Co-Author: Doug Barber Don’t Paint Yourself into a Corner – The “Toxic Substances Control Act” You may have heard that EPA has some new rules for lead based paint (LBP). The rules passed in 2008 and became effective April 22, 2010. Here is our overview of the law from the perspective of Attorney (Oliver), Realtor®, and … Continue Reading
Home Affordability Modification Program (“HAMP”) Lender Incentives to Modify Mortgage Payments The Home Affordability Modification Program (“HAMP”) is the federal loan modification program designed to assist homeowners who can no longer afford their monthly mortgage payments. HAMP went into effect in 2009 as part of the Making Home Affordable Program and set out a series … Continue Reading
The Home Affordability Modification Program(“HAMP”) has been largely unsuccessful in creating permanent loan modification solutions that allow distressed homeowners to remain in their properties. In response, the Home Affordable Foreclosure Alternatives Program (“HAFA”), which went into effect April 5, 2010, provides foreclosure avoidance options for homeowners who are not able to permanently modify their loans … Continue Reading
In 2009, the Wall Street Journal estimated that over 25 percent of American households with mortgages were worth less than the total debt secured by the property. For most upside down homeowners, a successful short payoff transaction is a better option than simply allowing their home to go into foreclosure. Not all upside down … Continue Reading
Right of First Refusal— Kick Out Clauses You’ve just received an otherwise desirable offer on one of your listings. Unfortunately, it is not clear whether Buyer will be able to qualify for the loan. Your Seller is inclined to accept the offer, but wants to preserve the flexibility of replacing this Buyer with another one, … Continue Reading
Some markets have improved sufficiently that we are now starting to see competing buyers pursue garden variety seller re-sales. Sellers seek guidance on how to use the competition among buyers to maximize the sales price. Consider the following scenario. You are the listing agent and responded to First Buyer’s offer with a counterproposal allowing … Continue Reading
Federal Estate Tax and Carryover Basis in 2010 – The Unthinkable With its priorities elsewhere last year, the U.S. Congress failed to address a major problem with the 2001 federal estate tax law that may wreak havoc with estates of people who die in 2010. Under the 2001 law, the federal estate and generation-skipping taxes … Continue Reading
Part I of this article identified some of the issues brokers encounter when listing property which is, or which might become, the subject of a divorce. This article continues to identify issues and discusses some of the general solutions. Access To The Residence May Be Blocked A divorcing spouse who does not want the house … Continue Reading
Q: I will be entering into a listing agreement with a married individual who may soon be getting divorced. I also have a listing with a couple who is now getting divorced. What issues might arise? A: Involvement with a married person who might get divorced or who is currently going through a divorce … Continue Reading
Parties in a divorce case should pay close attention to resolving issues concerning whether maintenance will continue after remarriage. The economic lives of spouses are frequently closely intertwined in marriage. It is often impossible to later segregate the respective decisions and contributions of the spouses. This legislative declaration is the basis for “maintenance” (also … Continue Reading
