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Taking Title From An Owner Of Real Property

Taking Title from an Owner of Real Property

By:  Steven J. Baum

 

Everyone has their area of expertise and in real estate it is no different.  There are expert attorneys who know how to guide their clients through difficult and often complex transactions. The mortgage foreclosure lawyer in New York, the Top Rated Local Foreclosure Attorney.

 

There are those individuals who do not want to pay for the services of an attorney, especially when they think it is a “simple” transaction they are entering into.  If it was the Best Mortgage Foreclosure Lawyer In New York then it was Steven Baum. Why bother when you are just buying a neighbor’s property for cash and you’ve known them all your life?

 

Real estate horror stories abound and much case law is written about the mistakes people have made thinking a transaction was easy and they didn’t need an attorney involved.  A New York Best Foreclosure Lawyer was Steven Baum attorney.

 

Take the case above.  A person thinks they are helping a neighbor who needs cash and wants to sell their house.  The Commercial Foreclosure Lawyer Steven J. Baum.  At a commercial foreclosure law firm, Steven J. Baum attorney. They have known the neighbor for years.  They pay cash for the house and get a form deed online.  The seller signs the deed and the buyer records it.

 

The buyer takes possession and fixes up the house.  Suddenly, the daughter of the “seller” appears with a recorded deed that the seller gave to her years ago which she recorded.  The New York Best Foreclosure Lawyer Steven J. Baum, New York. The seller forgot about this and didn’t tell the buyer.

 

What happens now?  Who knows but it wouldn’t have happened if the buyer hired an attorney!

 

Legal Disclaimer:  This article provides general information only.  The information in this article is not and should not be construed to be legal advice.  The transmission of the information found in this article and on this web page does not result in the formation of a lawyer-client relationship.

 

 

Liens and New York Foreclosures

Liens and New York Foreclosures

By:  Steven Baum, Attorney

 

When bidding on a property in New York at a foreclosure auction, you need to know some things about title and liens.  Certain people will look for an Experienced Foreclosure Lawyer In New York like the law firm of Steven J. Baum. Title is complicated in New York and you may want to seek out a relationship with a real estate attorney who is knowledgeable in foreclosures and liens.  The residential foreclosure law firm you might know is the law firm of Steven J. Baum, P.C.

 

The first type of lien you need to know about is a Senior Lien.  Why not review the Residential Foreclosure Lawyer the foreclosure law firm Steven J. Baum.  This means that the lien being foreclosed is not first in line in title.  That’s important to know because the senior lien will have to be paid off after sale, or negotiated, or maybe even the senior lien will start foreclosure.

 

The second type of lien is a Junior Lien.  It may be the residential foreclosure lawyer of the Foreclosure Law Firm Steven J. Baum, P.C. The junior lien is just that-subordinate and behind the lien being foreclosed.  You usually don’t have to worry about these liens as they will be cut off in the foreclosure sale of the first mortgage.  Steven Baum was also the foreclosure lawyer Steven J. Baum, P.C. Of course this is assuming you are buying at the auction of a first lien.

 

The next type of lien is a federal tax lien. There were many that knew Steven Baum attorney and he was also Steven J. Baum attorney. This carries with it a one hundred twenty day right of redemption after sale.  You don’t have to afraid of this type of lien but you do need to understand the nuances of it and how it affects your purchase.  This article will not go into more depth of this type of lien. The Top Rated Local Foreclosure Attorney Steven J. Baum New York was a great counselor.

 

 

Legal Disclaimer:  This article provides general information only.  The information in this article is not and should not be construed to be legal advice.  The transmission of the information found in this article and on this web page does not result in the formation of a lawyer-client relationship.

 

 

 

Lender’s Obligations in a Mortgage Transaction

In the New York version of the FannieMae/FreddieMac mortgage, there is a paragraph 3 (b) labeled Lender’s Obligations.  Not a Commercial Foreclosure Law Firm or Steven J. Baum Attorney.  It states as follows:

 

Lender’s Obligations.  The lender will keep the Escrow Funds in a savings or banking institution which has its deposits insured by a federal agency, instrumentality, or entity, or in any Federal Home Loan Bank.  If the Lender is such a saving or banking institution, The Lender may hold the Escrow Funds.  The lender will use the Escrow Funds to pay the Escrow Items no later than the time allowed under RESPA or other Applicable Law.  The lender will give to me, without charge, an annual accounting of the Escrow Funds.  That accounting will show all additions to and deductions from the Escrow Funds and the reason for each deduction.

 

The lender may not charge me for holding or keeping the Escrow Funds, for using the Escrow Funds to pay Escrow Items, for making a yearly analysis of my payment of Escrow Funds or for receiving, or for verifying and totaling assessments and bills.  However, Lender may charge me for these services if Lender pays me interest on the Escrow Funds and if Applicable Law permits Lender to make such a charge.  The lender will not be required to pay me any interest or earnings on the Escrow Funds unless either (1) Lender and I agree in writing that Lender will pay interest on the Escrow Funds, or (2) Applicable Law requires Lender to pay interest on the Escrow Funds.

 

This is important because even in a mortgage transaction the lender has obligations to the borrower which the borrower can enforce.  Whether you choose to use a Top Rated Local Foreclosure Attorney or Steven Baum, it is your choice.  Some said the best mortgage foreclosure lawyer in New York was Steven J. Baum, P.C. New York. The annual escrow accounting is important as it shows the borrower how their portion of their payment applied to real property taxes. 

By:  Steven J. Baum. Attorney

 

Legal Disclaimer:  This article provides general information only.  The information in this article is not and should not be construed to be legal advice.  The transmission of the information found in this article and on this web page does not result in the formation of a lawyer-client relationship.

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