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title: Recording Changes - Prince George's County - 06/10/08 08:17 AM
The Prince George's County Office of Finance has issued a notice increasing the State Recordation Tax Rate from $2.20 per $500 to $2.50 per $500 on documents executed after July 5th 2008. Documents executed prior to July 5th will be accepted at the previous rate of $2.20 per $500 until August 31st 2008.
Beginning on September 1st 2008 all documents will be taxed at the new rate of $2.50 per $500.
*Make sure you and any borrower debating on closing before or after their 4th of July vacation is aware of the cost difference.
Also, effective July 1st 2008 all documents … (0 comments)
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title: Important Info For Out-of-state Sellers - 05/27/08 11:40 AM
Please be advised that recent changes to the top margin State income tax rate for individuals have the effect of increasing the withholding required for sales of property by nonresident individuals.
Effective July 1st 2008, withholding for nonresident individuals has been increased from 6.75% to 7.5% in the state of Maryland. (The rate remains at 8.25% for nonresident entity withholdings.)
Deeds dated and fully acknowledged prior to July 1st but recorded after July 1st will be subject to the current 6.75% rate.
So if you have a listing with a seller that is not a resident of the state of Maryland, … (1 comments)
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title: Simplified Disclosures... Problem Solved? - 03/17/08 08:11 AM
HUD released a new RESPA reform proposal which includes a standardized Good Faith Estimate.
Technically this is an old reform proposal as they attempted the introduction of the 3-page GFE in 2002, but where met with heavy resistance. They estimate this could save borrowers an average of $668 at settlement or $8.35 billion per year.
The new GFE would include: the interest rate, monthly payment, loan terms, origination charges, settlement charges, and disclosure of any yield spread premiums. Here is a sample of the new GFE:
http://www.hud.gov/offices/hsg/sfh/res/200803/5180HUD1.pdf
HUD believes the new GFE would make it easier for borrowers to shop around. The savings that borrowers will receive … (2 comments)
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title: 5 Things You Need To Know About 1031 Exchanges And Your Second Home - 03/05/08 08:29 PM
1031 Exchange - Sail your Second Home in a Safe Harbor
Effective March 10th the IRS is now allowing Second Homes to qualify for a Section 1031 tax-free exchange; even if you take pleasure in personal use of the property. The IRS is clear in that buying a second home in the hopes that it will one day appreciate in value does not qualify the property as an investment. However, many use their second homes as an investment property as they rent them out a majority of the year.
To be sure a second home will pass the 1031 Exchange Tax-Free Test follow … (0 comments)
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title: Nehemiah Wins! Downpayment Assistance To Continue - 03/04/08 07:36 AM
Here is a letter sent out Monday March 3 by Scott Syphax, President & CEO of Nehemiah Corporation of America:
Dear Colleague,
I am pleased to announce that Nehemiah was victorious in its litigation against HUD!
Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah's motion for summary judgment. The Court Clerk's Office is directed to enter judgment and close the case.To be clear, the U.S. Department of Housing and Urban Development's (HUD) rule to ban private downpayment assistance as proposed in the "Standards for Mortgagor's Investment in Mortgaged Property" regulation published October 1, 2007, is … (0 comments)
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title: Housing Relief Bill - HR 3609 Blocked! - 03/03/08 11:20 AM
A follow up to last weeks post: HR 3609 - 5 Things You Need To Know About The Senate's Mortgage Fix
Senate Republicans blocked consideration of HR 3609. The bill is designed to help the struggling housing industry but contains provisions that are perceived to hurt lenders and further provoke the current mortgage mess. The provision known by opponents as the "Cram Down", that would allow bankruptcy judges to adjust the terms of distressed homeowners mortgage, has been at the center of the debate.
Democrats argue that unlike the Stimulus Package this would help distressed homeowners now instead of waiting for the stimulus … (0 comments)
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title: HR 3609 - 5 Things You Need To Know About The Senate's mortgage Fix - 02/26/08 11:31 AM
HR 3609 - 5 Things You Need To Know About The Senate's mortgage Fix
1) Proposes a revision to the U.S. Bankruptcy Code that would allow judges to lower interest rates and reduce the balance on troubled borrower's mortgages.
2) Mandates $200 million towards foreclosure-prevention counseling (Doubling current funding).
3) Allows states to issue more tax-exempt bonds so housing agencies can help homeowners refinance.
4) Supporters, including the bills author Sen. Richard J. Durbin (Ill.), feel this could prevent as many as 600,000 homeowners from losing their homes. Supporters include most Democrats, labor unions, consumer advocates, and civil rights organizations such as: AARP, The Center for … (2 comments)
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title: Free CE: 1031 Exchange Made Simple - 02/20/08 09:36 AM
The Professional Development Institute presents:
Free Continuing Education on 1031 Exchanges Made Simple (3 Free Credit Hours)
Learn all of the fundamentals and guidelines in 1031 Tax Deferred Exchange; Time lines, restrictions, and how to manage your clients engaged in a 1031 transaction.
Taught by Chris Breck of
Date: Thursday March 6th, 2008
Time: 2:00pm - 5:00pm
Location: 2105 Laurel Bush Road Suite 110
Bel Air MD 21015
Cost: FREE courtesy of Advantage Title Company
Food: Served from 1:00 - 2:00
To sign up please call or email Chris Breck at 443-695-2090 or mailto:cbreck@advantitle.com%20By by March 3rd
… (1 comments)
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title: Project Lifeline: A Few Feet Short - 02/19/08 08:54 AM
The big news last week was the Treasury department and HUD introducing the New Hope Alliance and Project Lifeline. Project Lifeline extends the foreclosure process by 30 days for those that are seriously delinquent. The New Hope Alliance is comprised of the 6 biggest banks in the country which service approximately 50% of all home loans in the United States. The six Lenders include:
Bank of America
Countrywide
Wells Fargo
Citigroup
Washington Mutual
JP Morgan Chase
Many are criticizing the Bush Administration calling the program a "hands off" approach. These Lenders have attempted to contact 10,000 homeowners that fit the criteria via direct mail. They publicize a toll … (6 comments)
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title: Social Hour, VAMB - NOVA Chapter - 02/18/08 08:40 PM
On behalf of the VAMB NOVA Chapter I would like to invite you to a Social Hour at
(8332 Leesburg Pike)
Thursday February 21st, 2008. 6:00 PM - 8:00 PM
Appetizers and the first round are on me!
Come meet your colleges from the Northern Virginia, Maryland, and D.C. Metropolitan area. That is if you can stop bogging and pull yourself away from Active Rain long enough.
I hope to see you there!
If you have any questions please call Bill Burnett at 703-352-3295.
… (2 comments)
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title: Any Good Georgia Appraisers - 06/12/07 11:05 AM
Know of any good Appraisers in Georgia?
Being with a national title company, we get a lot of people asking us to help them in Georgia. We do not handel the apprasial process ourselves. But we have a client with a borrower in Richmond County Georgia. Can anyone in the Active Rain community recommend a good Appraiser that handles this area? Please Post or email me their information.
Thanks
Chris Breck cbreck@antitlecorp.com
… (0 comments)
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title: Know of any good Delaware Attorneys - 05/24/07 03:37 PM
Know of any good Delaware Attorneys
Being with a national title company, we get a lot of people asking us to help them in Delaware. At first we would handle the processing ourselves and have an attorney conduct the settlement. But with the recent changes to the law, attorneys must now handle the entire transaction.
We are currently working with a few attorneys that we refer business. But, some of them seem to be over worked, they can be inflexible, they don't always return calls, and we have had some post closing and funding issues.
Can anyone out there recommend an attorney that:
Travels to … (1 comments)
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title: Know of any good West Virginia Attorneys - 05/23/07 08:30 AM
Being with a national title company, we get a lot of people asking us to help them in West Virginia. At first we would handle the processing ourselves and have an attorney conduct the settlement. But with the recent changes to the law, attorneys must now handle the entire transaction.
We are currently working with a few attorneys that we refer business. But, some of them seem to be over worked, they can be inflexible, they don't always return calls, and we have had some post closing and funding issues.
Can anyone out there recommend an attorney that:
Travels to the borrowers homes Covers … (0 comments)
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title: Success Stories? - 05/17/07 10:10 AM
My name is Chris Breck, I am the Director of Marketing for a small but growing Title Company in Baltimore Maryland. I am a "Newbie" to Active Rain and I am looking for some insight as to how to use AR as an effective marketing tool. Of course, if someone is to search for a Title company in my area they may find and call me. A Realtor, broker, or lender could stumble upon one of my bloggs. But those are very "Passive" forms of marketing and I am looking for a more "Active" approach.
Please share with me any success stories … (1 comments)
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Chris Breck, Advantage Title Company
Baltimore,
MD
More about me…
Advantage Title Company - Nationwide
Address: 809 Gleneagles Court, Suite 101, Towson, MD, 21286
Office Phone: (410) 494-0380 x 101
Cell Phone: (443) 695-2090
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