Real Estate Attorneys Massachusetts, New England, & the US

REO Verses Foreclosure

2011-02-02T11:14:00.002-05:00

Knowing when a property is actually real estate owned, and when it is merely a foreclosure is paramount to finding the best deals on property. Prior to the bank buying the property, the buyer will default on their mortgage and the property will be placed on sale to the public via auction. This property is now a foreclosed property and will be sold at a discounted price to the public.

If the home does not sell for the price that the bank wants, the lender will then buy back the property in order to avoid selling it for less than the market value. At this point, the property becomes REO property and can offer significant savings to you as a buyer.

Banks are not in the business of owning property, they are in the business of making money. Once a property becomes REO property, the bank will begin the process of listing the property for sale. A typical real estate owned home can sell for almost 20% off market value.

Because the lender wants to get rid of the property as soon as possible, they are far more willing to work with potential buyers. Generally, any taxes or debts due will be mended by the lender and they will also evict any current tenants to make the buying process easier for buyers.

First time buyers are ideal candidates for REO property purchases. They are able to obtain their first home at a significant savings and with none of the difficulties typical of traditional real estate transactions.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Mortgage Loans in 2011

2011-01-25T11:08:00.002-05:00

Mortgage rates are at record lows for both first time homeowners, as well as existing homeowners. What this means for you as a buyer however, is that your chances of securing a home loan this year could be better than ever if you have your ducks in a row and have done your financial homework.

So what will it take to get a mortgage in 2011? The same stuff it takes to get a mortgage in any other year, starting with your credit score. It isn't that you can't get a mortgage with a poor credit score, it is that your mortgage rate is going to make it impossible for you to afford to pay anything but your mortgage. And that is where current homeowners facing foreclosure found themselves at the time they purchased their homes, high interest rates because their credit score was too low to get the better rate. Higher monthly payments, resulting in less available every month for other expenses.

Credit score matters if you want the best mortgage rate. In spite of the common misconception that repeated inquiries into your credit score will not effect it, your score will fall with every inquiry. However, if you have multiple lenders making inquiries within a few weeks together, the hit will be counted as one and the drop will not be as severe.

This brings us to the next point, do the research for the best lender. You can shop around for mortgage rates and lenders, do it all within a set time frame, and get the information you need with a minimal decrease in your credit score.

While you're researching, make sure that you've already determined your borrowing budget. If you're looking for a home to buy, you should already have a budget that you adhere to, and have a savings plan in place as well. In other words, you are financially savvy enough to understand that your budget might very well be the most important determining factor in whether you will buy a home or not; can you afford it?

If you are in the market for a refinance loan, consider asking your lender to rewrite the terms of the new loan to play out over the life of the old one rather than restarting at the first year mark again. If you have already paid 10 years into your current mortgage and only have 20 to go, see if you can have the refinance loan spread over the same 20 years as well.

In the event that you do not have any savings, or are not in a position to put a down payment on your mortgage, consider a no-closing-cost refi, or applying for government assistance if you qualify. And if your loan is for less than $100,000 consider acting early in the year rather than later, when a government regulation could place you last on the list for lenders looking to make more money on bigger loans.

Make extra payments all through the year whenever you can, not just at the end of the year. You can reduce substantial time off the life of your mortgage this way just by making a few extra payments a year. Alternatively, if you are having trouble making your payments, or if you are behind on your mortgage payment, be sure to contact a HUD certified financial or mortgage counselor immediately for help and information, and to avoid the risk of foreclosure.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Landlord Tenant Issues With Rental Property and Taxes

2011-01-20T22:07:00.002-05:00

Many investors took advantage of the lower prices for real estate in combination with the lower interest rates and purchased investment and rental property. Unlike in the past, the lower rates and prices promise a faster return on their investment, with equity returns sooner rather than later.

If this is your first turn as a landlord, there are some tricky tax situations that you will need to pay attention to during your first year. Even a seasoned landlord will have to keep well informed of the various tax changes from year to year.

For instance, any rental income that you receive for the year will need to be included as income. This amount will include any deposits, non-refundable deposits, first and last month's rent, and any advance rent payments. It doesn't matter when the advance payments are for, you must count them for the year you received them.

Some items that may be a little trickier are items that your tenant does to maintain the property for a discounted rental amount. You still have to claim the value of the task performed as income, and then deduct it as well as an expense. You must also claim as income any expenses paid by your tenant. If your tenant deducts the amount from their rent, you will need to claim the full rental amount, and then deduct the expense.

A less common situation is where a tenant may pay you to exercise an opt out clause in a lease. Again, this is rental income, as are lease with option to buy option payments.

Two small tax breaks are included for renting out space in your residence. You needn't disclose the rent you receive, as long as it is for less than 15 days.

These are the places that the IRS loves to catch people cutting corners, so do yourself a favor and give them no reasons to dig deeper. Consult your tax professional and your real estate attorney for advice in all legal tax and landlord tenant matters.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Federal Mortgage Rule Unpopular with Homeowners

2011-01-14T11:33:00.000-05:00

Foreclosures in MA are part of the overall foreclosure crisis in America. Consumers at present have 3 years to argue their case to lenders when there is fraud or deceit involved. The homeowner is still required to pay their mortgage however, even if less than judicious circumstances exist in its processing.

The following article touches on the subject of Foreclosures and homeowners in general.

Consumers, Senators Criticize Fed’s Proposed Mortgage Rule

by Credit.com on 01/06/2011

Under a new proposal from the Federal Reserve Board, which would amend the consumer protection laws passed over the summer, consumers would have to pay off a home loan even after they received bad information, before it could be terminated, according to a report from Dow Jones Newswires. Currently, Americans have three years to argue that lenders broke consumer protection laws, and perhaps force lenders to refinance or modify the loan.

“In this time of record foreclosures and reports of systemic problems with the operations of the largest mortgage servicers, the proposed revisions are unfortunate and unnecessary,” a group of Democratic U.S. Senators wrote to the Fed, according to the report. “The mortgage market needs greater oversight and accountability to restore borrower confidence lost in the mortgage crisis. The proposed rules would undermine this goal.”

The letter was signed by Senators Sherrod Brown of Ohio, Tim Johnson of South Dakota, and former Senator Chris Dodd, who used to head the Senate Banking Committee, the report said. A Fed spokeswoman told the news organization that the lawmakers’ suggestion will be taken under advisement.

Many consumers have been victimized by improperly handled mortgages over the last few years, and many have faced foreclosure as a result.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Foreclosure Alternatives for the Unemployed

2011-01-11T11:29:00.000-05:00

Several options may exist for homeowners who have made their mortgage payments on time and easily in the past, but who are suddenly unemployed and unable to make their payments any longer.

One such option is the short sale. Under the provisions of a short sale, the homeowner would be allowed to sell the home for less than what is currently owed on the mortgage, and still not incur any responsibility for the remaining debt.

Another option that has gained in popularity is a deed in lieu of foreclosure agreement with the lender. Under this application, the homeowner has been unable to find a buyer for the property and instead offers to give the house back to the bank and walk away rather than continue to make payments or move through the foreclosure process.

In addition to these two options of course there are more standard foreclosure prevention routes to follow. The Federal Housing Finance Agency offers loan modifications through Home Affordable Modification Programs supported and created by the Obama Administration in an effort to help curb foreclosures for homeowners.

Normally, homeowners would have the option to refinance and modify their mortgage according to their ability to pay and income changes. When a homeowner is unemployed however, those options decrease substantially.

If you are facing foreclosure due to unemployment or other reasons, contact a mortgage finance professional for assistance immediately. The programs are changing every day and you will not be aware of what is available unless you speak to someone who is familiar with mortgage financing options.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Homeowner History Determining New Approach for Mortgage Lenders

2011-01-03T21:35:00.002-05:00

Owing to the recent housing crisis, there are very few homeowners left who are not extremely savvy about their financial situations and how they spend their money. This new breed of homeowner is quite aware of how the government plans work, how much the bank is going to charge for their mortgage loan, and what all the fine print, including the many varied fees and disclosures, mean as a bottom line for him as a consumer.

The vast differences in knowledge between the homeowner of today and the homeowner of even as little as 5 years ago, cannot be ignored by lenders. It is time for real estate professionals of all kinds to take a new approach that focuses more on the consumer, and their long-term financial goals.

The lending process must be accurately and clearly explained immediately with a fully transparent lender if you hope to win consumers' business in the current market. Nothing less than full disclosure will do.

Although a client can obtain a list of numbers from a website that will tell them how much his mortgage payment will be, if the calculator is not up to date, he will only be obtaining generic numbers... not personalized service.

Contacting clients personally, returning phone call requests for refinance quotes promptly, offering complete transparency, and helping consumers reach their long term financial goals are the benchmarks of a successful real estate business, where the customer is the main focus.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Home Owner Tax Breaks Often Overlooked

2010-12-23T14:14:00.000-05:00

State Sales tax on materials purchased to repair your home...
Depending upon where you live, if your state has sales tax already this deduction could amount to an even larger chunk of money as it gets added on top of any state income tax deduction. You can visit the IRS website for help using their online calculator to figure this deduction.

Refinancing points...
In contrast to when you purchase a home and are allowed a single large deduction for the mortgage, when you refinance, you will deduct over the life of the loan. So for instance, your annual deduction on a 20 year loan, will be 1/20th of the points.

It may not seem like very much, but it is important to deduct it anyway. If you sell the house before the refinance loan period is completed, you are allowed to deduct any remaining points all at once upon filing after the sale. Also, if you refinance your refinance loan, any points you incur under the new loan, will also be amortized over the life of the loan in this way.

Energy saving home improvements...
Over the past two years of 2009 and 2010, if you have made home improvements, you are entitled to a full deduction of up to $1,500. The credit can be applied toward qualifying window and door upgrades, heating elements like biomass fuel stoves or high efficiency furnaces, and water and air quality upgrades.

For homeowners installing residential alternative energy components that qualify, you can deduct a full 30% of the cost without limit and until the year 2016.

Home buyer credits...
Although this credit would be hard to miss, it pays to research the deadline extensions to see if you can qualify to take any of the myriad home-buyer tax credits that are currently available under the many programs offered by the government.

If you are unsure whether you qualify for any of these savings, talk to an experience professional for more information.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Refinance Appraisal on Property Subject to Lender Preferences

2010-12-10T16:42:00.000-05:00

When considering a MA Closing Attorney, be sure to ask which elements of the home buying process will be handled by your attorney and realtor, and which you will be responsible for handling on your own. In most cases, your realtor will walk you through the pre-closing process, which does include an appraisal on your existing home, however in the event of refinancing, you will generally be offered an appraisal by the lending company. And in most cases, they will not accept your own appraisal or any previous appraisals in determining the current value of your property.

An excellent question and answer article concerning the appraisal process during a refinance loan application follows below.

Should homeowners get their own appraisal before refinancing?
By Ilyce R. Glink
12/10/2010

Q: We've been waiting to refinance because we felt like mortgage interest rates would go lower. But now it looks like interest rates have bottomed out and so we've decided to move ahead.

But at the same time, the value of our neighborhood appears to be falling. With local home values having fallen so dramatically, it seems like we're right on the borderline of having 20 percent in equity. In fact, the amount we owe on our mortgage might be more than 80 percent of the home's value. It's borderline.

Do we risk paying $400 or so for an appraisal that might show us we can't refinance?

Also, everything I read says not to refinance if you're going to move within five years. We might move within five years. In fact, we talk about moving all the time. But one quote I got from a mortgage broker showed us that even with rolling the closing costs into a new 25-year loan, we'd still come out with a lower monthly payment than what we have now.

So does that conventional wisdom still apply? Is there something I'm missing or should we just go ahead and refinance even if we move in a year?

Finally, where is the best place to shop for loans? Should we go with a mortgage broker or call around? I'm getting nowhere with our current big box lender.

A: You've asked some excellent questions that I am sure many of your fellow homeowners are thinking about as well. Let's start at the top.

While interest rates appear to have bottomed out, they could stay at these near-historic low levels for quite some time. (It's my feeling that when 30-year fixed-rate mortgages are available at 4.5 percent or less, it's a sign of how weak our national and world economies are.)

But you're facing an even bigger problem, which is falling home values. The latest figures seem to show that home values are again declining after rising slightly this summer. If you're barely at 20 percent equity in your property today, depending on where you live, it's possible that your home equity will shrink further before you can close on your refinance.

That brings up another issue: If you don't have at least 20 percent equity in your home, you'll have to pay a higher interest rate for your loan or pay for private mortgage insurance (PMI), which is expensive these days, and that additional cost could easily wipe out any savings you would garner from refinancing.

Should you pay $400 for an appraisal? Probably not.

You're better off starting the refinance process and having the lender order the appraisal. If you order an appraisal separately, there is no assurance that the lender you choose will arrive at the same appraised value. The lender will not use your appraisal, and you'll be out the money for the appraisal. If your bank sends out an appraiser and the property fails to appraise at a high enough price for you to refinance, you should make sure that you only lose the cost of the appraisal if you decide not to move forward with the refinance.

As for refinancing even if you're contemplating a move, I think if you can save money from the get-go and pay off the costs of refinance within a relatively short period of time (say, six to eight months), there's no reason not to refinance.

Having said that, if you are paying closing costs and those costs are rolled into the amount you will owe on the mortgage, you may not be getting a great deal even if your monthly payment to the lender goes down. If you sell within one year of refinancing, you'll have to repay all of those closing costs. So, you need to make sure the savings on your monthly payment are sufficiently high to counter any closing costs.

Finally, you should shop for loans at a variety of different lenders, including a big box lender (not yours, but another one), a credit union (if you belong to one or can join one), a mortgage broker, a small local bank and perhaps online.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

What Are Seller Concessions

2010-12-02T16:52:00.000-05:00

A seller concession is anything the seller is going to throw into the deal to make their home more enticing for you to buy. Generally this comes in the form of a financial incentive at the closing as a fixed amount or percentage of the selling price that is returned to the buyer at the closing. This is the most common form of seller concession, but by no means he only form. Basically a seller can offer you anything they like as an incentive to buy their home.

In a buyer's market, seller concessions are fairly prevalent and are not limited to financial incentives. If repairs or upgrades need to be made on the house, a seller can lower the asking price of their property to reflect the work that will need to be done to bring the house up-to-date rather than having to fix the issue themselves.

The current housing market leaves ample room for seller concession negotiations. When taken in conjunction with some of the more liberal home loans available offering no money down, an offer of a seller concession for no closing costs can mean the buyer can come to the closing without any money. This can be an invaluable asset to a buyer, since buying a home typically involves many hidden costs once you have signed the papers and moved in.

If you are interested in seller's concessions at your closing, be sure that your real estate professional is aware of your wishes and is willing to work with you regarding these issues.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Renting Your Property After Buying a New Home

2010-12-01T17:26:00.000-05:00

Your house is appreciating, in a very nice neighborhood, desirable, and easily rented for more than what you owe per month on your mortgage. You find a new home in an even better neighborhood, for less than you currently owe on your main residence.

The problem is, you will need to refinance your existing home to remove the equity and use it as a down-payment on the home you would like to buy. The second problem is, that no lender will give you a refinance loan, unless you are going to live in the home you are refinancing.

The only way around this issue is to get the refinance loan with the plan to live in your home at present. Once you've refinanced, change your mind and purchase the second home with the money from the refinance loan, rent out your house, and move into the new purchase. Some folks would call that dishonest, however, in the land of real estate and financing, it's simply referred to as a wise financial decision.

The old story about buying the house next door and then dumping yours works too, if you can manage to buy the house next door for a song, and you don't mind trashing your credit when you mail your keys back to your lender on the old property.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

What a Real Estate Attorney Brings to the Table of Your Closing

2010-11-17T16:54:00.001-05:00

Lots of people are going the do-it-yourself route in many areas of legal representation, believing, often mistakenly, that they can do the job just as well themselves for what they would spend on an attorney to do the work. Other than criminal representation in court, there are few areas of the law where this is less true than in real estate.

The sheer amount of paperwork alone would be alarming to anyone not well versed in real estate law. When taken in combination with the figures and documentation that must accompany even the simplest real estate closing, it becomes quite apparent that this is not a place for an amateur.

In order to effectively, and legally, have your closing, your real estate attorney must complete a title search, making certain there are no liens or encumbrances on the property; makes sure that there is title insurance on the title; coordinate with the lender and the seller, to make sure that the necessary documents, such as the deed, promissory note, mortgage and any inspections among others, are at the closing.

The closing attorney will act as the coordinator for all other parties involved in the purchase or sale. A closing attorney will perform such time consuming tasks as scheduling appointments, intake sessions, and the preparation of the many varied and lengthy closing documents that will be needed at the final meeting.

Some responsibilities of the closing attorney include:

Payment of realtor commissions, and any other necessary discharges or payments including but not limited to taxes, final utilities and realtor commissions
Specific Title V and condominium certifications
Disclosure of lending fees and closing costs, and funding of escrow account

Remarkably, the closing attorney's job does not stop there. They are responsible for several post-closing tasks that bring the entire transaction full circle and to completion including recording the deed, processing the loan funding, and running the title for any changes since the first time.

If you are in the process of buying a home, or are planning to buy a home in the near future, and would like more information on what your closing in MA or CT will entail, contact Crowley & Cummings for an appointment today.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

REO and Foreclosure Services in MA

2010-11-07T18:00:00.000-05:00

Bank and lender owned property inventories are substantial due to the housing and foreclosure crisis that has occurred in the past decade. REO properties, are real estate owned properties that are held in ownership by the lender after a foreclosure, repossession and auction, once the title transfers to the bank.

Because the property did not sell for the minimum price at auction, unless the lender is then able to sell or transfer the property to another paying owner, the bank will have to hold the property until someone else wants to buy it.

The role of the real estate attorney in the REO property process is to work on behalf of the lender as their representative in the sale of the property. At the very least, an experienced REO attorney needs to know the ins and outs of complicated conveyancing and complex title issues, foreclosure law, and municipal regulations in the area in which the property is located.

Most lenders will maintain a Real Estate Attorney to complete their REO transactions as they are obtained, including immediate title searches and clearing any existing issues relating to the conveyance early in the process. It is not advisable to use the Foreclosure Attorney as the REO attorney however, as this can cause delays in the title search process, and result in further losses and delays for the lender.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

MA Title Search and Closing Costs

2010-11-01T20:20:00.000-04:00

Whenever anyone buys or sells real estate, and uses any kind of mortgage financing, the mortgage company will require that a title search is performed before an approval will be granted for the closing to occur.

The purpose of a title search is to enable the company providing the funding for the property to be certain that they will own the property outright if you should default on your mortgage payments. In order to do this, the mortgage company or finance company first needs to determine that the property is free from all liens and encumbrances of any nature that could effect the sale.

The main focus of a title search is to satisfy the criteria of whether the property is free of liens, whether the seller has the legal right to sell the property, and whether there are any restrictions on the property such as easements, or land use allowances.

The cost for a title search is included in your closing costs, and the closing will generally not proceed without a clear title.

Your MA real estate attorney will be able to walk you through each closing process and cost and give you the answers to any questions you may have about the procedures being used at your closing.

If you are considering the purchase of real estate in Dedham MA, contact the Real Estate Law Firm of Crowley & Cummings LLC for expert and timely advice and counseling.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Reasons Why MA Mortgage Rates Are Fluctuating

2010-10-16T16:41:00.000-04:00

Mortgage refinance rates change over the course of time, even in as little as a month. Factors like supply and demand, economic issues such as perceived recessions, and unemployment rates in your area, can all affect the mortgage rates.

With the assistance of the Federal Reserve investing over $1.25 trillion in mortgage backed securities as noted in the article below, expect some leveling out to occur.

Ultimately, finding the right mortgage refinance loan, or first or second time homeowner loan requires patience and research of the current market trends and forecasts. Securing the advice of a trusted real estate attorney can help you alleviate any stress or miscommunication during this process.

Mortgage Refinance Rates Hover Around 4.75% – The Reasons Why

If you had research the market for home mortgage refinance in past weeks and now you have decided to go for the one; you might get a surprise. The rates might have changed considerably. You are again required to do the analysis and calculations. The Federal Reserve has come up to control this increasing trend of variations in the rates of home mortgage refinance loan. It has injected the massive sum of $1.25 trillion in mortgage backed securities.

If you question why sudden variations in rates of home mortgage refinance program, let me tell you, there are more than one factor. The first is the ‘demand and supply’ law of economy. As and when, the sales of homes increases, rates increase proportionally. It’s not only due to the new buyers, there are many American existing homeowners who go for mortgage refinance as they prove to be a better option economically and retain ownership paying of the mortgage. The recession is also responsible for the variation. The economic downturn is forcing organization to go for cost cutting and hence layoffs. The layoffs on the other hand make monthly payments difficult to manage for an individual. This situation leads banks to charge higher for the insecure mortgages.

It is very important to research the market and have a comparative analysis of different mortgage refinance loans offered by various banks and institutions. The monthly payment to be paid depends upon the type of mortgage refinance loan, its period and rate. Normally the short term loans have lower interest rate and higher monthly payments while long term loans have higher interest rate and low monthly payments. You eventually pay more in a long term loan but helpful when income is not fixed. The rates don’t differ much across banks but one should look for the terms and conditions, down payments and early closing penalties. Once the deal is sealed, one may not worry about the fluctuation as rates are already fixed and cannot be changed.

After all these, availing a mortgage refinance loan that fits best to you is also a task. There are many parameters that govern the feasibility of availing the loan. Your current income, credit score and history, current assessed value of the property you possess, down payment that you can make etc play an important role in getting home mortgage refinance loan. If an individual has a bad credit history or poor credit score, it’s difficult to avail a mortgage refinance. In such circumstances it is recommended to avail a bad credit mortgage refinance loan which is specially designed for such cases.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

MA Real Estate Attorneys and Qualifying Mortgages

2010-10-14T20:07:00.000-04:00

MA Mortgage Loan and Refinancing Attorneys can help you avoid difficulties in your refinancing or first time homeowner mortgage applications.

Having one on one assistance to ensure that your closing and financial documents are in order and that your mortgage payments will be in a range that is affordable for you will help eliminate any future concerns about foreclosure or inability to make your mortgage payments on time.

The following article describes a situation involving mortgage finance companies and the housing crisis where inexperienced employees were hired to process foreclosure paperwork and mortgage information, ultimately to the detriment of the mortgage holders involved.

Bankers Ignored Signs of Trouble on Foreclosures

By ERIC DASH and NELSON D. SCHWARTZ
October 13, 2010

At JPMorgan Chase & Company, they were derided as “Burger King kids” — walk-in hires who were so inexperienced they barely knew what a mortgage was.

At Citigroup and GMAC, dotting the i’s and crossing the t’s on home foreclosures was outsourced to frazzled workers who sometimes tossed the paperwork into the garbage.

And at Litton Loan Servicing, an arm of Goldman Sachs, employees processed foreclosure documents so quickly that they barely had time to see what they were signing.

“I don’t know the ins and outs of the loan,” a Litton employee said in a deposition last year. “I’m not a loan officer.”

As the furor grows over lenders’ efforts to sidestep legal rules in their zeal to reclaim homes from delinquent borrowers, these and other banks insist that they have been overwhelmed by the housing collapse.

But interviews with bank employees, executives and federal regulators suggest that this mess was years in the making and came as little surprise to industry insiders and government officials. The issue gained new urgency on Wednesday, when all 50 state attorneys general announced that they would investigate foreclosure practices. That news came on the same day that JPMorgan Chase acknowledged that it had not used the nation’s largest electronic mortgage tracking system, MERS, in foreclosures, since 2008.

That system has been faulted for losing documents and other sloppy practices.

The root of today’s problems goes back to the boom years, when home prices were soaring and banks pursued profit while paying less attention to the business of mortgage servicing, or collecting and processing monthly payments from homeowners.

Banks spent billions of dollars in the good times to build vast mortgage machines that made new loans, bundled them into securities and sold those investments worldwide. Lowly servicing became an afterthought. Even after the housing bubble began to burst, many of these operations languished with inadequate staffing and outmoded technology, despite warnings from regulators.

When borrowers began to default in droves, banks found themselves in a never-ending game of catch-up, unable to devote enough manpower to modify, or ease the terms of, loans to millions of customers on the verge of losing their homes. Now banks are ill-equipped to deal the foreclosure process.

“We waited and waited and waited for wide-scale loan modifications,” said Sheila C. Bair, the chairwoman of the Federal Deposit Insurance Corporation, one of the first government officials to call on the industry to take action. “They never owned up to all the problems leading to the mortgage crisis. They have always downplayed it.”

In recent weeks, revelations that mortgage servicers failed to accurately document the seizure and sale of tens of thousands of homes have caused a public uproar and prompted lenders like Bank of America, JPMorgan Chase and GMAC Mortgage to halt foreclosures in many states.

Even before the political outcry, many of the banks shifted employees into their mortgage servicing units and beefed up hiring. Wells Fargo, for instance, has nearly doubled the number of workers in its mortgage modification unit over the last year, to about 17,000, while Citigroup added some 2,000 employees since 2007, bringing the total to 5,000.

“We believe we responded appropriately to staff up to meet the increased volume,” said Mark Rodgers, a spokesman for Citigroup.

Some industry executives add that they’re committed to helping homeowners but concede they were slow to ramp up. “In hindsight, we were all slow to jump on the issue,” said Michael J. Heid, co-president of at Wells Fargo Home Mortgage. “When you think about what it costs to add 10,000 people, that is a substantial investment in time and money along with the computers, training and system changes involved.”

Other officials say as foreclosures were beginning to spike as early as 2007, no one could have imagined how rapidly they would reach their current level. About 11.5 percent of borrowers are in default today, up from 5.7 percent from two years earlier.

“The systems were not ever that great to begin with, but you didn’t have that much strain on them,” said Jim Miller, who previously oversaw the mortgage servicing units for troubled borrowers at Citigroup, Chase and Capitol One. “I don’t think anybody anticipated this thing getting as bad as it did.”

Almost overnight, what had been a factorylike business that relied on workers with high school educations to process monthly payments needed to come up with a custom-made operation that could solve the problems of individual homeowners. Gregory Hebner, the president of the MOS Group, a California loan modification company that works closely with service companies, likened it to transforming McDonald’s into a gourmet eatery. “You are already in chase mode, and you never catch up,” he said.

To make matters worse, the banks had few financial incentives to invest in their servicing operations, several former executives said. A mortgage generates an annual fee equal to only about 0.25 percent of the loan’s total value, or about $500 a year on a typical $200,000 mortgage. That revenue evaporates once a loan becomes delinquent, while the cost of a foreclosure can easily reach $2,500 and devour the meager profits generated from handling healthy loans.

“Investment in people, training, and technology — all that costs them a lot of money, and they have no incentive to staff up,” said Taj Bindra, who oversaw Washington Mutual’s large mortgage servicing unit from 2004 to 2006.

And even when banks did begin hiring to deal with the avalanche of defaults, they often turned to workers with minimal qualifications or work experience, employees a former JPMorgan executive characterized as the “Burger King kids.” In many cases, the banks outsourced their foreclosure operations to law firms like that of David J. Stern, of Florida, which served clients like Citigroup, GMAC and others. Mr. Stern hired outsourcing firms in Guam and the Philippines to help.

The result was chaos, said Tammie Lou Kapusta, a former employee of Mr. Stern’s who was deposed by the Florida attorney general’s office last month. “The girls would come out on the floor not knowing what they were doing,” she said. “Mortgages would get placed in different files. They would get thrown out. There was just no real organization when it came to the original documents.”

Citigroup and GMAC say they are no longer giving any new work to Mr. Stern’s firm.

In some cases, even steps that were supposed to ease the situation, like the federal program aimed at helping homeowners modify their mortgages to reduce what they owed, had actually contributed to the mess. Loan servicing companies complain that bureaucratic requirements are constantly changed by Washington, forcing them to overhaul an already byzantine process that involves nearly 250 steps.

This article has been revised to reflect the following correction:

Correction: October 14, 2010

A photo caption with an earlier version of this article referred incorrectly to documents related to foreclosures. They are depositions from robosigners, not lawsuits.

This article has been revised to reflect the following correction:

Correction: October 14, 2010

A previous version of this article referred incorrectly to one bank that had halted foreclosures. They were halted by GMAC Mortgage, which is owned by Ally Financial, not by the online retail operation, Ally Bank.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

MA Real Estate Attorneys Crowley & Cummings LLC

2010-10-06T17:06:00.000-04:00

Crowley & Cummings are Massachusetts based real estate attorneys providing closing and title services to national banks, mortgage companies, loan officers, lenders, brokers and consumers with real estate interests in MA, New England, and throughout the entire US.

We offer Services to Lenders, Borrowers who are Refinancing, Buyers, Sellers, and REO Companies.

We recognize that completing title searches, resolving complex title issues and getting the loan closed quickly are the primary concerns of our clients. In addition, our staff is fully trained in all aspects of title examinations. We handle even the most complex title issues in-house so we never have to tell our clients we are waiting to receive a title.

Crowley & Cummings is involved in all aspects of residential and commercial real estate conveyance, including real estate sales, refinances, and condominium conversions, resolution of title issues, purchase and sale negotiations, and REO properties. We have extensive experience representing buyers and sellers on purchase and sale agreements and we go to extraordinary lengths to resolve title problems, assuring that title examinations will be completed in twenty-four to forty-eight hours.

Crowley & Cummings is available twenty-four hours a day/seven days a week, to respond to the needs of our clients and their clients. We travel throughout New England meeting people at their homes, offices, jobs or wherever is convenient for them.

For more information, or to hire a closing attorney, contact us immediately at (781) 251-0540 or on the web at Crowley & Cummings LLC Massachusetts Real Estate Attorneys at Law

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

6 Factors that will help boost housing prices in the US

2010-10-01T09:27:00.000-04:00

According to a recent article by Credit Suisse, there are at least 6 reasons you should be unconcerned about housing prices and watching for the signs of an upswing in the future.

Reason #1
With the Government owning or backing nearly 70% of all mortgages issued in the United States any impact from a drop in house prices will be substantially lower and more easily absorbed and managed.

Reason #2
In every area, valuation is very inexpensive. This includes the areas of price to rent, affordability, price to income and rental yields.

Reason #3
Foreclosures, delinquencies, and charge-offs have reached their optimum levels.

Reason #4
The trend demand is approximately 1m above housing starts. The current level of excess inventory will be absorbed in 2 to 3 years.

Reason #5
Short sales, REOs and foreclosures peaked in 2009, and now represent less than a third of the total.

Reason #6
The long run average for housing in terms of the GDP was 4.5% and is now down to 2.2%.

While nothing is written in stone, it is always a good idea to stay focused on the pros and the cons in any situation and plan accordingly.

If you are in need of a closing attorney in Massachusetts, or are looking for mortgage preapproval, title search, or any other real estate matter, contact our office at (781) 251-0540
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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Mortgage Application Rejections and Second Chances

2010-09-30T12:30:00.000-04:00

Wall Street Journal article regarding the options available to many borrowers facing initial rejection for their mortgage applications, posted here by Crowley and Cummings Massachusetts Real Estate Attorneys.

The full article is posted below.

'Second Look': First Aid for Borrowers
By RUTH SIMON

When a borrower hears a "no" from the bank, sometimes it really means "maybe."

Many of the biggest U.S. banks, criticized since the financial crisis erupted for making fewer loans and toughening borrowing standards, have launched what industry officials call "second look" programs to review rejected loan applications.

Some bank employees hunt for credit-report errors that hurt borrowers the first time their applications were vetted, or unreported sources of income that would make a consumer loan look less risky. Even more common are reviews of rejected small-business loans by loan officers and other bank employees.

The moves are a throwback to traditional roll-up-the-sleeves loan underwriting, emphasizing a potential borrower's track record and relationship with a bank over credit scores and other data that powered the industry's loan machine when credit was fast and cheap.

"I don't think of it as being looser. I think of it as making good judgments," says Stephen D. Steinour, chairman, president and chief executive of Huntington Bancshares Inc. At the Columbus, Ohio, bank, a second-look program and separate effort to make more loans to companies that regained profitability after hitting a rocky patch have boosted the approval rate for small-business loans by 4.7 percentage points in the first half of 2010, when compared with the rate for all of 2009.

The Financial Services Roundtable, a trade group of 100 large financial companies, says nearly all its members have second-look programs. Such banks include Bank of America Corp., J.P. Morgan Chase & Co., PNC Financial Services Group Inc. and U.S. Bancorp.

At some banks, the reviews are triggered automatically for spurned loan applications that fell just outside the lender's standards. Lenders also may allow borrowers to request a review.

While the collective push isn't nearly enough to end the loan logjam, bankers say it is starting to have an impact. For example, last month's Federal Reserve survey of senior loan officers showed the first overall easing of lending standards for small businesses since 2006. "Part of this is due to the second-look programs," says Bob Seiwert, a senior vice president of the American Bankers Association, a trade group of U.S. banks.

Frederick Cannon, co-director of research at Keefe, Bruyette & Woods Inc., says that the effectiveness "of any one of these campaigns individually is modest, but at the margin, these things can make a difference.

William Dunkelberg, chief economist of the National Federation of Independent Business, a trade group for small businesses, says the moves "can't hurt," but believes second-look programs are aimed more at rehabilitating banks' public-relations image than at making new loans.

Some banks acknowledge that their second-look programs are at least partly in response to outside pressure.

"I give him full credit," says James Dimon, chairman and chief executive of J.P. Morgan Chase & Co., referring to Lawrence Summers. The top economic adviser to President Obama suggested to Mr. Dimon at a meeting last December that the nation's largest bank in stock-market value review small-business loans it had denied.

Since then, the New York bank has offered $198 million in loans to borrowers who got a second round of scrutiny. J.P. Morgan won't comment on the loans' performance.

U.S. Bancorp says it sees the "same relative performance from second looks and appeals as we do from first-pass approvals," according to a spokeswoman for the Minneapolis bank.

The deeper analysis can cost hundreds of dollars or more, compared with $30 to $50 for a loan analysis based on credit scores.

"There's no right way or wrong way, but these two ways of underwriting a business loan can result in a different answer," says Mr. Seiwert of the ABA.

Huntington, with 608 branches in six states and about $52 billion in assets, made about 475 loans in the first half of 2010 to small businesses and consumers using its second-look program. Fourteen consumer-loan specialists work with loan officers to uncover new information about consumers that could make a difference in whether they should be approved for a loan. Huntington's 300 small-business bankers are encouraged to look for ways to help rejected loans meet the bank's standards.

"The financial statement doesn't tell the whole story," says Mr. Steinour, who became Huntington's CEO in January 2009.

In mid-July, Curtis and Renee Fields got a $25,000 unsecured personal loan to get their Cincinnati lunch spot, called the Squirrel, ready for its grand opening in August. Huntington initially rejected their application because bank officials worried they would be carrying too much debt. The Fields had applied for two Small Business Administration loans totaling $50,000 but needed cash quickly to pay contractors.

Their banker at Huntington realized the couple's debt level was temporarily too high because they had been using their own money to finance the restaurant. Based on their relationship with the bank and good overall credit record, Huntington decided to approve the loan. It was repaid the following month.

"We're hanging in just fine," Mr. Fields says. The Squirrel, known for its double-decker sandwiches, opened on time and now has 12 employees.

Lynne Logel, a 66-year-old elementary-school teacher living in Marysville, Ohio, was turned down for a mortgage refinancing by Huntington because her credit score was too low. After a consumer-loan specialist at the bank suggested she check her credit record, Ms. Logel found two errors.

After the flubs were fixed, Ms.Logel's credit score jumped to 709 from 656. In July, she got a $140,000 home loan from Huntington that she plans to pay off by the time she retires in six years.

"I feel like I can retire," she says. "I had been praying about this."

—Robin Sidel contributed to this article.
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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

MA Real Estate Lawyer New Office Location

2010-09-23T09:24:00.001-04:00

Crowley & Cummings LLC Real Estate Attorneys Announce New Office Location in MA

August 16, 2010 – Dedham, MA – In August 2010, Crowley & Cummings LLC real estate attorneys office is happy to announce its move to a new office location at 990 Washington Street, Suite 214, in Dedham, MA 02026.

The move will give Crowley & Cummings more room for their growing real estate law practice, while providing the same services to the Dedham MA community.

"The move gives us more room for the growing real estate and mortgage financing aspect of the law office, and will still allow us to maintain and care for our Dedham clientele,” said owner Alicia Cummings. “It’s a great opportunity for growth in the real estate sector and our Massachusetts law practice.”

The new Crowley & Cummings location at 990 Washington Street in Dedham is located in the new Dedham Executive Center which offers a fitness center, ample parking, a conference center, professional security, and direct access to the MBTA bus line.

About Crowley & Cummings LLC

Crowley & Cummings LLC is a Massachusetts real estate law firm that offers real estate and closing services including but not limited to residential and commercial conveyance, refinance transactions, title examinations, purchase and sale agreements, and more Massachusetts real estate services.

Crowley & Cummings are Massachusetts based real estate attorneys providing closing and title services to national banks, mortgage companies, loan officers, lenders, brokers and consumers with real estate interests in MA, New England, and throughout the entire US.

We offer Services to Lenders, Borrowers who are Refinancing, Buyers, Sellers, and REO Companies.

Learn more about Crowley & Cummings LLC at http://www.CrowleyCummings.com/
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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

What About the Seller?

2010-09-22T19:18:00.001-04:00

Crowley & Cummings LLC MA Real Estate Attorneys Checklist for Sellers of Real Estate

With all the emphasis on buyers, First time buyers, second home buyers, a seller could get lost in the shuffle. This handy checklist of items to remember (it’s your closing too after all), will help keep you from feeling alone while the spotlight is on the buyer.

Up to 4 Weeks Before Closing

Remind your broker to have your home fire inspection done; the closing cannot move forward without this report from the local fire department. You will receive a Certificate of Compliance. Make a note of the date the department was contacted, the date of your inspection and the date the certificate was obtained.

Up to Two Weeks Before Closing

Notify your utility companies so that you can get your final readings. Make a note with the name, phone number, and the name of the person you spoke to and on what date so that you will have the information should you need it to call again and remind them a week later. For oil heat you need to obtain proof of how many gallons are left in the tank from your oil company, unless you have made another agreement with the buyer. Your broker will be able to explain the entire process to you in detail. Make a note of the date for anything you do, and anyone you speak with regarding the details of the closing and the tasks leading up to it.

Contact the post office or visit a branch and obtain a Change of Address package. Make sure that you have sent your new address information to everyone and have changed it with the post office. This will allow them to forward any mail from anyone that you might have forgotten to notify personally. Make a note of the date and a list of to whom you send notices.

Fill out a change of address form with the Registry of Motor Vehicles for your car, and get a sticker for your license.

Last Minute to Up to One Week Before Closing

Write down contact information and include the name and telephone number of your Crowley & Cummings Attorney, the name and phone number of your broker, the address for the home or business you are selling, and the address for where the closing will be held.

Either you or your broker will need to contact the water and sewer departments for final readings at least 5 days before your closing.

Have your homeowner’s insurance set to cancel the day after your closing, and remember to notify your insurance agent(s) with your new address for automotive insurance as well. Make a note of the date of every conversation, and the name of anyone with whom you speak.

Make sure that your moving arrangements have been made to allow you plenty of time to vacate the premises some time prior to the closing. In most cases, the property must be delivered ‘free and clear’ of any debris or occupants/tenants. And unless you have made other arrangements, the property should be swept clean leaving no trace of occupancy. Make a note of the date you contacted the moving company as well as the name and address of the company, and the moving date you have arranged.

Remind your attorney at Crowley & Cummings to have the new deed prepared. If you are not planning to attend the closing, this would also be a good time to have a power of attorney prepared so that you can go in and execute both that and the deed at the same time. Provide your attorney with instructions in writing as to how you would like the funds from the sale deposited. Date all of your interactions.

If you are planning to attend the closing, you will need to bring two forms of identification, one a license or valid legal ID, the Certificate of Compliance from the Fire Department (your broker should be available to help you with this), any keys to the property and any buildings thereon, a few blank checks in the event that there are last minute adjustments that need to be accounted for. If you are not going to attend the closing, bring these items with you when you execute the power of attorney and deed, or drop them off on the day of the closing.

If you are selling or buying a home in Massachusetts and need a closing attorney or mortgage financing, contact the real estate law office of Crowley & Cummings and have everything taken care of in one place.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

MA Real Estate Attorneys and Closing Costs

2010-09-10T14:26:00.000-04:00

Buyer Closing Costs and FHA Loans

The current FHA financing rate is very low, hovering at around 3.5%, making a buyer's downpayment lower right now. The FHA also places mortgage insurance on loans made by their approved lenders.

The downside to an FHA loan is the fact that the buyer is required to carry Mortgage Insurance Premiums (MIPs) on their loan. This charge is generally factored into the mortgage payments for FHA approved buyers. Adding to the confusion, is the PMI, or Private Mortgage Insurance that is also required whenever a buyer puts down less than a 20% deposit on a real estate purchase. This payment however, does not extend for the life of the loan and will stop being charged once the buyer has paid 20% of the mortgage.

Factors that determine the closing costs are the individual circumstances of the buyer, credit score, type of loan, amount of downpayment, and type of mortgage.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Mortgage Applications and Refinance Activity on the Rise

2010-08-19T13:18:00.000-04:00

MA real estate attorneys Crowley &; Cummings found the following article concerning an increase in home mortgage refinance activity and wanted to share it here. The full article follows below.

Home Mortgage Refinance Activity Skyrocketed Last Week
By Michael Kraus
August 18, 2010

The Mortgage Bankers Association released its Weekly Mortgage Applications Survey today. Total mortgage applications increased 13 percent from the previous week. Refinance activity surged 17.1 percent from the week prior, reaching the highest levels since May 2009. Purchase applications decreased 3.4 percent from the previous week. Refinances made up 81.4 percent of all mortgage applications.

Refinance activity increased on the strength of current mortgage rates, which are at an all-time low. According to Freddie Mac, the average mortgage rate on a 30 year fixed rate mortgage was 4.44 percent last week, while 15 year fixed rate mortgages averaged 3.92 percent. This is the sixth straight week that mortgage rates have set record lows.

Purchase applications have been hurt by the low demand for houses resulting from high unemployment and the generally poor economy. Purchase activity has been more or less level for three months, corresponding roughly with the expiration of the first time home buyer tax credit. With each economic report it becomes increasingly clear to me that the first time home buyer tax credit was bad policy which only prolonged the period of time it took for the market to correct.

Low demand for housing combined with the rising supply of homes on the market (lead by the burgeoning inventory of distressed and foreclosed homes) means that there will likely be downward pressure on home prices for the remainder of the year, if not longer.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

Government Housing Subsidy Ends for First and Second Time Home Buyers

2010-07-16T15:40:00.000-04:00

With the government subsidy for both first and second time buyers of homes coming to a close this past April of 2010, the real estate market may be beginning to see its first glimpse of what the absence of this extra funding will mean in terms of sales and mortgage applications for American buyers in some locations.

Data on Friday June 4, 2010 was more optimistic than anticipated, not only with the ending of the tax credit, but in spite of it. The information concerning mortgage applications however, shows a more discernible downward trend. The applications began to sink by as much as 40% from May 2010, to the lowest point they have been at since April of 1997.

Conversely, refinancing seems to be on the upswing nationally, with a 2.4% growth during the last week of May. Attitudes toward buying and home-ownership have altered somewhat in light of the recent financial crisis involving the mortgage companies, and it would be folly to say that the market has not been affected, at least for the foreseeable future, by these changes.

The good news is that housing prices will begin to decline even more and as labor markets, wage growth, and the economy improve, buying a home will become more affordable for a group of people that may not have ever had a chance at home-ownership pre-decline.

In some areas this improvement has already started to take hold as closings were up significantly at Massachusetts based real estate attorney firm Crowley and Cummings. People who have the money and the credit, will still be buying homes, except that they will be in a better position to pay the mortgage payments by not having extravagant interest rates to pay, and by paying fair market value for their homes to begin with.

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Crowley and Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

RI Attorney General Addresses Housing Issues

2010-06-25T12:30:00.000-04:00

On May 15, 2010, Rhode Island's campaigning candidate for governor, Attorney General Patrick C. Lynch announced a plan to instill borrower-protection on all home sales in Rhode Island. The plan would include requirements for foreclosure counseling for borrowers, notice to homeowners and tenants of pending foreclosures, and provisions for allowing people who lose their homes to foreclosure, to rent from the lender.

The plan would further incorporate ideas being used in other states involving free legal representation and requiring brokers to recommend mortgages, a comprehensive listing of all foreclosed homes in the state, and refinancing based upon the best interest of the borrowers.

The addition of more use of the federal Housing and Urban Development programs and giving permission to the state's land bank to rehabilitate and purchase foreclosed properties in both suburban and rural communities, would not alleviate the already 130 properties currently in the state's land bank for which there are no funds for rehabilitation purposes.

The full article follows below:
http://www.projo.com/news/content/LYNCH_FORECLOSURE_PLAN_05-15-10_PUIFGBE_v64.3a9b3dc.html

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

MA Real Estate Attorney Needed at Closings

2010-03-10T11:13:00.000-05:00

Why You Need a Real Estate Attorney at a Closing

Everyone wants to save money when they buy or sell their home or business. Very often, buyers and sellers of real estate will try to cut corners by not using an attorney for their closing. There are several reasons why this may be a bad practice, and feed misconceptions about the real estate process as a whole.

Isn’t it my real estate agent’s responsibility to represent and protect my interests at the closing?

No. Your real estate agent is there to make sure the proper paperwork gets where it needs to be, to coordinate inspections, explain contract items to you the client, along with managing your preferences and scheduling open houses and viewings for you. A real estate closing attorney will handle the details of your closing and protect your investment.

Crowley & Cummings are professional real estate attorneys who also own a real estate agency. Their services are included free of charge for clients of their real estate agency.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.

2010-02-09T21:50:00.000-05:00

Residential Real Estate Conveyance
Ensuring a smooth transfer of property from one party to another is our business at Crowley & Cummings. Our attorneys have handled thousands of residential closing and title examinations for banks, mortgage lenders and brokers, and individuals with residential real estate interests in Massachusetts.

Representing Buyers and Sellers in Real Estate Transactions

Whether we are representing a buyer or a seller, we are prepared to make the entire real estate conveyance process clear and enjoyable for you. Our office specializes in real estate conveyancing and is prepared to assist with the purchase and sale of primary residences and investment properties.

Contact our Real Estate Closing Lawyers

Seller Services:

* Review real estate broker agreements or provide advice on whether For Sale by Owner is appropriate for a specific property.
* Negotiate and prepare the offer to purchase as well as purchase and sale agreement.
* Resolve issues which may arise during the pendency of the sale.
* Explain the mortgage process and explain the legalities of the buyer’s lender’s requirements.
* Help resolve and clear any issues that may be found in the examination of a property’s title.
* Prepare the deed for transfer from the seller to the buyer.
* Assist in the coordination of the closing, representation at the closing, and review all closing documents and explain their meaning and significance.

Buyer Services

* Negotiate and prepare the offer to purchase and purchase and sale agreement to protect buyer interests.
* Resolve issues which may arise during the pendency of the purchase and assist in the sale of residential real estate being sold to purchase your new home.
* Explain the mortgage process and assist in understanding just what the lender’s commitment letter requires.
* Assist in the coordination of the closing and represent you at the closing, review all closing documents and explain their meaning and significance to you.
* Answer questions you might have and resolve disputes that may arise at any time during the closing process.

Located conveniently close to Boston Massachusetts in Dedham MA we service lenders, mortgage brokers, banks, buyers and sellers regularly as real estate closing attorneys throughout Massachusetts, New England, Rhode Island, Connecticut, New Hampshire, Maine, Vermont, New York, Florida, and the rest of the country.

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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at http://www.crowleycummings.com/.