Skip to main content

Home mortgage

A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.

Stanley Lemorin | Jul 5, 2019

You Inherited A Home That Has A Mortgage, Who Owns The Home?

Florida Lien Theory State Florida is a lien theory state, which means that when a mortgage is provided to purchase a property then a lien is placed on the property until it is paid off, the property is sold and the proceeds from the sale cover the mortgage, or the bank forecloses on the property. When you inherit property you also inherit a deed to the property. The deed signifies that you are the true owner of the property and have the right to: will the property, sale the property, place a mortgage on the property, or rent the property. Although you may be the owner of the property through the deed, there is still a valid lien on the property because the mortgage exist. Negotiate With The Bank The lien on the property placed by the bank because of the mortgage does not disappear because you inherit the property by a will. Reversely, you are not responsible for the mortgage on the property, unless you signed the mortgage when it was first being created. The bank only recourse is to file a foreclosure lawsuit in court. If your credit is good, then you can negotiate with the bank to take over the remaining balance with a new mortgage signed by you. Sell The Property Selling the property can be a viable option if you are not interested in keeping the property and the value of the property more than covers the remaining balance of the mortgage. As the owner of the property you have the right to sell the property any time you chose even with a mortgage. However, the proceeds from the sale must cover the mortgage so it can be a viable option to you. For example, you inherit a 3 bedroom 2 bathroom house that will sell on the market for 300,000. But the property has a mortgage for 150,000, in this case once the property is sold the proceeds from the sell will pay off the mortgage and leave you with a profit of 150,000. But, if the same property would sell for 130,000; then there would still be a balance on the property for 20,000, you would no longer own the house but you would not be responsible for the remaining balance on the mortgage because you were not the original signer to the mortgage.

Roy David Oppenheim | Apr 30, 2019

What is foreclosure defense?

Florida Foreclosure Defense: What you need to know by Roy Oppenheim Florida Foreclosure defense attorney and legal blogger, Roy Oppenheim, talks about the state of the Florida real estate market. Roy Oppenheim covers the reasons for the current state of the Florida real estate market and believes that prices will drop another 15 - 20% and Florida will not see upturns until 2013 or 2014. Roy Oppenheim lists the following factors that are working against the Florida real estate market: The Florida foreclosure crisis is not over. Banks had to stop foreclosing because they had to regroup, reorganize, retool, and many times re-file their foreclosures. Many of the Florida courts are understaffed and under-funded. Once the new wave of Florida foreclosures hits, it will put a drag on Florida real estate, continuing to depress prices in Florida communities. Unless Floridians are getting employed and are making the same amount of money as before the Florida real estate crash, they will not be able to afford the kind of housing that previously existed. The government debt crisis causes Floridians to pay more to borrow money. Roy Oppneheim does not see a quick recovery and suggests the following options: - Find a Florida short sale - Renting - Buying Florida real estate and renting it out A refinance solution would help the Florida real estate market and save people money, which in turn could boost the economy from these savings. In a series of short clips Roy Oppenheim will be covering important topics concerning Florida foreclosure defense and what you can do to better manage today's state of the real estate market. Roy Oppenheim will be covering a variety of topics including the following: - Florida Short Sales - Florida Strategic Default - The State of Florida's Real Estate Market - Florida Foreclosure Defense - Florida Deficiency Judgments - Florida Second Mortgages Subscribe to Roy Oppenheim's channel to partake in the Summer School Series and gain knowledgeable information on Foreclosure Defense as it applies not only to Florida but also the rest of the United States.

Roy David Oppenheim | Mar 31, 2019

What Do Commercial Real Estate Attorneys Do? | Oppenheim Law Commercial Real Estate Attorneys

Video: What Do Commercial Real Estate Attorneys Do? FAQ’s With Roy Oppenheim Full Transcript: So one of the questions we get is what does a commercial real estate attorney do? And that’s a very broad question, of course, commercial real estate attorneys are currently involved both in representing buyers, they’re involved in representing sellers, and they’re also involved in representing the bank who’s lending the money to a transaction, and so really it’s three questions. So let’s start off with what a bank lawyer is going to do when they’re lending money on the acquisition of a commercial real estate. And the answer is really simple. They’re going to make sure that the bank is getting good collateral, that the documents are executed properly, that they’re getting a title opinion. Excuse me, a legal opinion from usually the buyers’ counsel confirming that the representations that the buyer made are true and correct, and more importantly, they’re going to make sure that the zoning’s okay. Oppenheim Law | Commercial Real Estate Attorneys Fort Lauderdale 2500 Weston Rd #404 Fort Lauderdale, FL 33331 954-384-6114 There’s no environmental problems, that the leases are all in place. And that there are no other outstanding potential issues that you could have, such as like lead paint or asbestos which are all part of the environmental area. But also that the place is zoned properly, that the people could can occupy the property and can run their businesses appropriately, so that they’ll be enough cash flow to pay for the mortgage. So that’s typically what a bank lawyer does. And then, of course, they negotiate the mortgage documents. And of course, they review the title insurance and they review the closing statement. And they’re basically protecting the bank’s interest. So now let’s talk about what the buyers’ lawyers do because they do something similar. They want to make sure that all the issues that the bank’s concerned about are resolved. And of course, they want to resolve it not just for the bank but also for themselves, so they want to make sure that there’s no zoning problems, that there’s no land use issues, that there no environmental issues. And of course, they’re going to negotiate the loan for the buyer with the mortgage company or the bank. And so it’s going to be some negotiations there over lots of terms and conditions and over covenants and various representations, and so the buyers’ attorneys are going to do that. Of course, the buyers’ attorney is also going to make sure that the title is clear. They’re going to review the title and insurance policy, and make sure the type of commitment. What Do Commercial Real Estate Attorneys Do? And then they’re also going to make sure that there are title issues, that those issues get cleared before closing. And of course, the buyers’ attorney is also going to negotiate the contract with the seller to make sure that they’re getting a fair deal, and then everyone knows who’s on first and who’s paying for what, and that deal is going to fly. And of course, they’re going to make sure that there any tenants, that the tenants have confirmed that their rent is not in default, and that the lease is not in default, and the landlord’s not in default. Those are called estoppel letters that typically get a sheet to tenant. And so that’s what the buyers’ attorney is going to do. So finally, what is the sellers’ attorney doing? The sellers’ attorney is going to do everything that the buyer and the bank is asking the seller to do in order to get the deal done. If it’s a title issue, the seller is going to help clear the title problem. They’re going to have to help get all the tenants to sign the estoppel letters and make sure that the tenants are happy because if they’re not happy, then the buyers’ not going to be happy, and the banks not going to be happy. And of course, the seller’s going to negotiate the contract between the buyer and the seller, as it relates to the actual purchase of the real estate. And I think that’s it for now. Thanks. Areas Of Commercial Litigation Business Torts Contract Disputes Corporate Governance Intellectual Property Insurance Coverage Partnership Disputes Commercial Real Estate Residential Real Estate Transactions for Buyers Residential Real Estate Transactions for Sellers Lender Representation Real Estate Development Commercial Real Estate Commercial Landlord/Tenant Commercial Loan Workouts Oppenheim Law | Commercial Real Estate Attorneys Fort Lauderdale 2500 Weston Rd #404 Fort Lauderdale, FL 33331 954-384-6114 Originally posted on Oppenheim Law: (What Do Commercial Real Estate Attorneys Do?)

Elaine Siegmund | Nov 5, 2018

Garn-St Germain Depository Institutions Act

Transferring Home to Trust No, your bank should allow the transfer of your home to you Irrevocable Trust. First, it is important to understand why your bank is pushing back on this transfer. Your bank is likely claiming that this transfer is triggering the *due-on-sale* clause in your mortgage agreement. A *due-on-sale* clause is a provision that states the entire amount of the remaining debt owed on your mortgage becomes due and payable upon the transfer of your property. Your bank may make the claim that that the transfer to your trust allows them to accelerate the mortgage and demand payment in full. Garn-St Germain Depository Institutions Act The federal statute, the Garn-St Germain Depository Institutions Act of 1982, 12 U.S.C. *1701j-3, authorizes the use of such due-on-sale clauses. However, this statute also lists several exceptions to the a due-on-sale provision. One exception applies to transferring your property to a trust. This includes residential property with one to four units and to stock allocated to a cooperative unit. Specific to your situation, the act prohibits the exercise of the due-on-sale clause in regard to *a transfer into an inter-vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property.* Some banks allege a hard and fast rule that they will allow mortgage holders to transfer their property to a Revocable Trust but not to an Irrevocable Trust. However, such a policy clearly violates this federal statute. If your trust is (1) an inter-vivos trust, which means it was created during your lifetime as opposed to in your will; and (2) you are a beneficiary of the trust; and (3) you are not transferring you right to occupy the property. Conclusion As a result, the transfer of you home to your Medicaid Qualifying Irrevocable Trust likely meets the qualifications of this exception and should not trigger the due-on-sale clause of your mortgage. An estate planning attorney can review your trust to ensure it meets the requirements of this federal statute and advise regarding the transfer of your property to your trust.