House prices are soaring, creating homeownership barriers for low- and middle-income Americans. new legislation dubbed the "First Time Homebuyer Act" was recently introduced to combat the affordability crisis. The bill aims to incentivize first time homebuyers, particularly those in marginalized … [Read more...] about New legislation might extend relief to new homebuyers
Why the housing market won’t crash anytime soon
It doesn't take a real estate expert to understand that the housing market has enjoyed an unprecedented period of growth. Low inventory and high demand for homes have resulted in record-high asking prices and record-breaking offers. For many, the state of the housing market is eerily reminiscent of … [Read more...] about Why the housing market won’t crash anytime soon
CFPB Proposes Foreclosure Ban through ’22
Today, the Consumer Financial Protection Bureau announced a proposed rulemaking that would prohibit servicers from commencing foreclosure actions until after December 31, 2021. Under the current rules, a borrower must be 120 days delinquent before a loan servicer can start the foreclosure … [Read more...] about CFPB Proposes Foreclosure Ban through ’22
Who Owns the Property and Why?
In our last post we discussed the difference between ownership and title. Next we examine the relationship between the two: how we determine who owns a property by examining title to a property. Though the title company handling settlement will always advise who owns the subject property, it is … [Read more...] about Who Owns the Property and Why?
The Subtle Distinction between Title and Ownership
Many equate "title" with "ownership" of property. There is a subtle distinction: ownership represents the bundle of property rights one acquires when purchasing property. Title is the evidence of a person's right to assert or enjoy those property rights. It is only the ability to dispose of … [Read more...] about The Subtle Distinction between Title and Ownership
Should I buy a home warranty when I have homeowners insurance?
Most lenders will require a borrower to purchase a homeowners insurance policy to protect their home. A buyer may wonder, then, why it is prudent to purchase a home warranty in addition. What is covered under the home warranty that is not covered under homeowners insurance? Homeowners insurance … [Read more...] about Should I buy a home warranty when I have homeowners insurance?