What happens when a new bank takes over

The FDIC closes a bank, offers that bank for sale, finds a buyer and agrees to cover some of the losses that the buyer incurs. That's how it works when your bank goes under.

But, what happens after you become a loan customer of the new bank? Is it all peaches and cream? Not necessarily so.

According to a report on CharlotteObserver.com, banks often put roadblocks in front of their borrowers and either hound them to pay off  their loans or face foreclosure.  One borrower wouldn't roll over and took the bank to court.  It WON!

Read the full story here.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC
dba Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail Stephen AT vested.com

Hurricane Sandy makes you think about waterfront living

Two stories in the 11/4/12 edition of the New York Times talk about the weather and its impact on living on the water.

My opinion boils down to this – build on the waterfront, be it ocean, lake, bay, lagoon or river, the Federal and state governments no longer step in to help you rebuild.

IF tropical storm Irene last year was an eye-opener, was a reality check. Waterfront property in the New York area is some of the most coveted in the nation, but after back-to-back years of supposedly once-in-a-generation storms, public officials, developers, brokers and homeowners are being forced to re-evaluate.

Read the full story.

Real Luxury: A Way Out The damage caused by Hurricane Sandy speaks to something so obvious it is often overlooked: New York City shores are not fit for living.

Read the full story here. 

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com

Big jump in VA mortgages reported

refinance, mortgages, reverse mortgages, closing, settlement,
Applications for VA mortgages jumped 50% according to a story in the New York Times.

MORTGAGES guaranteed by the Department of Veterans Affairs surged by 50 percent in the fiscal year ended Sept. 30, as tighter credit standards on conventional financing made these programs all the more attractive to current and former military members.

VA mortgages are available to former and current members of the military. My parents obtained one when they bought their home in 1960. The attractiveness of the VA loan program is due to low rates guaranteed by the US government. Borrowers also benefit now that rates have dropped.

Borrowers who already have a V.A.-backed mortgage can get an interest-rate reduction relatively easily. The department’s streamlined refinance program doesn’t require these borrowers to “re-prove” that they qualify, said Nathan Long, the chief executive of Veterans United Home Loans, an online broker of V.A. loans. Information about VA loans is readily available on the Internet.

 Read the full story here.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com

Closing fees high, don't blame the title agent

Vested Land Services title agent title insurance refinance new jersey
Closing fees are a component of the home purchase or refinance.  This article from the New York Times is a tad misleading about these costs and where the blame, if that's the right word, lies.

 FOR some people, a major hurdle to homeownership is the closing costs that come on top of the required down payment. There are fees for everything from title searches to deed recordings, and if you happen to be buying in New York or New Jersey, you’ll find some of the highest costs in the country.

But these fees have been easing, according to a report released last week by Bankrate.com, which found that average closing costs, including mortgage origination fees, fell 7 percent nationwide from 2011 to 2012. In New York they fell 12 percent.

OK, so where do these high fees come from?  Not from third party suppliers such as title agencies, but from lenders and government officials.

Yet, the article continues,

Title insurance is the biggest cost, averaging around 1 percent of the loan balance. Mr. McBride suggested that borrowers shop around, eliciting good-faith estimates from a number of lenders.

Poppycock.  Rates in New Jersey are regulated as they are in New York and costs will be identical from title agent to title agent.  Companies such as ours survive based on the level of service we provide our clients to get buyers and borrowers to the closing table as safely and expeditiously as possible.  (Unless your title agent is owned by a bank or controlled by a real estate agency whose goal is to get you to the table no matter what.)

But the buyer/borrower cannot escape government charges.  The county recording fee for an average mortgage in New Jersey is $240!  And, in New York, you must add government mortgage taxes that add thousands to the cost of a home or mortgage.

The only place where the buyer/borrower can maneuver is with the lender.  There are three words to remember when applying for a loan, shop, shop and shop for the mortgage and if the loan officer cannot explain something to your satisfaction, run for the hills.

Read the full article.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Stephen's Title Agency, LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-227-4724 - Fax 973-556-1628

E-mail Stephenstitle AT comcast.net - www.stephenstitle.com