Do You Have A Question About Real Estate, Mortgage, Insurance?

Originally posted 2009-02-03 11:10:28. Republished by Blog Post Promoter

I created this blog to answer your questions about <a href=”www.taylorbrownrealestatetalks.com”> real estate</a>, <a href=”www.taylorbrownrealestatetalks.com”>mortgage</a>, and <a href=”www.taylorbrownrealestatetalks.com”>insurance</a>. So, I need to hear from you.  What topics are you concerned about?  Is it short sales, foreclosure, how to prevent foreclosure, selling, buying, etc.    Click on the title and put your question in the comment sections to see your topic in the news of Taylor-Brown Real Estate Talks with 24 to 48 hours after you ask.

History Don’t Repeat Itself in LaPorte, IN

Originally posted 2009-10-05 17:43:02. Republished by Blog Post Promoter

On its 100th anniversary, LaPorte Historical Society Museum celebrated by moving into a newly renovated 40,000 square foot facility.  The building was sold to the society by Dr. Peter Kesling for only 1.3 million dollars.

Not only did Dr. Kesling sell the building, but he has added to the museum’s over 80,000 artifacts some of his most prized possession, his classic car. Dr. Kesling has a DeLorean  stainless steel car, a Baker electric car, a 1903 Winton, Dr. Kesling drove coast to coast. The Amphicar is unique, as well, because it can be driven on land or water.

Visit LaPorte’s Museum you will not be disappoint at 2405 Indiana Avenue, LaPorte, IN.  You can also visit www.laportecountyhistory.org for more information.

New Feature at Taylor-Brown Real Estate Talks

Originally posted 2009-04-18 05:41:34. Republished by Blog Post Promoter

You can now search for homes here at Taylor-Brown Real Estate Talks. Just click the link above “Search for Properties“.

Good luck searching for your dream.

Birthday Wishes

Originally posted 2009-06-24 05:00:30. Republished by Blog Post Promoter

Birthday wishes goes out to the writer and publisher of this blog, Serena Brown.

 

Happy 40th.

Top 3 Ways to Reduce Your Homeowner’s Insurance

Originally posted 2009-01-26 09:24:21. Republished by Blog Post Promoter

The premium for home owner’s insurance is influenced by your credit and the replacement cost for the home.  Since your home owner’s insurance can be part of your mortgage payment it is important to know ways to decrease the premium to lower your  mortgage payment.   There are three ways to decrease you home owner’s insurance:

• Since it may take some time to improve your credit, a reduction in replacement cost is one way to decrease your home owner’s insurance.  Some insurance company can decrease your replacement cost to 80% of the replacement cost.  For instance, if the replacement cost is $100,000 it can be decreased to 80,000 as long as it is enough to pay off the mortgage and help you start over if the home is total loss.  Incidentally, this is not recommended for a long term solution to the increase in mortgage or insurance premium.
• Another way to decrease your premium is to increase your deductible.  Remember on homeowner’s insurance you do not pay the deductible before a claim is paid it is simply deduct from the claim.
• Still yet another way is to decrease your liability coverage.

There is an often overlook way to combat an increase in premium that is to find out what your home owner’s insurance when it is three months before your one year anniversary of the purchase of your home.  Your insurance agent should have your renewal premium amount.   If it is more than one hundred over your previous year premium shop for new insurance by calling other companies and get quotes or ask for the above changes to your present premium.

Was Your Foreclosure Legal?

Originally posted 2009-01-07 10:00:10. Republished by Blog Post Promoter

In the state of Illinois for a foreclosure to happen the lender must follow certain legal steps.

Thirty days prior to the enty of judgment of foreclosure, the owner and all person who have interest in the property will be given notice of the foreclosure.

Then, the lender must initiate a foreclosure complaint or counterclaim and at the same time the foreclosure complaint or counterclaim is entered a constructive notice is sent to all persons claiming interest or have a lien on the property.  The court gathers the information on who has interest or liens on the property from public record and title records. 

The constructive notice has to display the plaintiff’s or plaintiffs’ name, the case number, the court where the claim was filed, the names of the owners of record, the legal description of the property, the address of the property and a description of the mortgage that is being foreclosed on.   All the ladder information has to be correct.  If it is not challenge, the information by filing a response to the complaint.   The response must be filed at the court that the complaint or counterclaim was filed.  It also must be filed within 23 days of receiving the notice. 

If any of your rights are violated during the judiciary process of your foreclosure, you can file a complaint with the Judicial Inquiry Board.  This board is an independent agency that consist of four non-attorneys and three attorneys and two judges.  The primary job of this board is to investigate complaints about the judicial process and determine if futher investigate is necessary.  To find out more about the Judicial Inquiry Board, please visit http://www.state.il.us/jib/faq.htm

Once the judicial process is complete, the notice of sale is done.  The notice of sale must include the following information: 

• the name of the owner and all persons who have interest in the property
• the address and phone number of the owner and all persons who have interest in the property
• a description of the home and all improvements
• the time and place for the sale
• the case title and number and court where the foreclosure proceeding were held
• terms of the sale
• the times specific in the judgement

The sale must be post for three consecutive calender weeks (Sunday through Saturday)  at least one time during each of those three weeks with the first notice to be published not more than 45 days prior to the sale.  The last notice is to be published not less than 7 days prior to the sale. 

The notice of the sale can be listed in the newspaper in the legal section, but it must be listed in the county in which the property is located to be concerned proper notice.  It can also be advertised in the real estate section of the newspaper.  In addition, the court also instructs the lender which newspapers and other publications that the notice must be listed in to fulfill the public notice of the sale. 

In addition, the lender must also give notice to all parties to include the owner and even all parties who did not show up for court who may have interest in the property.  The notice must be given in the manner that the use for service of papers which may include a sheriff or courier notice.  This notifications by mail or courier shall take place in addition to the newspaper notice and shall be done at no more 45 days and not less than 7 days prior to the sale. 

No other notice is required unless the court orders or rules differently. 

The successful bidder shall receive a receipt of sale along with a description of the real estate purchased.  The receipt will show the bid amount, the amount paid, and if necessary the amount still remaining to be paid.   An additional receipt will be give if necessary when the remaining amount is paid. 

Upon full payment, the purchaser or bidder will receive a certificate of sale.  The certificate of sale is recordable.  The certificate of sale will have a description of the property sold, the date of the sale to include the location of the sale, and the amount paid.    The Certificate will further indicate that the sale is subject to court verification.    The recording of the certificate is also required by law under Section 12-121. 

Once recorded and verified, the certificate can be assigned by endorsement. 

Even in a foreclosure proceeding you have rights, please make sure yours was not denied.   The simply fact that the foreclosure was filed is not a violation.  If the payment have not been made as agreed, the foreclosure can be filed according the guidelines set forth in the note.  Most mortgages will default after three consecutive missed payments and then the full amount is accelerated to be now due.  However, if you get back on your feet before the foreclosure proceeding is filed which can take up to 6 months to 9 months after the last missed payment, you can contact the loss mitigation department for your mortgage company to get your payments back on track.  There are options, but you must call the lender’s loss mitigation department not the attorney to exercise your right to redemption if you are financial able to prior to the foreclosure proceeding.

Lawsuit.com – The Online Law Firm

Originally posted 2009-04-24 14:27:34. Republished by Blog Post Promoter

Have you heard of www.lawsuit.com?  If you haven’t, you should check it out.  www.lawsuit.com not only evaluates ongoing lawsuits, but it gives updated news on topics that affect consumer safety and puts public awareness at the forefront for consumer on issues like mesothelima. 

Mesothelima is a cancer that is caused by exposure to abestos.  It is a concern for anyone that has work in a factory that was built in the early 1800 to 1980.  For more details and list of common symptoms of mesothelima visit www.lawsuit.com.

The most unique and important feature that lawsuit.com provides is  a directory of attorneys.  The attorneys are required to provide videos for the consumer to review about the attorney’s specialty.   These videos are especially useful so that the consumer can get insight in to the symptoms that he or she is experiencing are related to medication or work related injury or exposure. 

Remember to use www.legaldocs.com/legaldir/ListingIndex.aspx to search for your next attorney.  If you are in need of inexpensive legal forms visit www.legaldocs.com.

Land Trust is a Good Option for Investors in This Market

Originally posted 2009-01-29 14:53:45. Republished by Blog Post Promoter

There was a great post at www.whataboutloans.com on the advantages of a land trust.  The post goes on to list advantages to the land trust to include:

• ease of control
• ease of transfer
• privacy of ownership

The article further defines the parties that own and use the trust and their roles in the transaction of a trust in relation to the purchase of real estate. 

Another key advantage to the trust that the article depicts is that the “beneficial interest in a trust is considered to be personal property, not real property. Therefore you can assign your beneficial interest in a trust to another party without a formal closing.”

Remember due to recent changes to Fannie Mae’s financing criteria investors need to reconsider how they take ownership of their new investor property.   Those changes are affecting investors who want to refinance the properties in their portfolio and have those properties under the entity, limited liability corporation (LLC). 

Freddie Mac backs many of the conforming loans on the secondary market, so any changes in the rules is very important and should be headline news; hence, this news release. 

The land trust is the best solution to combat this issue. 

History Behind a Midwest Town

Originally posted 2009-01-11 10:37:49. Republished by Blog Post Promoter

Did you know that an industy or company could develop a community or city?  In most of the Midwest this was a common practice, hence the development of the community of East Chicago, Indiana.

The city has a history of being described as the “Twin Cities”.  This description was due to the city being divided into as east and west sides by the citizens at the time of inception.  The east side was known as Indiana Harbor and the west side was known as Sunnyside.

East side was comprised of Inland Steel and several other industries, and the west side was comprised of 140th Street North, south of Columbus Drive, west of Alder Street, and east of Cline Avenue.

The city grew and it 1920 had a population of approximately 36,000.  It was in 1920, that the section of Sunnyside was developed as a new community in Indiana Harbor.    This new community was comprised of 100 duxplexes that still stand today.   The homes were owned and rented to Inland Steel employees.   The rent was reasonable, so there was always a waiting list.

As times and financing changed, so did the ownership of the development, in 1963 the Purdue Calumet Development Foundation took over operation of the development.  The Development decided to sale the duplexes in 1969 with Inland employees getting first choice on the purchase of the homes.

With the sale of most of the homes, there was a need to develop more homes in the area.  In 1970, 38 homes were built.  With another eight homes being added to Evergreen Estates in 1974.

With the growth of Inland Street, the company committed to renovating the 100 duplexes in 1971.  This renovation was named the largest renovation in Midwest history.  The homes received many upgrades at the time to include upgrades to the plumbing, electrical wiring, and heating.

In those days, the companies were involved in your life to make your life better on and off the job.  I think that we may be headed by to those times.  Remember history has a habit of repeating itself.

What is Foreclosure?

Originally posted 2009-02-11 11:04:33. Republished by Blog Post Promoter

Foreclosure takes place when the deed is foreclosed through court action. It takes court action to <a href=”www.taylorbrownrealestatetalks.com”>foreclosure</a> on a home. 

 

The borrower uses his or her home as security or collateral for a mortgage. If the lender does not pay as agreed the lender can accelerate the mortgage and then places a lien on the property. Along those same lines, however, when the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage. The satisfaction of mortgage removes the lien on the property.

 

The <a href=”www.taylorbrownrealestatetalks.com”>foreclosure</a> progress begins with the lender’s attorney filing a summons and a complaint to the borrower and any other parties that may have rights in the property.  A trial is held, but once the borrower is notified the borrower has twenty days to respond to the complaint.  The borrower can challenge the lender on the foreclosure lawsuit.  If the borrower challenges the foreclosure, the court has 40 days to respond back to the borrower.  Each challenge must be related to the mortgage <a href=”www.taylorbrownrealestatetalks.com”>foreclosure</a>.  This process can go back and forth between the lender and the borrower as long as the borrower finds something incorrect information in the complaint. This, of course, slows the <a href=”www.taylorbrownrealestatetalks.com”>foreclosure</a> proceedings because it must be hear in court.  By virtue of the back and forth of this procedure many homeowners can stay in their homes for months often years after they have stopped paying their mortgage.

 

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