawyers represent individuals who have been charged with crimes and argue their cases in courts of law. Attorneys dealing with civil law assist clients with litigation, wills, trusts, contracts, mortgages, titles, and leases. Other lawyers handle only public-interest cases—civil or criminal—which may have an impact extending well beyond the individual client.

These issues might involve patents, government regulations, and contracts with other companies, property interests, or collective-bargaining agreements with unions.

Other lawyers work for legal-aid societies—private, nonprofit organizations established to serve disadvantaged people. These lawyers generally handle civil, rather than criminal, cases. A relatively small number of trained attorneys work in law schools.

The real life situations have created “specialties” according to business profitability. This is how terms like Vioxx Lawyer, DUI Lawyer, Lemon Law Lawyer , Structured Settlements Lawyer and others came about.

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About The Author

Amit Laufer

MBA – International Trade & Finance – Heriot-Watt University. Bsc. Computers and Information Systems – Long Island University – C.W Post Campus. Hobby: Photography. Married with two Children.

Owner Editor of: http://www.Lawyers-Best-Infoweb.com

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How To Choose A Foreclosure And Mortgage Modification Company

Homeowners who are confronting the reality of a foreclosure have become food for mortgage brokers, loss mitigation or loan modification companies. Many new companies who contact you say they are foreclosure consultants or many other terms. They just pop up and get your contact information from title records or other means. It is very important to use a debt settlement company that has an actual state licensed attorney on the premises. There have been many instances of borrowers who are already in dire need getting scammed for promises the sales man can’t keep. Moreover, be certain that the attorney for the company practices mainly in real estate and not family law or other areas.

Most attorney backed companies will provide the applicant with a forensic loan document review whereby they analyze the loan’s closing statement, HUD1 settlement, loan application for any Truth in lending Violations or Predatory lending violations. And if there are some errors found (small or large), there is an 80 to 90% chance your terms will be changed with the lender. The fraud by lenders has been abundant for borrowers who have lower credit scores.

Statistics show that non-attorney backed loan modification companies end up providing nil for their clients and they cannot offer the client any legal protection due to the delays. In these types of situations, borrowers are caught being too late and lose their home through foreclosure along with their credit. It becomes a double-edge knife in their back.

Therefore, it cannot be stressed enough that you when go with a mortgage modification company you should work with one that has track record and the proper experienced people on staff who will work with assist you in stopping foreclosure and/or changing your mortgage terms such as rate, payment and the loan balance. Attorneys who are stated licensed must adhere to a strict code of conduct and higher ethical standards, and while they are not able to guarantee a successful result for your case, they are more than likely to accept it if they consider after evaluation there is a large opportunity to get you a positive result.

By: m/profile/Frank65/55021>Frank65

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Frank Collins is an expert on Real Estate, Mortgage, Credit, and Automotive topics. He currently writes for various online mortgage sites and loan modification attorneys on homeowner educational topics. Use a Mortgage Modification Attorney in California or a New York Real Estate Lawyer who serves all 50 states.

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Euthanasia In The Real Estate Market: The Good, The Bad And The Ugly

Does the Real Estate market need a kick in the pants or a shot in the arm from good ole’ Dr. Kervorkian?

According to Bloomberg News, President Bush recently directed the Federal Housing Administration to guarantee loans for delinquent low-and-middle-income borrowers.

Hell-oooo!! Anybody home? No pun intended!

First, the majority of the people who borrowed from sub-prime lenders did so because they wouldn’t qualify, for whatever reason, for a conventional FHA mortgage. To counteract that fact, CNN said that Bush’s proposal may take the form of expanding the pool of borrowers who can apply to the FHA to refinance their loans.

Is this a good thing?

Maybe.

Maybe not so much.

Right now, if people refinance a loan that includes the lender forgiving any of the debt, there are a plethora of nasty tax liabilities that come into play. Same thing with a short sale. If Congress doesn’t work quickly to change that section of tax code, some homeowners who are actually able to take advantage of trying to re-fi through FHA may find they have a big IOU with the IRS.

And, as we all know, some of us all too well, the IRS doesn’t take kindly to IOUs. They’d much rather you show them the money – A.S.A.P. or E.L.S.E.

The “big picture” from the Mortgage Bankers Association report is that in the second quarter, the rate of loans entering the foreclosure process was 0.65 in the first quarter. The same report states that the percentage of sub-prime borrowers making late payments increased from 13.77. That’s a scary trend you definitely don’t want to be part of.

The bottom line is that this rapidly escalating foreclosure and potential foreclosure situation should never have been allowed to happen in the first place. Irrational and often predatory lending practices by some sub-prime lenders and some unscrupulous mortgage brokers, along with – let’s be honest here – some not so educated borrowers who decided to live outside of their means or who were trying to keep up with the proverbial Joneses – all share the blame for this economic fiasco.

While there are certainly honest sub-prime lenders and up-front mortgage brokers,
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an awful lot of nice folks have been truly taken to the cleaners by some not-so-nice mortgage lenders. Why this doesn’t go without saying, I have no clue, but homeowners need to GET EDUCATED AND DO THEIR HOMEWORK.

Here’s my assignment in a nutshell.

* Watch out for deceptive ads with the fine print in two-point font size,
* Get some high-powered reading glasses and read the fine print,
* Only use references from professionals you would trust your first-born’s financial future with,
* Research and understand the industry’s “alphabet soup”,
* Be aware of this tactic used by some Internet mortgage advertisers touting low-price loans: be sure to scroll all the way down to the bottom of the Web page, because often the little gotcha details are buried past a ton of blank space,
* Ask questions and then ask MORE questions,
* Get everything in writing,
* If that little voice inside of you has the teeniest, tiniest bit of doubt or confusion, hire a Real Estate attorney to go over the paperwork because a small investment now could literally save your home, your credit and your sanity, along with hundreds of thousands of future dollars,
* Remember, if it sounds too good to be true, no ifs, ands or buts — IT IS!!

With that said, what can be done right now to make life a little less sweat-soaked for homeowners already teetering on the edge?

Take a reality check on where you stand, lay it on the line, suck it up and be honest with your lender – they don’t want to take your house any more than you want to lose it. In addition, don’t demonize “everybody else” – taking responsibility feels good – thank you, Dr. Phil.

Along with consumers taking personal responsibility, I believe the industry and the government need to take what I call the hybrid “Jack Kervorkian/Dracula approach”. Euthanize the voracious practices of so many of the sub-prime lenders then drive a stake through their hearts so they don’t come back to life when this is all over. Because the massive amount of misery they create gets inflicted on the entire rest of the economy.

If we can get that to happen, as President Bush might say, we’d be doing a heck of a job.

By: Butch Grimes

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Stay tuned, the foreclosure issue is heating up and will be one to look out for. Stay informed and don’t forget to listen to Butch Grimes, The Real estate educator on KTYM 1460am at 6:00pm every Monday night. He can also be reached at 323-750-3690 or www.WeTalkRealEstate.com

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Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

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Who needs a real estate attorney when you have a real estate agent working for you, right? Wrong! agents can be very helpful in showing you where to find the perfect home or selling the one you no longer need, but they are not attorneys.

Any time someone signs their name to a legally binding document, they should have an attorney look it over first. Once you sign your name on the dotted line of a contract, you are legally bound to it. Protect yourself by having a legal expert take a look at it first.

If you are buying a house, the attorney will be able to do the following:

* They will advise you on the title documents and the best way to hold title of the property.

* They will make certain that you fully understand the sales contract and what it entails.

* They can look over mortgage terms, insurance liability and taxes. If a few more people had used real estate attorneys before they ended up with damaging hybrid mortgage arrangements, perhaps our country wouldn’t be experiencing the current high rates of foreclosure.

* They will make sure that there are no problems with the title insurance

* They may attend the closing to scrutinize all paperwork before you sign it.

* If you are having a home built rather than purchasing an existing home, there are even more details that require an attorney’s eye for details. The contract for a home being built is quite complex and includes deadlines, building material stipulations, zoning laws, etc.

If you are selling a house, the attorney will be able to do the following:

* Make sure the sales contract covers all details to protect you.

* Arrange for title and insurance certificates, if necessary.

* Attend the closing to look over documents, if necessary.

Real estate attorneys are well versed in federal, state and local laws and how they pertain to the buying and selling of property. They are able to help with other property issues, as well. They can advise a homeowner who is facing foreclosure or is involved with a property line dispute with a neighbor.

A real estate agent is helpful, indeed. But realtors are making a commission from a home being sold so they have their own agenda. A real estate attorney’s agenda is to provide his or her client with protection. Don’t you want one on your side when you are signing off on some of the largest financial transactions of your lifetime?

In Sevierville, drug attorney, divorce lawyer, and real estate attorney experience can be found in one practice with an experience in a variety of charges including domestic violence, drug charges, white-collar crimes, real-estate crimes, theft etc. Know more at http://www.andrewfarmerlaw.net

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When dealing with property, it’s always a good idea to seek the counsel of an experienced real estate attorney. But where does one begin? How can you determine the good from the bad? In this article, we will outline the steps necessary to choosing a quality lawyer.

To begin, you should make up a list of prospective options. Ask around to family and friends to see if they have any recommendations. Do an internet search and check out reviews from previous clients.

Once you have a good size list, take a few minutes to make sure that you are looking at the correct type of lawyer. Even in the real estate field, there are a number of specialties that set individual lawyers apart from one another.

Types of real estate law include:

1. Landlord / Tenant

2. Residential

3. Commercial

4. Agricultural

5. Industrial

Other types include construction and environmental law. It’s important to note that an expertise in one of these areas does not necessarily guarantee the same in another.

The next step is to effectively find out every detail you can pertaining to your list of candidates:

Check out the website. What is their expertise? Do they have any reviews?

1. What kind of experience do they have?

2. Do they represent consumers?

3. Take a look at the list of representative clients (if available). Does this lawyer work with businesses or individuals similar to you?

4. Ask around to see if they have a good reputation.

5. Ask about conflicts of interest. Does the lawyer represent any of your opposing parties?

Consider any special needs worth discussing. For example, could you benefit from an attorney who is fluent in a language other than English?

When you break it down, there are really only two types of real estate attorneys: those who handle contract matters (transactional), and those who handle lawsuits (litigators). There are some who do both, but more often than not, you’ve find those who specialize in one or the other. If you are involved in a lawsuit, you should find yourself a litigator, otherwise a transactions specialist my be your best option.

If your issue does not involve a lump sum of money, consider whether there may be other individuals with the same issues. If so, you may just be able to pool your funds together and hire the same lawyer.

By this point, you should have a fairly good idea of which option best suits your needs. Schedule a consultation so that you might discuss your situation and determine a game plan.

Hopefully, you now have yourself a better idea of what goes into hiring a real estate attorney.

A palm springs real estate attorney now offers the experience and expertise that can help solve your property dealings at complete ease. The staff tries to stay abreast of current trends in law, and this will help make the legal process easier for you. To know more, visit http://www.monkmanlaw.com

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Few towns in America have seen the explosive growth that Asheville has experienced, and with that surge in popularity has also come an increased demand for Asheville attorneys and their various services.

The Growing Need for WNC Attorneys

Starting in the late 1990s, attorneys in WNC saw their businesses begin to expand, primarily because more and more people discovered the Asheville area and decided to buy land or houses here. Almost every local real estate contract or transaction also calls for a real estate attorney to represent the buyer, the seller, or both parties. So the number of real estate lawyers in the area has continued to grow over the years. Although there were relatively few lawyers in WNC twenty years ago – because there just were not that many people living in the Western Blue Ridge Mountains – that has all changed rather dramatically and significantly. Not only is WNC – especially the immediate Asheville area – much bigger and more populated than it used to be, but there are also many new lawyers and lawyer offices dotting the local landscape.

Hundreds of New Businesses and Financial Ventures in WNC

The population of greater Asheville has, in fact, practically doubled within the past 15 years, growing from about 60,000 to at least 120,000. In order to support that kind of growth – and in order to capitalize upon that, hundreds of new businesses have opened their doors. There are dozens of new restaurants, for example, and the local Asheville Mall on Tunnel Road recently expanded to nearly twice its original size. Many of those ventures involved land acquisitions that depended on real estate lawyers for help.

The Boom of the First Decade of the 21st Century

Just as the housing boom affected other parts of the nation like California, it also had an impact on WNC that was historically unprecedented. Thousands of people now live in condos, planned developments, gated communities, and apartment projects that did not exist back in 1995. Not only has residential real estate grown exponentially, the growth in commercial has increased dramatically as well. Asheville is enjoying large numbers of new office buildings, retail buildings and restaurants, and multi-use structures. Developers in both the residential and commercial sectors, need qualified attorneys to protect them and to provide guidance for the legal issues that their real estate developments face. Lawyers are staying busy assisting in residential, commercial, and development legal issues, as they keep up with the demand for good Asheville attorneys.

To learn more about choosing a qualified Asheville real estate attorney visit McGuire, Wood & Bissette, P.A. at http://www.mwbavl.com

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Estate planning and wills are usually the last things people want to do, so they end up just talking about it. It is difficult to face one’s own mortality; however, think of it this way — with proper estate planning your wishes for asset distribution will take place in the way you want it.

Before you begin to think about what you would like done with your assets, locate a qualified estate-planning attorney. You ideally want someone with extensive experience in this area of the law; an attorney who appreciates the various twists and turns of estate planning, but who offers his or her clients well thought out options for the disposal or gifting of their assets.

This area of the law has several specialties, and knowing this before you contact your attorney will help you select the one you need. Estate planning deals with a variety of issues such as trusts, wills, powers of attorney, and durable powers of attorney. Ask the lawyer in what area s/he specializes when you call.

If you’re planning on having a will drafted and are thinking it will not take long or cost that much, think again. Wills are not simple and if you want your will to accurately reflect your last wishes, then it must be written according to the laws of your state.

Yes, there are online wills, however they do not point out legal issues you need to address while drafting the document. This is why consulting with a highly qualified estate-planning attorney not only makes good sense, but it will save you time, money and legal problems later.

There are very few simple and straightforward wills. You might find the odd one on a TV legal show but in real life, people want things done with their assets that makes the will more complicated and challenging. This is what you are paying your lawyer for, to make your wishes viable according to the law. You want the will nice and tidy and legal; something no one would dream fighting over.

D0-it-yourself wills are nightmares for the executors and quite often the requests contained in them can’t be carried out because they are not legal. It makes more sense to consult with a competent estate-planning attorney who knows how to write a proper last will and testament that will embody your final wishes.

About The Author

Patrick Warwick is the lead content contributor for Chicago bankruptcy firm, The Law Office of Jay F. Fortier, P.C.. To speak with a Chicago bankruptcy lawyer or learn more about creditor rights, visit http://Westsidebankruptcy.com.

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