Why A Good Divorce Solicitor Is the Best Friend You Never Knew You Had

A good divorce solicitor can be a real help to some going through the experience of a divorce. The following are some reasons why a good divorce solicitor is one of the best friends or contacts to have in a divorce situation.

Understands Grounds for Divorce
First of all, good divorce solicitors understand grounds for divorce very clearly and in full detail. This can help you get a sense right from the outset if divorce is the best legal action to take and what the chances of the legal proceeding coming out in your favour are. In order to move forward with a divorce with confidence, your actions need to be grounded in a good the sense of the grounds for divorce. If you try to tackle a divorce on your own, you may have only a hazy sense of what the grounds for divorce are or how to present them effectively in court. A divorce solicitor can clarify all this for you as well as present your divorce grounds so that they are clear and convincing in a court setting.

Knows How to Handle Judges
Divorce solicitors know all the intricacies of dealing with the judges that preside over divorce cases. This is something that is only gained with experience. If you have never gotten a divorce before, or even if you have, you will not have anywhere near as much experience dealing with judges as a divorce solicitor will. Judges are not always the impartial and infinitely just parties that one would hope. They can have their own motivations or make judgment errors. It is thus very helpful to have a divorce solicitor on your side when dealing with them.

Can Supply you with General Legal Information
Information about your grounds for divorce is not the only information you need when getting a divorce. A divorce solicitor can supply you with general legal information and advice that will give you a balanced picture of the proceedings. He can go over all the elements of a divorce in its contractual and civil aspects, giving you a helpful overview of what you should expect. In general the better informed you are about that the way divorces work in a legal sense, the better your chances of getting what you expect from the divorce.

Maximizes Allocation of Assets
If there are significant monetary and property assets to be divided up, the presence of a knowledgeable divorce solicitor can really make a large difference as to what the final settlement is. Chances are you wish for a fair settlement with both parties getting about an equal amount of the assets. Or you may feel for various reasons that you deserve more of the assets. Either way the divorce attorney can work in your favour here and see that the best financial and property allocation is reached.

Can Advise you Regarding Common Errors
A solicitor can advise you in such a way as to help you prevent some common errors that often occur when people go through divorces. Left to your own devices, you might make such errors, but with the help of the divorce attorney they can be avoided and the proceedings can go well from the start. It is thus wise to take advantage of divorce solicitors. They can be some of your best friends in the difficult times that divorces often are for people. Use them.

Is A Short Sale Good For Me ?

A short sale can be a very intense and perplexing process. There are a lot of twists and turns and it is crucial you have a real estate agent who not only knows the formula, but can direct you through gathering the information essential to provide your short sale lender. And most important of all, is accomplished in negotiations with the short sale lenders, and homebuyers alike. But there is no uncertainty that in most homeowners positions today, a short sale is far and away the better alternative vs. allowing the home go to foreclosure.

Home sellers should think about a Short Sale in Sacramento when the value of their home is LESS than the amount of their undischarged loans. For instance, if your home is worth $ 150,000 but you have a loan of $ 260,000 then a short sale is a alternative. Obviously, if you do not have to sell your home, you could wait out the market and hope for a turnabout in real estate values. Sometimes this isn’t an alternative due to other conditions such as job loss, divorce, etc.

However, if you do have to sell your home you basically have three options. First, you can bring cash to the table. In the example above you would sell your home for $ 150,000 and pay another $ 110,000 to the lender out of your pocket to pay off the loan on your property, not a likely scenario. Second, you could let the home go into foreclosure, or deed in lieu. The lender will go through the foreclosure process, force you out of your home and then auction it off to the highest bidder at a foreclosure or Trustee’s auction. The third option is to pursue a short sale. You contact the lender, and you list the property with a REALTOR explain the circumstances and your REALTOR will negotiate with the bank and convince them to take less than full value of their loan. We will then give you constant updates on the process and answer any questions you may have along the way. We have been successful in getting the lenders in reporting the debt as paid in full to the credit agencies.

In the instance above you may tell them you have a buyer for $ 150,000 and it’s very improbable there will be another buyer at a higher price. If they will accept $ 150,000 for their $ 260,000 loan then you’ll be able to continue with the short sale. Some of the times the lender will conceive a short sale before you even have a buyer and you can market your property accordingly, and if you find a buyer, take their offer to the lender as consideration. The short sale lender could or could not accept the offer depending on if the offer is at full market value, in this case $ 150,000. This is another necessary part of the REALTORS obligations to you as a short sale seller. And incidentally, the best part is the lender is bearing the commissions, it cost you as a short sale seller absolutely nothing.

Although most lenders will not be exhilarated at the prospect of a short sale they are acutely mindful that a foreclosure is generally a faraway more time consuming and costly option. In a real estate market where housing values are declining it is in the best interests of the short sale lender to liquidate their problem loans as rapidly as possible.

With a short sale, a property can be sold and the loan taken off their books reasonably quickly. If they pursue a foreclosure they run a risk of the process taking a significant amount of time during which the value of the property is devaluing. Also, buyers will be inclined to write “low ball” offers when they are aware that a bank or lending institution owns the property. The property could also be left vacant which can result in vandalism and deterioration. Some owners may even gut the home just prior to the foreclosure sale as a way to ‘get back’ at the lender. This is illegal but all the same it happens on occasion. So, you can see why a lender may want to go the short sale route and get the loan off of their books with nominal hassle.

Short selling* is not necessarily complicated but does require some work on your part and your short sale agent’s part if one is involved.

Determine the true value of your property. Many times a short sale agent can provide a market analysis or CMA and give you a good idea of the value of your property. If the market is moving downward keep in mind that your home’s value may be moving descending as well and estimated valuations may be valid for only a short time.

You also need to have your REALTOR or short sale agent calculate your estimated closing costs. Items such as a title report, escrow fee, appraisal fee, attorney fees, agent commissions, unpaid property taxes etc. could amount to a significant amount of money. Although this is not out of your pocket as a short selling seller. These amounts come out of what comprises the net proceeds after the sale takes place. It costs you as a short sale seller zero.

You’ll need to know the principal balance on your property. Include all loans on the property in your calculation.

Calculate your equity. Normally the value of your home is more than the total of the loans and closing costs. If your closing cost estimate plus your loan amounts are higher than the value of your property then a short sale is a possibility.

Your short sale agent will need to get in contact with your short sale lender and explain your position, but you will need to give them authorization to do so. Typically lenders have a loss mitigation dept. that your short sale agent can contact. Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so. Some short sale lenders will not even consider a short sale until you have missed a payment or two. Some will not consent to short sales at all. You will need to know where your lender stands with regard to short sales so contact them as quickly as possible. A REALTOR can aid you in this process as well.

Consider your potential tax obligations! Many times there can be a substantial tax obligation after a short sale has occurred. Be sure to consult with an accountant or tax attorney to figure out how much money you could owe the IRS if you proceed with a short sale. Although there has been laws passed both on the federal and state levels assisting homeowners facing losing their homes.

It is very important to select a REALTOR or Short Sale Agent who knows how to market the property effectively so you can get a full market value offer. The bank will be appraising the property as well, so a full price offer has a better chance of being acceptable by your short sale lender.

Altogether the documentation needed to begin a short sale is typically called a “Short Sale Package” and is ordinarily submitted by the homeowner in the property with the guidance of your Short Sale Agent.

The short sale package typically includes the following items:

Sample Short Sale Package (items could change depending on the short sale lender):

Cover Letter Authorization to Release Information – This gives your agent authorization to speak to your lender Sellers Hardship Letter – Samples of hardship letters will be provided Seller’s Financial information – Any 401K accounts, stock holdings etc. 2 years of Tax returns – Just the first two pages 2 months pay stubs 2 months bank statements Supporting Hardship Info – HOA liens, medical/disability statements etc. Repair Estimate for the property Comparable sales for the property – This will be provided by your REALTOR Contract – Once an offer is received it will be presented and negotiated by your REALTOR Net Sheet – This will be provided by your REALTOR in conjunction with the title company First mortgage holder may ask for a payoff amount from the 2nd Second mortgage holder may ask for a payoff amount from the 1st Lender may ask for an Initial Title Report FHA and VA may have their own forms and special requirements as well

We’ll assist you in accumulating all of the documentation and resolve any questions you may have along the way.

During the process of receiving an offer on the property, your REALTOR will work with a title company to generate what is called a HUD 1 or seller’s net sheet. This document will take all terms of the offer into consideration and arrive at a “net due to seller” at the closing of the sale. This net due to seller is what the bank, your lender will receive after the sale. In a short sale the REALTORS commission and all other seller expenses are taken out of the net due to seller. So it cost you as a short sale seller NOTHING!!

Sometimes the lenders will have a shortage of what the offer is to net after the sale and what they are willing to accept in order to proceed. Sometimes they will ask that the homeowner contribute to the sale, or bring cash to the table. That is where I as a REALTOR step in and negotiate with the lender. There are “creative” ways to negotiate such a request. Sometimes the buyer will contribute more to the transaction, sometimes the REALTORS may have to contribute some. Sometimes we are able to negotiate these sorts of requests by the lender completely to nothing, depending on the hardship that presents itself.

For more Short Sale Information see me Short Sale Resource website, Short Sale Information, If you need more information on the process see my website, Short Sale Info

Is A Refinance Mortgage A Good Idea ?

Very few people are able to own a home without utilizing mortgage home loans. These loans are, for most people, the biggest debt they will ever be encumbered with and the process of getting a home borrowing is often one of the most stressful things people experience. And, when it comes time to refinance mortgage loans, the same also holds true.

Just about anyone who purchases a house is pretty much destined to labor under the weight of mortgage payments for at least 30 years, which is the life of the most common mortgage loans. Sometimes, the length of a home loan can be reduced or stretched out even longer depending on the needs of the homeowner and what they are trying to accomplish through their mortgage refinancing.

There are any number of reasons why people refinance mortgage loans. One very common reason is divorce. In many cases one person moves out and the other wants to remain in the home. When this happens it makes a lot of sense to get the mortgage refinanced if possible.

Refinancing a home loan in this situation will assure that the house is only in the name of the one staying in the house. It will also serve to pay off the previous mortgage so that the other person is no longer obligated under the terms of the old home financing arrangements. In many cases, the house refinancing is taken out for an additional 30 years to make the payments manageable for the newly single person.

One of the most popular reasons why people choose to refinance mortgage home loans is because there has been a drop in loan rates in the home financing market. Often a family can end up saving hundreds of dollars every month even if the interest rates have only dropped half a percentage point, depending on the size of the loan. This often makes it an easy financial decision to spend a few thousand dollars on loan fees in order to save that much each month.

Many times the home loan lenders offer special incentives to encourage people to refinance their mortgage by waiving the closing costs, appraisal fees and other costs associated with refinancing. In these cases, it is simply a matter of doing the paperwork and then enjoying the lower monthly payments.

People often take advantage of the combination of lower interest rates and no closing cost loans to refinance their mortgage for a shorter time period. Many times people who have 20 to 25 years left on their original mortgage can get a refinance loan with lower interest rates. They take a 15 year mortgage and end up paying about the same monthly payment. This way they can cut many years off the life of the mortgage and will be able to enjoy a house that is free and clear much sooner.

Another reason why people are motivated to refinance their mortgage is to pay off their other debts. They can accomplish this if they have gained a good amount of equity in their house. When doing their refinancing, they can borrow more than the balance of the original home financing.

When people use part of the proceeds from their refinance mortgage loan, this is often considered a debt consolidation loan and it is a smart way to manage debts and pay them off sooner.

Since the high interest consumer loans are being paid off with a lower interest, the payment will go down, or the borrower can pay the same amount they were accustomed to paying and just pay the debt off that much sooner. Another benefit is that the interest on the refinanced mortgage is tax deductible whereas the consumer loan interest is not.

A free home equity audio gift awaits you at our portal site, where you can enrich your knowldege further about a refinance mortgage. Your comment is much appreciated at our home mortgage blog.

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Precisely What is Good Appraisal Management Company

A good AMC company need to possess a number of years in the real estate industry. Although there may perhaps be new small businesses in which present exactly the same services as the recognized ones, it could be fulfilling on your behalf to help one which has currently been able to encounter the ideal and also the worse scenarios of the market. Appraisers in search of appraisal job to create income may possibly have to locate appraisal management companies.

As an appraisal manager, you probably have pointed out that there are actually no lots of selections left that you can choose between. While larger businesses are offering far more work, however they’ve higher restrictions, more quickly turn times and lower rates. Smaller companies are amongst the greater option in which appraisers have currently.

This really is simply because they do not suffer as a lot work but they charge fair commissions and their turn instances are far more reasonable. You’ll need not to undercut on every single job only to trounce an additional appraiser. You will find plenty of solutions available online. However one ought to have the potential to ascertain the great attributes in which best appraisal management companies must have.

Appraisal management companies can give them with all the most effective source of revenue especially because new laws as well as guidelines are being laid out, building a lot of modifications in the industry. With alterations imposed by HVCC in 2009 together with FHA, nearly 90% of appraisals are requested by way of appraisal management services. The majority of these organizations have currently been around for ten years or more and have already proven themselves in the lending community.

There had been certain appraisers who turned down to operate with them previously due to higher commission rates required plus the demands of quicker turn instances. Before registering with any company, be sure that you check out the fine print of the company and if at all possible, you’ll be able to hire specialists that may allow you to comprehend what that you are signing.


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