Archive for June, 2009

1st Mortage Modification

If you are finding you are needing your 1st mortgage modification you are not alone. Take a look at this informative article about the 1st mortgage modification and find out how this program can affect you.

A 1st mortgage modification will no doubt be a whirlwind of new information for you. Nevertheless if it allows you to prevent foreclosure and to keep your house and possessions it may well be worth it. Some of the things involved in 1st mortgage modification are; Capitalization amp; Reamortization a lowering of interest rates extended amortization a partial forebearance of the principal and a test called an “NPV”. The NPV is ” Net Present Value Comparison ” and has to do with the overall value of the loan modifications.

The 1st mortgage modification is determined by preset conditions outlined in the above attributes of this mortgage loan modification program. Such things as delinquent interest taxes lawyer fees and other things are factored in. It is very possible that unpaid late charges can be waived which is good news. The 1st mortgage modification will hopefully start a decrease in the interest rate to as low as three percent. This decrease is accomplished in increments but will go up again after five years.

The 1st mortgage modification has the effect of delaying the payment of the principal when the loan itself is paid in full. This option is not currently available for those who have had a Freddie Mac or Fannie Mae loan. This year as the option arm loans start to balloon in their payments the 1st mortgage modification will more than likely need to be presented to many homeowners in the USA. Look at this as an option to avoid foreclosure and bankruptcy. Creditors are decreasing their desire to foreclose anyway because of the way the price of housing has fallen. This is good news and if you truly need a 1st mortgage modification it will more than likely be a welcome option.

About the writer:  If you might need a 1st mortgage modification it may be time to talk with the experienced bankruptcy lawyers at ConsumerBankruptcyAttorney.com

Your Landlord Guide To Important Rental Property Terms And Words

Are you looking for a landlord guide to unravel the big words and confusing terms used by rental property owners? Our plain English landlord guide will explain every common word and crucial term that you will need to know.

1031 Exchange Refers to the section 1031 of the U.S. revenue code. What makes it important is that it allows you to avoid paying capital gains taxes when selling your rental property if you use the money to buy another likekind property.

Capital Gains Tax The taxes you have to pay if you sell your rental property for a profit. Some countries do not require landlords to pay capital gains taxes.

Eviction The legal process that rental property owners use to remove nightmare tenants who don’t pay rent or break the terms of their rental agreement. As this can be a costly and messy process it’s highly recommended that you look for a landlord guide to do it property.

Fixed Term Tenancy A popular type of rental agreement where there is a fixed starting and ending date.

Landlord Liability Insurance Insurance that protects you in case you are being sued by your tenant for injury or losses. This insurance will cover your legal costs and any claims that are made by your tenant.

Notice to Quit This is a written note that is commonly given to tenants in advance to end a periodic tenancy. Before you can file an eviction lawsuit you will also have to give your tenant a written notice to quit as a final warning.

Occupant An occupant is someone who is legally allowed to stay on your rental property as stated in your lease agreement. He is different from a tenant in that he is not responsible for paying you rent. An example of an occupant will be your tenant’s children.

Periodic Tenancy Another common type of lease that is renewed from one time period to another instead of having a fixed end date. A periodic tenancy can be week to week month to month or year to year.

Section 8 Program Also known as a housing choice voucher program. This is a U.S. government housing program that helps people with low income by paying 60 to 70 of their rent. As there are many rules regarding this program read your section 8 landlord guide before accepting a section 8 tenant.

Squatter Someone who is illegally living on your rental property. This usually happens when your tenant invites someone to stay over for a long time without your permission.

Subtenant When your tenant rerents your rental property to someone else that person is known as your subtenant. In most cases you will have little control over your subtenant so it is recommended that you do not allow them.

Surrender of Tenancy When both the landlord and tenant agree to mutually end their rental agreement the process is called a surrender of tenancy.

Tenancy at Sufferance If the time period for your lease is over and the tenant continues living on your rental property without your permission he will be known as a tenant at sufferance. In most cases he has to continue paying you rent and you can file an eviction lawsuit to remove him.

Tenancy at Will This is a more informal type of lease where there is no proper written rental agreement. It is commonly a verbal arrangement preferred by landlords who need temporary tenants.

Tenancy for Years This is another name for a fixed term tenancy. For the full explanation look for “fixed term tenancy” above.

Teo Zhenjie has been showing landlords how to manage their tenants and rental properties effectively on Propertydo http://www.propertydo.com/ Visit his website today for your stepbystep landlord guide free resources and forms.

About the writer:  Teo Zhenjie has been showing landlords how to manage their tenants and rental properties effectively on Propertydo.com http://www.propertydo.com/ Visit his website today for stepbystep real estate guides free resources and forms.

Your Folly Beach SC Real Estate Guide

Folly Beach is one of the most affordable options for buying beach real estate in the Charleston area and you will find a large selection of homes for sale in a wide range of prices. Ive organized some of the more popular condo and townhouse communities below by price so that you can get a good idea of what you can afford in your price range.

Under 400000: Mariners Cay is one of the most popular condo options in this price range. These are townhousestyle homes are marshfront and the gated community has amenities such as a marina and dock facilities a swimming pool and tennis courts. Marsh Winds is also a good option and it is located near Mariners Cay just before you go over the bridge to the island. These condo buildings have elevators which is a plus especially if you plan to use the home for vacations. There is also a swimming pool and many of these condos have screened porches that overlook the marsh. Pelican Pointe Villas is a little further out from the beach located just across from the Piggly Wiggly grocery but these are some of the newest and most affordable options for condos at Folly Beach. These also have good marsh views as well as screened porches. Pelican Pointe Villas also has a community pool.

400600000: In addition to upgraded units in Mariners Cay youll also see in this price range some newer townhouse options. Back Bay has the newest townhouses available at Folly. Turtle Bay has a pool as well as boat facilities. Waters Edge town homes are set up more like houses that have been divided down the middle meaning that all of these are end units. Buyers generally like that these have more of a house feel to them with added privacy. All three of these communities are located at the back of the island the marsh side so theyre only about a 6 block walk or bike ride to the beach. Palmetto Pointe sits on its own little island within a few minutes drive outside of Folly Beach. These two story condos have incredible views nice upgrades plenty of privacy and good boat facilities. All of the communities I have recommended in this price range have marshfront homes but the listing price generally reflects a units proximity to water and views. So some of these may be directly marshfront while others have more of a marsh view.

600800000: Towards the upper part of this price range you will start to find beachfront condos. Many of these will be in the Charleston Oceanfront Villas which has a pool and elevator. This is an unbeatable location because these are about as close to the Folly Beach Pier and the downtown section of Folly as it gets. Pavilion Watch also has a good selection of condos in these prices. This community is located just across the street from the beach and many of these have beach views. Although Pavilion Watch is not beach front like Charleston Oceanfront Villas you will find that they are more affordable options and have a comparable location otherwise to downtown and to the pier. Folly Creek Place is also a good option especially if you want to avoid some of the traffic associated with living on the island. These have marsh views on both sides of the townhouses which is quite rare and good dock facilities with boat lifts. In this price range you can also find nicer units in Palmetto Pointe and Waters Edge.

800000: If you are looking to buy a home over 800K I recommend houses rather than condos and townhouses. Although it is possible to find houses for sale in the lower price ranges they usually amount to little more than cement block cottages. It is really only in the 800 range that you can buy a good single family home and one that can be used as a vacation rental to offset some of your costs. On the other hand you can certainly find condos and townhouses in this price range at Folly Beach. However know that if you buy one of these you will be buying at the top of the condo and townhouse market. As far as appreciation is concerned and in addition to potential rental income it simply makes a better investment to purchase a house rather than a condo or townhouse when you reach a certain price range.

About the writer:  Looking for Folly Beach SC real estate? Search the MLS for Folly Beach condos and townhouses as well as all other Folly Beach real estate property types!