maryland title company: Free CE: 1031 Exchange & Investment Properties
- 07/22/08 01:19 PM
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: Tuesday August 5th, 2008 Time: 10:00AM - 1:00PM Location: Cummings & Co. Realtors - 2929 O'Donnell Street/ Canton, MD 21224 Cost: FREE courtesy of Advantage Title/ First Home Mortgage/ Cummings & Co. Realtors Giveaways: $50 Gift card to Coburn's Tavern To sign up please call or email Chris Breck at 443-695-2090 … (2 comments)
maryland title company: Recording Changes - Prince George's County
- 06/10/08 01:17 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)
maryland title company: Important Info For Out-of-state Sellers
- 05/27/08 04:40 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)
maryland title company: New Laws - Maryland Emergency Legislation
- 04/28/08 03:00 AM
I recently attended a Maryland Association of Mortgage Brokers Town Hall Meeting to review new laws affecting those of us in the mortgage business. These three bills are considered Emergency Legislation and will take effect in Maryland very soon. SB216 alters the recordation requirements for Mortgages/ Deeds of Trust to include the loan originators license number. Going forward this will allow the source of loans in foreclosure to be traced back to the individual loan originator. Those loan originators that are are the source of to many "bad loans" will be open to investigation. For more information on Senate Bill … (3 comments)
maryland title company: Senate makes headway on housing fix
- 04/07/08 03:49 AM
Senate makes headway on housing fix I know, I know.. another boring post about politics! I am sorry, this stuff intrigues me: Last Thursday the Senate began debate on a $15 billion bipartisan housing relief package. Democrat and Republican lawmakers have been facing "election year pressure" to respond to the foreclosure crisis. The package could get a final vote this week. There is a need for haste as housing experts agree the bill must be signed into law by July to prevent a substantial number of foreclosures in 2008. 1.5 Million subprime ARMs will reset this year with May and July being the peak … (1 comments)
maryland title company: Bush says " No Way" to FHA
- 04/01/08 02:00 AM
Bush Vetoes Changes to FHA Guidelines, April 1 2008 Despite the potential relief for thousands of home owners, President Bush announced yesterday that they will not make changes to the current FHA guidelines. He sited many reasons including an "over correction" of the Housing Market that will create another build and bust of house values. Market analysts believe this late change will destroy consumer optimism and send rates on a roller coaster ride for the next few months. FED Chairman Ben Bernanke was quoted as saying "April Fools!" Ha Ha! I am sure that paragraph made a few of your stomachs drop. On … (9 comments)
maryland title company: Free Tax Advice for the Real Estate Professional
- 03/26/08 04:19 AM
Did you know you can write-off your cable bill? Do you know a trick that can allow you to write-off 100% of the gifts you give your clients? Does your spouse need new eye glasses (because you can write that off too!!)? It is tax time again as the IRS 2008 deadline is quickly approaching. 2008 Brings many new tax laws that will effect you! Before you file your taxes join us for a Free Tax Seminar & Luncheon for Realtors. With our special guest Linda de Marlor, President of Tax Masters, Inc. Contact me to reserve your seat today: Chris Breck 443-695-2090/ cbreck@advantitle.com … (1 comments)
maryland title company: Simplified Disclosures... Problem Solved?
- 03/17/08 01:11 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)
maryland title company: 5 Things You Need To Know About 1031 Exchanges And Your Second Home
- 03/05/08 12:29 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)
maryland title company: Nehemiah Wins! Downpayment Assistance To Continue
- 03/03/08 11:36 PM
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)
maryland title company: Housing Relief Bill - HR 3609 Blocked!
- 03/03/08 03:20 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)
maryland title company: HR 3609 - 5 Things You Need To Know About The Senate's mortgage Fix
- 02/26/08 03:31 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)
maryland title company: Free CE: 1031 Exchange Made Simple
- 02/20/08 01:36 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)
maryland title company: Project Lifeline: A Few Feet Short
- 02/19/08 12:54 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)
maryland title company: Social Hour, VAMB - NOVA Chapter
- 02/18/08 12:40 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)
maryland title company: FAQ's of Reverse Mortgage Settlement
- 02/12/08 04:24 AM
We all know that Reverse Mortgage Settlements can be tricky. You need an experienced closer that is patient and professional. Advantage Title's Reverse Mortgage Team has closed hundreds of reverse mortgage transactions. We have put together the 5 frequently asked questions that arise during the settlement. Your borrowers will feel more comfortable if these are addressed prior to closing:
Why are there 2 Deeds of Trust? The first Deed of Trust represents your lenders lien on the property. The second represents HUD as they assume the second position because HUD is insuring that the homeowner will continue to receive loan payments in … (18 comments)
maryland title company: Make The Stimulus Plan Stimulate You!
- 02/11/08 02:08 AM
What would you do if someone walked up to you on the street and gave you a check for $1,200? If the federal government's economic stimulus plan passes as expected, you could have to face this decision as early as May. Since 2/3 of the U.S. economy is based on consumer spending, the government's plan is for you go on a shopping spree! That sounds like fun, but is it the smart thing to do with your money? Here are my Top 5 Ways to have the economic stimulus plan stimulate your:
5) Give to Charity - "The fragrance always stays in … (1 comments)
maryland title company: How the foreclosure crisis could be fixed
- 02/03/08 11:09 PM
Two million homeowners are at risk of losing their homes to foreclosure this year. John H. Vogel, a professor of real estate at the Tuck School of Business at Dartmouth, explains who these people are and why we need to help. Vogel also gives a glimpse at possible solutions to the foreclosure crisis. His plan involves "sharing the pain" among lenders and borrowers with a "Last Chance Mortgage Pool" that give borrowers nearing foreclosure a 3% interest rate but does not allow them to gain appreciated value. In homes that have depreciated in value the current lender would only receive the … (0 comments)
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