title insurance: 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 insurance: 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 insurance: What can you expect from First Title Corp of St. Tammany?
- 09/07/10 12:19 AM
What you can expect from First Title Corp of St. Tammany? Is your title company a typing service or a professional settlement service? What’s the difference? First Title Corp is a professional settlement service. Our first commitment is to make sure the title to your property is clear of all problems and defects. Some companies do not search the records back 30 years. Instead they search from the present owner forward, reducing their overhead costs. The belief is if someone else has obtained a mortgage or purchased the property within the last decade, the title should have no defects and someone … (2 comments)
title insurance: IS PURCHASING YOUR HOME USING OWNER FINANCING RIGHT FOR YOU?
- 08/20/10 09:40 AM
IS OWNER FINANCING YOUR HOME IN LOUISIANA RIGHT FOR YOU?WHAT ARE THE PURCHASER’S RESPONSIBILITIES IN A LOUISIANA BOND FOR DEED?What are your responsibilities as a purchaser in a Bond for Deed transaction?They are many and are very similar to your responsibilities of outright home ownership.First and foremost, your payments must be made on time. Unlike a traditional mortgage, when you fall behind on your payments with this type of owner financing, the owner/seller can, in a very short period of time, cancel the contract and have you removed from the premises. There is no lawsuit to file. You will get notice … (5 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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