title company: Refinancing with an SBA second mortgage...
- 11/22/11 02:51 AM
In the Gulf Coast region, many of our properties have U.S. Small Business Administration disaster loans on them, usually in second or third place. First Title Real Estate, LLC closed many of these loans. In 2007 & 2008, SBA would allow you to refinance your first mortgage, subordinating theirs with little restrictive requirements. It has since changed. SBA requires their form 770 to be filed out, a sort of mini financial statement. In addition, some of their requirements can include: A letter of explanation of the reason(s) the subordination is being requested A copy of the loan application An appraisal of the subject … (0 comments)
title company: The Germans are NOT coming!
- 11/05/11 12:20 AM
Some closings are just complicated, even if it's a cash sale. In May, First Title Real Estate, LLC had the opportunity to close a property owned by 3 elderly heirs who are from and live in Germany. I didn't think it would be a problem. (first problem, "I didn't think"!) In reviewing the purchase agreement, there was a signature by someone who is not on title. Flag goes up! It turned out that it was a son who had power of attorney for his mother. OK, I need to see a copy BUT, of course, it's in German. Not gonna do … (9 comments)
title company: Landlocked Property...Oh My!!
- 06/25/11 03:56 AM
Do wonders ever cease? We have the opportunity to help someone interested in purchasing 159 acres of landlocked property and we are excited! We will be working with the customer to gain access to this property as well as handling the closing. At First Title, technical closings are our favorite. (Yes we love the easy ones but can't remember the last time one of those came across the desk!) The land has not changed ownership in many, many years. Of course it is inherited property. Some of the steps we are taking are 1. Finding out who owns the surrounding property … (4 comments)
title company: First Title presents the professional of the day……Misti Flynn owner of Decoupage Salon.
- 05/02/11 12:52 AM
First Title would like to introduce you to Misti Flynn, owner of Decoupage Salon and Spa in Slidell, Louisiana. Misti Flynn has been a hair stylist since 1996. She trained at the Academy of Creative Hair Design. After Hurricane Katrina, she decided to become a part of the restoration of Slidell and opened Decoupage Salon and Spa.
Decoupage Salon and Spa in Slidell is an exclusive Paul Mitchell Focus Salon. Decoupage is a full service salon offering a vast array of hair services for both you and your family. Their menu includes hair styling, hair straightening, … (0 comments)
title company: A bunch of Hunter-Gatherers....Is THAT who First Title Corp is?
- 09/11/10 01:31 AM
A bunch of Hunter-Gatherers..Really?..Is THAT who First Title Corp is? Oh my, indeed it is. What you can expect from First Title Corp of St. Tammany… When we receive the request to handle your closing, we take it seriously. We are on the hunt! We read the contract to learn what you have or have not agreed to in the sale. First Title Corp obtains all of the pertinent information we need to handle your purchase or sale. In Louisiana,we need to know your full legal name, including your middle and/or maiden name, your social security number and who your … (0 comments)
WHAT IS A LOUISIANA BOND FOR DEED? IT’S LIKE BUYING YOUR HOME ON A LAY-AWAY PLAN One way to utilize owner financing is a Bond for Deed. The Bond for Deed is a type of owner financing where the buyer contracts to purchase property at sometime in the future. The seller retains title to the property until the buyer meets the terms of the Bond for Deed or refinances the property with a new lender in order to purchase it outright. The contract sets a specific sales price, down payment, interest … (3 comments)
In the Gulf Coast region, many of our properties have U.S. Small Business Administration disaster loans on them, usually in second or third place. First Title Real Estate, LLC closed many of these loans. In 2007 & 2008, SBA would allow you to refinance your first mortgage, subordinating theirs with little restrictive requirements. It has since changed. SBA requires their form 770 to be filed out, a sort of mini financial statement. In addition, some of their requirements can include:
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