If you bought a home in 2009, refinanced your mortgage in 2009 or recorded a deed into your living trust in 2009 please be sure to check to make sure that the county didn’t take away your homeowner’s exemption. This video, Tax Exemptions , explains that the county was yanking the homeowner’s exemptions of homeowners [...]
Estate planning and real estate in the Land of Lincoln
Category Archives: Mortgages
New HUD-1 form released
Anyone that participates in real estate closings is dreading the new HUD-1 form that is required beginning 1/1/10. The new HUD-1 form (this is the closing statement that shows all of the sellers and buyers costs and their “bottom lines”) includes a third page that references the good faith estimate given to the buyer by [...]
Drama queen: The mortgage contingency clause
All real estate contracts, except for cash deals, have a mortgage contingency. The mortgage contingency is the drama queen of the real estate contract. It brings out the worst in both seller and buyer and it confuses and frustrates everyone. A mortgage contingency is a condition in the contract on the buyer r being approved [...]
Condo mortgages tougher than ever
It’s harder than ever to get a mortgage to buy a condo. Last week, a client had trouble obtaining a mortgage because the condo association reserves were less than 10% of the operating budget. The condo association had just paid for a large repair to the roof and it tapped the reserves. The association was [...]
