http://realestateattorneylawblogct.com/ Comments from an experienced Connecticut real estate attorney about real estate closings, real estate law and related issues en-us http://realestateattorneylawblogct.com/post/2750824/seller-disclosure-form-revised-for-connecticut-closings <p>For every almost every residential real estate transaction, the seller has to complete and give to the buyer a seller disclosure form.  This form is mandated by Connecticut state law, and asks the seller questions about the property being sold.  It is made part of the buyer's offer to purchase the real estate, and part of the real estate purchase and sale contrct  It is very important that the seller carefully complete the form to provide accurate answers without potentially misleading the potential buyers.  Failure to provide accurate information has lead to litigation against sellers if the buyer purchases the property and after the closing determines that the information provided has been inaccurate.</p> <p>The State of Connecticut has recently updated the required form to reflect recent changes in Connecticut law governing real estate transactions.  A copy of the current form can be downloaded <a href="http://www.ct.gov/dcp/lib/dcp/pdf/forms/real_estate_property_condition_disclosure_form_rev.pdf" title="Revised Seller Disclosure Form">here</a>.</p> <p>As always, please feel free to contact me with any questions on this or any other real estate law issue here in Connecticut.</p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Mon, 23 Jan 2012 12:05:56 -0500 http://realestateattorneylawblogct.com/post/2750824/seller-disclosure-form-revised-for-connecticut-closings http://realestateattorneylawblogct.com/post/2585905/closing-costs-for-a-real-estate-closing-in-connecticut-get-a-quote- <p>Connecticut has historically been an "attorney" state meaning that attorneys are the ones performing real estate closings.  Once upon a time this was all closings, purchase, sale and refinance.  It is still true for purchase and sale, but for refinance in many cases the attorney has been replaced by a "title company."  This is sometimes the actual title insurance company, i.e. First American or Chicago Title or one of the other national title insurance companies, and it is sometimes a title company that in fact is an "escrow agent" or "title agency" or "settlement agent" from out of state.  In many states, it is very common for title insurance companies or title companies to perform all closings.  As the lending and real estate businesses have become much more national than local, especially with the advent of the internet, many lenders have shifted their borrowers into these title companies rather than attorneys.</p> <p>Why?  Ostensibly it is cheaper for the consumer, my experience has been that the issue is one of control rather than cost.  By selecting the settlement agent, the lender can move the process along more quickly and make sure that the borrower does not lose interest or get sidetracked before the deal closes.  It has been my personal experience that (at least speaking of my fees)  that attorneys typically charge no more than these title companies.  If I were borrowing $200,000 I would want to know that the loan was closed properly and that if I had questions there is a local, licensed professional to seek out.  Many times with real estate closings the mistakes only come to light years later, and by then who knows where the title company referred by the lender has gone to?</p> <p>If you want to know how much I will charge for doing a real estate closing in Connecticut, purchase, sale or refinance, you can use the simple form on my website <a href="http://www.attybegemann.com/Get_a_Quote.html" title="Get a Quote for your closing">http://www.attybegemann.com/Get_a_Quote.html</a> and I will promptly email you back a personalized quote for your transaction (or ask additional questions if needed).  The quote will include the applicable title insurance premium if the requested information is provided.</p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Thu, 03 Nov 2011 10:33:08 -0400 http://realestateattorneylawblogct.com/post/2585905/closing-costs-for-a-real-estate-closing-in-connecticut-get-a-quote- http://realestateattorneylawblogct.com/post/2526024/real-estate-appraisals-essential-to-every-real-estate-transaction- <p>Almost every Connecticut real estate closing involves getting an appraisal done on the house being purchased or refinanced.  The appraisal is ordered by the lender, but paid for by the borrower as a closing costs.  A basic understanding fo the appraisal process is very important if you are selling, buying or refinancing a piece of reale state in Connecticut,  The appraisers are licensed by the State of Connecticut and have to pass licensing and continuing education requirements.  However the reality is that appraisals are very subjective, more "art" than "science."  Different appraisers will come out with different appraised values for the same property.  They may use different "comps" or comparable houses they use to determine the value of the subject house, or they may apply different "adjustments" for variations such as lot size, house size, number of rooms, etc.</p> <p>There is an excellent article in the New York Times that discusses appraisals and variations among them.  Appraisals are often reviewed internally by the lender, who may choose to adjust the results of the appraisal.  More frequently than in the past, the appraisers are not local to the property they are appraising.  Even in a small state like Connecticut, t here are huge variations in property values between adjacent towns or even within towns, between different neighborhoods.</p> <p>Here is a quote from the article about one person's experience when refinancing. "The first appraisal in February was what he called an “absurdly low number even knowing the impact of the past few years,” so he asked the bank to send out another appraiser. That came in only slightly higher and left him unable to refinance. So he waited until this summer, when the flowers were blooming, and he and his wife walked the appraiser around the property. And that one? “It came in 50 percent higher than the previous ones,” he said. "</p> <p>Here is a link to the article. </p> <p><a href="http://www.nytimes.com/2011/09/17/your-money/decoding-the-wide-variations-in-house-appraisals.html?pagewanted=1&amp;sq=real%20estate%20appraisal&amp;st=cse&amp;scp=1" title="appraisal article from the New York Times">http://www.nytimes.com/2011/09/17/your-money/decoding-the-wide-variations-in-house-appraisals.html?pagewanted=1&amp;sq=real%20estate%20appraisal&amp;st=cse&amp;scp=1</a></p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Mon, 26 Sep 2011 09:23:21 -0400 http://realestateattorneylawblogct.com/post/2526024/real-estate-appraisals-essential-to-every-real-estate-transaction- http://realestateattorneylawblogct.com/post/1329425/new-connecticut-foreclosure-advertising-procedures <p>Most foreclosures in Connecticut occur without there being an actual auction.  When there is no equity in the property,  the foreclosure is done by what is known as a strict foreclosure, and there is no auction and the Superior Court (all Connecticut foreclosures are judicial) determines when title vests in the bank (as long as no one redeems).  See <a href="http://realestateattorneylawblogct.com/post/1218626/overview-of-mortgage-foreclosure-process-in-connecticut" title="Connecticut Foreclosure Summary">my prior blog post</a> summarizing the foreclosure process in Connecticut.</p> <p>In those cases where there is a public auction, until a November 1, 2009 change in court procedure, the foreclosure sales were only advertised in the newspaper local to the property.  There was no central listing of foreclosure auctions from all the different court houses.  However, for foreclosure judgments entered after November 1, 2009, the foreclosure sale will be advertised both in the local paper and on the Connecticut <a href="https://sso.eservices.jud.ct.gov/foreclosures/Public/PendPostbyTownList.aspx" title="Foreclosure Sale Listings">Judicial Branch web site</a>.  Because the online ads for the foreclosures are being phased in, at this time (11/9/09) there are not that many online foreclosure advertisements listed.  Over the next couple of months, all foreclosures by sale will be listed on the Judicial website.</p> <p>Hopefully the new advertising procedure, which includes the ability to insert a picture and some descriptive information, will result in more traffic at the foreclosure sales and better auction prices.  Please feel free to contact me with any foreclosure or real estate law related questions in Connecticut.</p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Mon, 09 Nov 2009 22:29:24 -0500 http://realestateattorneylawblogct.com/post/1329425/new-connecticut-foreclosure-advertising-procedures http://realestateattorneylawblogct.com/post/2060008/what-is-title-insurance-and-should-i-care- <p>Title insurance is one of those things that many people purchase and very few understand.  The extent of most people's knowledge, even those who are involved in the real estate closing process, is frequently very limited and sometimes outright wrong!  I thought I would try to give a brief overview of title insurance.  I have practiced real estate law for many years, including working for lenders and for title insurance companies.  My experience has entirely been in Connecticut real estate law, but much of this blog post will equally apply to other states.</p> <p>The basic concept of title insurance is that it insures an interest in real property.  To keep it simple, I will discuss loan (lender's or mortgagee) policies and owner's policies.</p> <p>A loan policy or lender's policy insures the lender of a real estate mortgage.  The policy identifies the mortgage which is being insured and states the name of the insured party, which is the lender (all part of Schedule A of the policy) and also states what items are excluded (called the exceptions) from coverage under the policy (which are stated on Schedule B of the policy).  The policy in general terms insures that the mortgage is a valid lien on the real property identified in the policy subject only to those items stated as exceptions on Schedule B.  The loan policy is almost always required by the lender whenever a mortgage loan is closed.  It is paid for by the borrower as a closing cost.  The policy premium is discounted when the loan is a refinance.  The policy is issued in the amount of the insured loan.  Title policies are supposed to reflect a concept of risk avoidance or risk elimination, by performing a title search, paying off prior liens, properly recording the new mortgage, etc.  If all of these items are done properly, the need for the title insurance is in theory very low.  The policy will also provide coverage against mistakes in the title search, mistakes in indexing, forgeries in the chain of title, and other hidden risks that even a proper title search will not uncover.  Remember, the loan policy provides coverage to the lender, not the owner!</p> <p>An owner's title policy is similar to the lender's.  It too has a schedule A in which it identifies the insured (the purchaser) and a schedule B that lists exceptions (taxes, easements, covenants, other items of record).  It also provides similar protection against forgeries, errors in the indexing, improperly paid off prior liens or mortgages, probate issues, etc.  The biggest difference is that the owner is the insured and not the lender, so the title insurance company will owe its coverage obligations to the owner.  The policy is issued in the amount of the purchase price and usually has an inflation increase rider so the coverage amount increased annually.</p> <p>Why should you buy an owner's policy of title insurance when you purchase a property?  Well for one thing in Connecticut the additional premium due for an owner's policy when you are already purchasing a loan policy is small.  In a $200,000 purchase with a $160,000 loan for instance, the loan policy would be approximately $565.00.   The owner's policy would be an additional $225.00.  This is a one time charge at the time of closing and provides protections as long as, and even beyond, the time you own the property.  So for a relatively small additional expense, you are purchasing a substantial amount of coverage.  More importantly, it provides coverage against risks that can't really be eliminated, even by a diligent title search and having a competent attorney represent you at the closing.  The best protection provided by the policy is one of defense of your title.  If you are notified of a defect in the title (such as an unreleased mortgage) or there is a challenge to your title (a prior owner alleges the deed was forged) the title insurance company has an obligation to clear the title of the defect and to provide you with a legal defense of your title, which means that they are responsible for hiring an attorney to defend YOUR interest in the title.</p> <p>Consider the recent panic over the robosigning and related foreclosure issues.  I am sure that anyone who purchased a foreclosed property and purchased an owner's policy of title insurance was glad they had that protection!</p> <p>If you have specific questions concerning title insurance in Connecticut, or how title insurance ispart of the closing process and closing costs in Connecticut, I would be happy to try to answer them.</p> <p> </p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Thu, 06 Jan 2011 16:46:23 -0500 http://realestateattorneylawblogct.com/post/2060008/what-is-title-insurance-and-should-i-care- http://realestateattorneylawblogct.com/post/1435836/hud-relaxes-90-day-property-seasoning-rule-for-fha-loans- <p>HUD announced today January 15, 2010 that it is temporarily relaxing its 90 day seasoning rule which currently prohibits FHA loans for properties owned by the seller for less than 90 days.  See the <a href="http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011" title="HUD relaxes 90 day seasoning rule">HUD press release</a> for more details.</p> <p>According to the press release, "The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities."</p> <p>The new rule will take effect February 1, 2010 and will be in place for one year.  To try to avoid the use of the FHA financing for flipping HUD is putting certain restrictions in place.  The new policy will only apply to sales meeting the following guidelines (from the HUD link above):</p> <ul> <li>All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.</li> <li>In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.</li> <li>The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.</li> </ul> <p>There is more detail on the <a href="http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf" title="HUD rules for waiver of 90 day seasoning">HUD site</a> which contains the specific requirements applicable.</p> <p>This change may be of major assistance to borrowers who want to but recently foreclosed property but cannot purchase directly from the bank.  It will also benefit  real estate investors (and some "flippers") since it allows FHA financing where it has been previously prohibited.  A resale can be for up to 20% more than the prior sale within the 90 day period.  If it is over 20% more, certain requirements must be met, including things such as verifying that improvements have been made in the property.</p> <p>This rule change or waiver should be of major interest to real estate agents marketing foreclosed property.</p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Fri, 15 Jan 2010 17:32:49 -0500 http://realestateattorneylawblogct.com/post/1435836/hud-relaxes-90-day-property-seasoning-rule-for-fha-loans- http://realestateattorneylawblogct.com/post/1805238/people-are-refinancing-their-mortgages-again-closing-costs- <p>Not that this is news to anyone, but rates are amazingly low and staying low!  People who can (equity and good credit) can get amazing rates.  But you still have to pay closing costs.</p> <p>I have written about this before, but it amazes me that people refinancing try to save a few dollars on their closing costs here in Connecticut and do not use an attorney.  When you compare the charges by a so-called title or escrow company (none of which to my knowledge are based in Connecticut) with what a local attorney (i.e. me!) charges, In many cases I actually charge less than the outfits that send a notary to your house.  I recently had a call from someone who had used an out of state outfit and the person who came to her to close could not answer any questions (since they were a notary and answering the questions would be practicing law).  She closed, was utterly confused by the numbers, and ended up canceling the deal in the rescission period for the refinance.  When I looked over her paperwork, it actually looked OK to me, but by then she was o confused and felt mislead that there was no convincing her.  If she had closed with a (competent) attorney, she would have had the closing figures explained to her.  Ironically, in this case, there as even a "legal fee" charged, for what I do not know!</p> <p>If you are considering refinancing your Connecticut mortgage, please contact me directly for an easy to understand rate quote.  All loan documents will be explained to you at closing and I will be your one and only point of contact.</p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Tue, 17 Aug 2010 21:54:02 -0400 http://realestateattorneylawblogct.com/post/1805238/people-are-refinancing-their-mortgages-again-closing-costs- http://realestateattorneylawblogct.com/post/1218020/proper-use-of-contingency-provisions-in-connecticut-real-estate-contracts <p>Most of the great State of Connecticut uses broker form contracts when an offer to purchase residential real estate is made.  The majority of Fairfield County uses a binder form followed up by an attorney drafted contract.  I have prepared a <a href="http://www.avvo.com/legal-guides/ugc/what-are-the-basic-steps-in-a-residential-real-estate-transaction-in-connecticut" title="summary of real estate transactions in CT">summary of real estate transactions</a> in Connecticut for further reading on that topic.  In either case, the selection of the proper contingencies and the drafting of those contingencies is essential.  When the broker is preparing the contract, it is generally considered "OK" (i.e. not the practice of law) to include either standard form contingencies or simple contingencies added to the form contract.  Of course, as a real estate attorney, I would always suggest that an experienced real estate attorney review any proposed contract prior to signature by their client (or add an attorney review contingency!).  Contingency provisions on residential real estate contracts are some of the most important elements of the contract and are especially important for the protections that they provide for the buyer.  Plus, contingencies can be drafted to cover almost any situation.</p> <p>Ther purpose of this blog post is to give an introduction to the proper use of contingencies in real estate contracts, and then in future posts I will discuss some specific issues relating to some common contingency provisions used in real estate contracts in Connecticut (most of which are generally applicable in other areas also).</p> <p>In general terms a contingency describes an event that must happen for the contract to be binding.  We are all familiar with the mortgage contingency or the inspection contingency.  So for instance a buyer will add a contingency (or check the appropriate box on the form contract) that states in general terms that they have lets say thirty days to obtain a mortgage approval in an amount no less that $150,000 at a rate of no ore than 6%; or that they have seven business days to obtain a satisfactory home inspection, to use the two most common contingencies we all deal with on a daily basis.  So what does adding the contingency mean?  Basically in these instances, while the buyer has signed a contract to purchase a piece of real estate, her contractual duty to fully perform the contract is contingent upon certain events occurring, in this example a mortgage approval and a satisfactory inspection.  Contingencies can be drafted to cover other events as well, protecting either the seller or the buyer.</p> <p>Sounds simple so far, correct?  As in most issues dealing with real estate and especially real estate law, the devil is in the details.  The proper contingency provision should contain clear provisions that not only state what the contingency is, but what the obligations of both parties are and the consequences of failing to meet the contingency provision.  So for instance in our mortgage contingency example, does the contingency require that the buyer diligently pursue their application?  What happens if they are simply not approved by the deadline, but are not denied?  What happens if the deadline passes and the buyer is not approved, but also has not requested an extension?  What happens if they obtain an approval, but it is verbal or it contains numerous conditions?  For the inspection, what if the seller does not provide access?  Or the buyers' report states items "should" be repaired or have reached the limit of their useful life?  Or if the buyer simply says the premises are unacceptable without giving the seller the opportunity to make repairs or adjust the sale price?  Or if the time to inspect passes?  Most or all of these questions can and should be addressed in the properly drafted contingency provision.</p> <p>Most broker form contracts, even in an area such as New Haven that has a Board of Realtors approved standard form contract, are different.  So for instance, the agency form contract for the party making the offer may differ from the form contract being used by the listing agent.  Thus it is essential that the agent first know their own contract and hopefully be comfortable with it, and second be able to spot what is different about the 'other' broker's contract and then be able to point that out to their client.  This of course is where the real estate attorney should also come into the picture.</p> <p>Hopefully that provides an introduction to the use of contingencies.  I will continue bloggin on this topic in the future with a discussion of some particular common (and not so common) contingency provisions.</p> <p>For more information feel free to contact me directly through my <a href="http://www.attybegemann.com" title="Website of Attorney Begemann CT real estate lawyer">website</a> or email me at <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a>.</p> <p> </p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Mon, 31 Aug 2009 09:04:18 -0400 http://realestateattorneylawblogct.com/post/1218020/proper-use-of-contingency-provisions-in-connecticut-real-estate-contracts http://realestateattorneylawblogct.com/post/1264974/hamden-ct-homes-hamden-real-estate-market-report-august-2009 <p>Informative post from a local agent on the recent activity and market trends in the Hamden, CT real estate market.</p> <p>Read on for more information.</p> <div>Via <b><a href="http://activerain.com/blogsview/1237193/hamden-ct-homes-hamden-real-estate-market-report-august-2009">Donna Bigda REALTOR® Branford Connecticut Homes &amp; Condos ( RE/MAX Alliance)</a></b>:<br><blockquote> <p><strong>Hamden CT Homes - Hamden Real Estate Market Report August 2009</strong></p> <p>Understanding the general direction of the current <strong>Hamden real estate</strong> market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Hamden<strong>.</strong></p> <p>There are currently 203 <strong>Hamden CT homes</strong> for sale ranging in price from $26,000 to $1,495,000. In the month of August 2009 there were 44 homes that closed which is a decrease of 1 home as there were 45 <strong>Hamden CT homes</strong> that closed in August 2008.</p> <p>The average sales prices of the <strong>Hamden CT homes</strong> sold in August 2009 was $241,583 with an average 78 days on the market versus $295,677 for those sold in August 2008 with an average 60 days on the market.</p> <p>The median sales price for August 2009 was $227,500.</p> <p>The median sales price for August 2008 was $272,500.</p> <p>Below is a summary of the <strong>Hamden</strong> <strong>real estate </strong>market that provides a more in depth view of market conditions over the past twelve months.</p> <p><img title="Hamden CT Homes" src="http://activerain.com/image_store/uploads/9/1/8/8/3/ar125288518938819.jpg" height="517" alt="Hamden CT Homes" width="606"></p> <p>For the period of January-August 2008 there were 336 <strong>Hamden CT homes</strong> sold withan average list price of $295,675, an average sales price of $283,131 and a median sales price of 260,000.</p> <p>For the period of January-August 2009 there were 302 <strong>Hamden CT homes</strong> sold with an average list price of $256,242, an average sales price of $244,445 and a median sales price of $225,500.</p> <p>The average sale price to list price ratio for January-August 2008 was 95.80% and for January-August 2009 was 95.27%.</p> <p>The average days on market for January-August 2008 was 83 days and for January-August 2009 it was 78 days.</p> <p>In reviewing this comparison of year to year market data for the <strong>Hamden real estate </strong>market there has been a significant decrease in the number of homes sold. While there has been a considerable decrease in the average sales price the months supply of inventory is going down indicating signs of some stability in the <strong>Hamden real estate</strong> market. . The average days on market for homes sold this year has decreased from the previous year.</p> <p>The data for the August 2009 real estate market report for <strong>Hamden CT homes</strong> is based on statistics provided from the CTMLS (private sales are not included nor are mobile homes). ****************************************************************************************</p> <p>Contact Donna Bigda, ABR, SRES, e-PRO, Realtor®, RE/MAX Alliance Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214 to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven, North Branford, Hamden, North Haven and the rest of shoreline area in New Haven County Connecticut.</p> <p>If you're considering selling your <strong>Hamden </strong>home, we'd be happy to provide you with a <a href="http://www.theshorelineteam.com/Pin-Point_Price_Analysis/page_1132113.html" title="Hamden CT Homes">Pin-Point Price Analysis</a> of your home which will help you determine what it might sell for in today's market.</p> <p>If you're thinking of buying a home in Hamden<strong> </strong>see <strong><a href="http://www.theshorelineteam.com" title="Hamden CT Homes">Hamden real estate</a></strong> or sign up today to get access the hottest new listings here <strong><a href="http://www.shorelinehomefinder.com" title="Hamden CT Real Estate Market Report">Hamden CT Homes</a>,</strong></p> <p>Copyright © 2009 by Donna Bi.da, All Rights Reserved ...*<strong>Hamden CT Homes - Hamden Real Estate Market Report August 2009</strong>*</p> </blockquote> </div><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Thu, 01 Oct 2009 15:11:57 -0400 http://realestateattorneylawblogct.com/post/1264974/hamden-ct-homes-hamden-real-estate-market-report-august-2009 http://realestateattorneylawblogct.com/post/2087646/freddie-mac-to-eliminate-streamlined-refinance-to-95-ltv- <p>According to this report <a href="http://www.dsnews.com/articles/freddie-mac-releases-new-guidelines-for-refinancing-and-underwriting-2011-01-19">http://www.dsnews.com/articles/freddie-mac-releases-new-guidelines-for-refinancing-and-underwriting-2011-01-19</a> Freddie Mac is issuing new underwriting guidelines for loans that close after May 1, 2011 that will among other things eliminate the "streamlined refinance" which allowed existing Freddie Mac borrowers to refinance up to 95% LTV and to roll in closing costs.  I am not sure how much this program was used, but it was one of the few out there that made sense to me.  Freddie Mac already owned a loan on a house that was in the vicinity of the same LTV or even higher, why not allow their current borrower to be able to take advantage of the lower rates?  I may be missing something here, but why not let an existing borrower refinance to a lower rate?  This is one of the many things that mystify me about lenders - you already have a paying borrower at a higher rate, why not let the borrower refinance?  The borrower will get the benefit of a lower payment, which can only increase the chances that the loan will continue to perform. </p> <p>It seems to me that if your loan is owned by Freddie Mac now is the time to refinance so you can still go up to 95% LTV.  If any mortgage brokers or loan officers know anything more about this I would appreciate their comments.</p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Thu, 20 Jan 2011 08:58:07 -0500 http://realestateattorneylawblogct.com/post/2087646/freddie-mac-to-eliminate-streamlined-refinance-to-95-ltv- http://realestateattorneylawblogct.com/post/1856039/new-fha-short-refinance-program <p>HUD recently announced a new refinance program for underwater borrowers.  They would be able to obtain, with their existing lender's cooperation, a refinance into an FHA loan.  You must be current and owner-occupied and owe more than the house is worth.  The existing lender must agree to reduce the principal by at least 10% (hence the name short refinance) and the resulting LTV must be no more than 97.75%.  Obviously the loan will have mortgage insurance and you must meet the FHA underwriting guidelines.  If you have a second, the new first and the existing second (subordinated to the new loan) must be no more than 115% of the appraised value.  There is a very good FAQ <a href="http://blogs.wsj.com/developments/2010/09/06/the-fhas-short-refinance-program-frequently-asked-questions/" title="WSJ FAQ">here</a>.  There is also information on the <a href="http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-173" title="HUD website short refi program">HUD website</a>.</p> <p>This program seems like a good but as with most of the foreclosure "rescue" programs limited.  It may fill a gap in the existing programs.  Unfortunately at this time Fannie and Freddie do not appear to be participating, but they also have some similar programs.  This new FHA loan does give the underwater borrower with a lender who is willing to work with the new program an opportunity to avoid eventual foreclosure or short sale. </p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Tue, 14 Sep 2010 09:50:51 -0400 http://realestateattorneylawblogct.com/post/1856039/new-fha-short-refinance-program http://realestateattorneylawblogct.com/post/1422100/do-i-need-an-attorney-for-my-connecticut-mortgage-refinance- <p>While the topic of this blog post is titled "Do I need an Attorney for my Connecticut Mortgage Refinance?"  the better question is not if you NEED an attorney for your mortgage refinance in Connecticut, but SHOULD an attorney do your mortgage refinance closing?  Of course as a CT attorney performing many mortgage refinance closings, you may consider my answer biased, but I say why would you NOT want an attorney to do your closing?</p> <p>Answers people may give are expense and/or convenience.</p> <p>Based on my own experience, the answer to both questions is that the attorney is usually no more expensive and just as convenient.  I know in my own practice, my legal fee is very reasonable and is equivalent to that charged by non-attorney closing or escrow companies.</p> <p>For every refinance someone or some company needs to do the closing.  This includes handling the funds, explaining the terms of your new mortgage, explaining the closing process, paying off your prior mortgage, overseeing the proper execution of the closing documents, recording the new mortgage, verifying the proper release of your prior mortgage, etc.  In Connecticut, refinance closings are currently handled by attorneys and by closing or escrow companies, which typically do not use an attorney to explaining or oversee the process.  As an initial matter, the only person legally able to perform all those functions is an attorney, since a non-attorney cannot legally explain the legal impact of mortgage documents, which is the practice of law.  So by not using an attorney you are losing the benefit of having an explanation fo what you are signing.  The escrow or closing company are also typically chosen by the lender, are unlicensed, and have no legal obligation to the borrower.  And after the closing, who do you ask if there is a question or a problem?  With a local attorney you have a knowledgeable individual, licensed by the State of Connecticut, subject to ethical guidelines, and whose bank accounts are subject to audit by the State of Connecticut.  Escrow and closing companies do not provide any of those protections.</p> <p>But for many people, it is simply cost and convenience.  So I would urge potential borrowers to find out what the non-attorney is charging, and then find out what an experienced real estate lawyer, naturally such as myself, will charge.  I think you will be not only pleasantly surprised at the competitiveness of the attorney fees but their willingness to work with you and explain the closing process.  In my case, I personally provide all answers and advice, and I am glad to speak to people about the closing process and what to expect.</p> <p>With the new RESPA guidelines applicable in 2010 and the new Good Faith Estimate forms, shopping for settlement services (closing services) which are now called title related services should be easier.  Rather than facing what is sometimes a variety of different charges, the new GFE is supposed to have all title related services as one charge plus the title insurance.</p> <p>Along with the GFE the lender may supply you with a name or names of a company who can close your loan.  However, except in limited circumstances where a lender has a closed list, any licensed Connecticut real estate attorney can close the loan.  The new HUD GFE requires a list of provider(s) be given to the borrower, but for settlement services, closing services or title related charges, the borrower can and should still shop around (which the new GFE is designed to encourage!).</p> <p>If you are considering a refinance, or other closing, in Connecticut, I encourage you to contact me directly for a specific quote on your closing costs and title insurance.</p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Fri, 08 Jan 2010 09:36:58 -0500 http://realestateattorneylawblogct.com/post/1422100/do-i-need-an-attorney-for-my-connecticut-mortgage-refinance- http://realestateattorneylawblogct.com/post/2174402/overview-of-the-real-estate-contract-process-in-the-new-haven-connecticut-area <p><strong>Overview of the Real Estate Contract Process in the New Haven, Connecticut Area</strong></p> <p>If you are thinking of buying or selling a home in NEw Haven County, Connecticut, it is important to understand the contract process.</p> <p>The process starts with the potential buyer of the real estate making a written offer. This offer will contain the relevant terms, such as property address, purchase price, closing date, mortgage amount, date by which to obtain mortgage, inspection terms, the date by which to accept and any other relevant terms or conditions.</p> <p>In the New Haven County area, including Hamden, North Haven, Cheshire, Wallingford, Woodbridge, Orange, West Haven, Branford and other area towns, the buyer's offer is typically made using a contract form, often supplied by the real estate agent. Acceptance of the offer results in a fully binding contract. Many real estate agents use a form of contract provided by the New Haven Board of Realtors and the local Bar Association. This contract form contains all the ‘boilerplate' provisions, and the terms specific to the transaction must be added to the form. The property condition disclosure report is also included. Although the contract form does not usually contain an automatic attorney review contingency, it is a good idea to have an attorney review the contract before you sign it. Since the contract forms used in different areas and even by different brokers have different provisions, you should always have an attorney review the terms and provisions before you sign it. Remember, when you are making an offer on a contract form, and that offer is accepted, it is a binding contract and the rights and obligations of the parties will be determined by the terms contained in that contract.  More information is available on my website, <a href="http://attybegemann.com" title="Connecticut real estate attorney">Connecticut real estate attorney information.</a></p> <p>There are certain important provisions that must be included in the contract. These include the address of the property, the names and signatures of the buyer and seller, the purchase price, deposit and closing date. These are the basic terms needed to make a binding agreement. In addition, for the protection of the buyer there must be a mortgage contingency provision which would include the amount and terms of the mortgage and the date by which the mortgage must be obtained. The buyer should also have an inspection contingency provision, which allows the buyer to have a building inspection on the premises by a certain date. There should also be a listing of any personal property included with the sale, such as appliances, draperies, etc. In addition, any special provision, such as an agreement that the seller pay part of the buyer's closing costs, would need to be included. Anything not included will not be a part of the binding contract. You should work with your real estate agent in putting the contract together, in consultation with your attorney.  I have written more information about<a href="http://5e8764e.activerain.com/post/1330405/what-are-the-proper-terms-in-a-mortgage-contingency-in-my-real-estate-purchase-agreement" title="real estate contract contingency provisions"> real estate contract contingency provisions.</a></p> <p>After the contract is signed, the buyer will perform inspections on the property. If the inspections are acceptable, the buyer will then work with the mortgage lender to get the mortgage loan approved. At this time, your attorney will obtain a title search of the property and prepare for the closing. The buyer will also need to purchase homeowner's insurance for the new home. During the entire process a buyer should keep in close contact with their real estate agent.</p> <p>If you are selling or buying a property through a ‘short sale,' which is when the seller owes more on the house then they will be selling it for, it is especially important to consult an attorney before a binding purchase and sale agreement is executed. You should work with your attorney and real estate agent to address any problems that come up during the home purchasing process.</p> <p>Please note that this is not legal advice. Please contact your attorney for legal advice.</p><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Mon, 07 Mar 2011 10:55:03 -0500 http://realestateattorneylawblogct.com/post/2174402/overview-of-the-real-estate-contract-process-in-the-new-haven-connecticut-area http://realestateattorneylawblogct.com/post/2002962/irs-liens-on-short-sale-property-resolving-phantom-value-claims <p> </p><p>Very interesting wrinkle on short sales with IRS liens that an attorney who handles a lot of short sales  in Florida has blogged about.  For those in Connecticut doing short sales on real estate closings here, these same rules SHOULD apply (aleays hard to tell with the IRS) and the IRS liens thus should not be an obstacle to getting a short sale done. </p> <div>Via <b><a href="http://activerain.com/blogsview/2000103/irs-liens-on-short-sale-property-resolving-phantom-value-claims">Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. - Bd Certified Real Estate Attorney)</a></b>:<br><blockquote> <p>One of the weirder roadblocks we have been seeing is the clearing of IRS liens against a taxpayer (property seller) when the taxpayer is trying to short sell a property.  Typically if an IRS lien is on a property the attorney or accountant will present to the IRS a waiver of lien request with requisite proposed settlement statement, recent appraisal of the property, and reason for the lien waiver request.  But the IRS started interpreting a rule that caused the IRS to demand the monies that were to pay the transfer (in Florida the "documentary stamps") tax to instead be paid to the IRS because it was a "value" upon which the IRS had a superior lien.  I have previously written on the need for IRS lien waivers in <a href="http://activerain.com/blogsview/253868/short-sales-and-irs-liens">SHORT SALES AND IRS LIENS</a>, which interestingly was my very first blog.</p> <p>The problem was that the money for the transfer tax in a short sale is coming from the buyer's funds,(being the contract price less credits and prorations on the closing statement), and if the money for the transfer tax goes to the IRS, there is no money for the transfer tax. If there is no money for the transfer tax, the sale cannot occur. Catch 22?</p> <p>In a recent and apparently obscure letter directive called <a href="http://www.irs.ustreas.gov/pub/lanoa/pmta_2010-58.pdf" title="IRS Memorandum">PMTA 2010-58</a> (PMTA means Program Manager Technical Assistance), the IRS changes its stand on this policy.</p> <p>The IRS policy on the matter is described as follows:</p> <p><em>Applications for Discharge Which Include Requests for Payment of Real Estate Transfer Tax....In cases where a filed notice of federal tax lien has perfected the interest of the United States in such property, the Service is asked to issue a certificate of discharge of federal tax lien to allow payment of the state's claim at closing. It is the Service's position that such taxes have no priority status under I.R.C. §6323(b)(6) against the filed notice of federal tax lien. ... Priority of the federal tax lien is defined exclusively in I.R.C. §6323. <strong>Under no circumstances will a discharge of federal tax lien be issued for less than the full value of the Service's claim on the equity in the subject property.</strong> The transfer tax will not be accorded priority status or treated as an expense of sale. Applications that include such provisions will be rejected.</em><br><br>Under this interpretation, the taxpayer (property owner) has to come up with the transfer taxes in order to move the transaction on because the IRS said the transfer tax was essentially additional consideration and thus additional value and the IRS has a lien on everything the bank does not have a lien on. Typically payment of this sum cannot happen twice because of either lender short sale criteria rules or the lack of the seller to have funds to do so.</p> <p>The IRS (through PMTA 2010-058 letter issued September 17, 2010) now has apparently re-directed the interpretation to the realism of the short sale transaction:</p> <p><em>We disagree with the conclusion that the designation by the senior lienholder of some of its proceeds to be used to pay real estate transfer taxes in connection with short sales of real property somehow creates an equity interest in the property on the part of the taxpayer. Rather, these are expenses that the senior lienholder agrees to carve out of its priority lien claim as a matter of business prudence in order to facilitate the sale. Because this does not create an equity interest on behalf of the taxpayer that is subject to the federal tax lien, the authority of the Service to issue a certificate of discharge is under section 6325(b)(2)(B), where the interest in the United States is valueless. The Service has no authority under section 6325(b)(2)(B) to require payment of the sum that otherwise would be applied to junior real estate transfer taxes as a condition of discharge. Because the interest of the United States is valueless, the result would be the same even if the senior lienholder was choosing to use a portion of its mortgage proceeds to pay a junior creditor of the taxpayer (such as payment of homeowner's association fees).</em></p> <p>According to <a href="http://riles52.blogspot.com/2010/11/irs-to-stop-lousing-up-short-sales.html">Peter Reilly</a> who gave me the heads-up on this particularly annoying interpretation employed at least by South Florida IRS personnel, the letter was sent to the Director of Collection Policy for Small Business/ Self Employed.  It was copied to Special Counsel of the National Taxpayer Advocate Program, Assistant Division Counsel (SBSE) and Associate Area Counsels for Ft. Lauderdale and Jacksonville.</p> <p>Should this directive be accepted (ie: used) by area personnel that give us those IRS lien releases, it willbe a much needed reversal of the absurd policy previously giving us practitioners unnecessary aggravation.</p> <p>NOTE: ON OCTOBER 4TH THE DEPARTMENT OF THE TREASURY ISSUED ITS <a href="http://www.cokala.com/files/SBSE-05-1010-054_Short_Sale_Properties_102010.pdf" title="formal letter">FORMAL LETTER INSTRUCTION</a> (click on previous phrase).  Thanks again Peter!  The IMPORTANT crux example states:</p> <p><em>Following the previous example, the bank determines that out of the $300,000 sales price, it will allow $15,000 of expenses to be paid. Most of the $15,000 is for normal closing costs, but $5,000 of it is for a homeowner's association fee, which is junior in priority to the IRS, and $2,000 is for state transfer taxes. Because the payments made for the homeowner's association fee and the state transfer taxes are made from proceeds attributable to the bank's priority lien interest and the interest of the IRS in the property to be discharged is valueless, the IRS cannot condition discharge upon payment of any part of the amount going to these expenses.</em></p> <p>Oh, what a relief that is...........!</p> <p><em>Copyright 2010 Richard P. Zaretsky, Esq.</em></p> <p><em>------------------------------------</em></p> <p><em>Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.</em></p> <p><strong>Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE </strong><strong>561 689 6660  </strong><strong>email: </strong><a href="mailto:RPZ99@Florida-Counsel.com">RPZ99@Florida-Counsel.com</a><strong> - </strong><em>FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide!  </em><a href="mailto:Shortsales@Florida-Counsel.com"><em>Shortsales@Florida-Counsel.com</em></a><strong><em>  New Website </em></strong><a href="http://www.florida-counsel.com/"><strong><em>www.Florida-Counsel.com</em></strong></a><strong><em>.  </em></strong></p> <p><em>See our easy to understand articles at:</em></p> <p><a href="http://activerain.com/blogsview/1153345/table-of-contents-short-sale-and-loan-modification-articles"><strong>TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES</strong></a></p> </blockquote> </div><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Sat, 04 Dec 2010 18:49:52 -0500 http://realestateattorneylawblogct.com/post/2002962/irs-liens-on-short-sale-property-resolving-phantom-value-claims http://realestateattorneylawblogct.com/post/1878929/fha-minimum-credit-scores <p> </p><p>This is a very interesting and informative post about the new FHA minimum credit scores going into effect very shortly.  It also discusses the special effect that this will have here in Connecticut, with our own CHFA loan programs.  The FICO scores seem to always be getting more important.  I hope that congress requires that they be made more easily available, like the annual free credit report.</p> <div>Via <b><a href="http://activerain.com/blogsview/1847023/fha-minimum-credit-scores">George Souto NMLS# 65149 FHA, CHFA, VA Mortgages Connecticut</a></b>:<br><blockquote> <p><img src="http://activerain.com/image_store/uploads/4/9/5/6/1/ar128405128216594.jpg" height="88" alt="" width="220">Yes you read the title correctly we now have <strong>FHA Minimum Credit Scores</strong>.  For as long as I have been a Loan Officer, FHA has not had minimum credit score requirements, but as of October 4, 2010 that will change, FHA will implement minimum credit scores for all case numbers as<img src="http://activerain.com/image_store/uploads/6/0/6/8/9/ar128404998398606.jpg" height="98" alt="" width="385">signed on or after October 4, 2010. </p> <p> </p> <p> </p> <p> </p> <p> </p> <p>For most Lenders this change will not change anything, because many Lenders and Investors have implemented their own credit score limits on FHA Loans already.  Most Lenders in Connecticut are requiring a minimum credit score of 620 on FHA Loans.  So this change will not have much of an impact on regular FHA Loans here in Connecticut.  However, it will have a HUGE impact on Loan Programs like our Connecticut Housing Finance Authority (CHFA) Loan Program.</p> <p>CHFA is a quasi government agency that subsidizes Loans/Mortgages for First Time Homebuyers.  CHFA Loans are backed by FHA, but CHFA is the Investor and they follow FHA Guidelines when it comes to minimum credit scores.  Since FHA up until now did not have a minimum credit score, CHFA would do the loan as long as the Borrower met all other CHFA Loan Program Guidelines.  It was not unusual to see CHFA Loans approved with credit scores around 550.  With this new change all CHFA Loans/Mortgages insured by FHA will now have to meet the new <strong>FHA Minimum Credit Scores</strong>.</p> <p>Fannie Mae, also has some new changes, and I will post them in my next blog, so stay tune.</p> <p>******************************************************************************************************************</p> <p><em><strong>Info about the author:</strong></em></p> <p>George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, gsouto@mccuemortgage.com, or visit my <a href="http://www.mccuemortgage.com/rep_georgesouto.htm" title="Mortgages and Loans">McCue Mortgage Homepage</a>.</p> <p> </p> </blockquote> </div><div class="agent_signature"> <p><span>********************************************************************************************</span></p> <p><span>About the author:  Attorney Begemann is a member of the Connecticut Bar and practices real estate and business law in Connecticut.  As an experienced real estate attorney he represents individuals and lenders in residential and commercial loan closings across Connecticut, including the purchase, sale and refinance of real estate.</span></p> <p><span><a href="http://www.attybegemann.com/realestate.html" title="Experienced CT Real Estate Attorney">Attorney Paul H. Begemann</a>, 2764 Whitney Avenue, Hamden, CT  06518</span></p> <p><span><span>Phone 203-230-8739                                       </span></span><span>Fax 800-483-1904</span></p> <p><span>email <a href="mailto:attybegemann@comcast.net">attybegemann@comcast.net</a></span></p> <p> <span>*******************************************************************************************</span></p> </div> Paul Begemann (Attorney Paul H. Begemann) Sat, 25 Sep 2010 17:09:46 -0400 http://realestateattorneylawblogct.com/post/1878929/fha-minimum-credit-scores