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Quick Tips from Brian Olenik
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QUICK TIPS
WHAT IS TITLE INSURANCE?
The title insurance policy protects the insured against actual
loss, including any costs, attorney’s fees and expenses provided
under the policy, resulting from the Covered Risks set forth in
the policy. A real estate owner or lender might experience a
loss due to liens, encumbrances, or defects in the title to said
property (or the incorrectness of the related title search).
3 KEY POINTS TO REMEMBER:
1) The Title insurer not only guarantees clear title, but it promises
to defend the purchaser’s title in the event there is a problem
with the title, and to compensate the insured (purchaser or
lender) up to the amount of liability on the policy.
2) Legal Fees? The title insurance policy contains provisions for
the payment of legal fees and court costs in defense of a title
claim against the subject property (provided it is covered under
your policy).
3) And the last important point . . .
The title insurance policy contains provisions for payment of
losses which result from a covered claim.
Thank you for making Brian Olenik &
Corinthian Title Company part of your closing team!
For More Details Visit: www.BrianOlenik.com
BRIAN OLENIK
858.776.7683
Related Posts: Real Estate News
Quick Tips on Short Sales and YOUR Credit
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SHORT SALES & YOUR CREDIT
One of the most frequent questions that homeowners want
to know is what happens to their credit score as the result of
a short-sale. Here are a few points to remember.
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1) When you negotiate a short-sale, the homeowners may
still owe the difference between the mortgage balance
and the discounted sales price. This amount can still be
collected via a “Deficiency Judgment.” If granted, this
judgement may adversely affect the homeowners and
their credit report (not unlike other judgments).
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2) The best way to avoid the deficiency judgment is to ask
pursuit of any deficiency judgment.”
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3) Remember that the difference between the mortgage
balance and the short sale may be declared as income on
their tax return by means of a “1099.”
In dealing with any short sale, the homeowner should always
speak with their accountant and/or attorney to see how this
sale will affect them.
Brian Olenik
858-776-7683
Related Posts: Buyers, Contracts & Negotiations, Exclusive Properties, Exclusive PropertiesSanDiego.com, Financial news, foreclosure options, Foreclosures, Picture Perfect San Diego, Real Estate News, San Diego, Short Sales
Treasury sets Guidance to Simplify “Short Sales”
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Here is an important article that I wanted to share with everyone. If you would like more information, please don’t hesitate to contact me. My contact and article source information below.
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NEW YORK (Reuters) – The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed “short sales” of homes and other loan modification alternatives to stem a rising tide of foreclosures.
The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according to an announcement on the Treasury’s website.
Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve an offer, freeing borrowers from debt and capping claims of subordinate lenders.
The incentives, first announced in May, expand on the government’s Home Affordable Modification Program, known as HAMP, that has seen limited success in lowering payments for distressed homeowners. The Treasury earlier on Monday stepped up pressure on mortgage companies to make permanent the 650,000 trial modifications they have started.
Related Posts: Escrow, Financial news, Home Loans, Homeowners, Real Estate News, San Diego, Short Sales
