Hurricane Sandy May Delay Your Closing

Hurricane Sandy May Delay Your Closing Many (if not most) mortgage lenders will require that homes in FEMA declared “disaster areas” (that includes Maryland and DC) be re-inspected prior to closing. If the home sustained substantial damage lenders may require repairs be completed prior to closing and, in some cases, another appraisal be completed. IF…

“Phantom” Liability for Condominium and Homeowner’s Association Dues and Assessments Provide Another Reason for Distressed Sellers to Short-Sell Their Homes

 “Phantom” Liability for Condominium and Homeowner’s Association Dues and Assessments Provide Another Reason for Distressed Sellers to Short-Sell Their Homes Last April we distributed a legal memo (“Surprised Owners Find That Personal Liability Looms for Unpaid HOA And Condo Fees”) which explained that many owners of condominium units and homes which are subject to the…

Fed Government Announces $25 Billion Mortgage Relief Plan

Fed Government Announces $25 Billion Mortgage Relief Plan Here is your “Boiled Down” overview of the plan. On Thursday, the federal government announced a $25 billion dollar settlement it has reached with the nation’s largest banks that is designed to provide relief for homeowners who are struggling to pay their mortgages. The settlement arises in…

Is Property “Flipping” Illegal?

Is Property “Flipping” Illegal? The term “property flipping” refers to a transaction in which an investor contracts to purchase property and then enters into an agreement to resell the property, immediately or within a very short period of time, at a higher sales price, resulting in a profit to the investor. When a transaction is…