CFPB Rules Can Help You Keep a Mortgaged Property When Your Loved One Passes Away

The new guidelines from the Consumer Financial Protection Bureau (CFPB) make it easier for people to assume an existing mortgage when their loved one dies. While the 2014 rule requires loan servicers to provide certain information about the mortgage to heirs, the 2018 rule requires lenders to have procedures in place to quickly identify "successors in interest" and communicate with those who have the legal interest in the property. Entitlement to Loss Mitigation Options The CFPB rules make it … [Read more...]

Don’t Leave Your Family Hanging When You Die

When a person becomes incapacitated or dies without an adequate estate plan in place, his or her loved ones are left trying to make decisions based on what they believe the person would want. In some cases, loved ones may not be able to make any decisions at all. An estate plan provides guidance to friends and family members about their loved one's desires regarding the end of life care, after death plans, and property distribution. The Last Will Dying intestate can leave property and even the … [Read more...]

Housing Affordability: There Is No Crisis

While a housing affordability crisis has taken the blame for holding back home sales in the United States, homes in America are more affordable than ever despite increased prices and rising interest rates. New data provided by First American Financial Corp. suggests that today's home buyers are actually experiencing a much more affordable housing market than their parents did four decades ago. Historically low mortgage interest rates and consistent income growth have provided Americans with more … [Read more...]

If You Died Tomorrow, Who Would Get Your Kids?

It is imperative to decide who will care for the kids well in advance just in case the parents don’t survive long enough to see their children become adults. Naming a legal guardian to take custody of the children and provide for their daily needs, basic health and education can be done by adding the information into a will. While the court has the final say, the parents' choice will typically be honored when a will exists. In the absence of a will, or when a guardian is not named in a will, the … [Read more...]

Identify Potential Conflicts When the Family Business Is Sold

Selling the family business is often complicated due to the various interests and conflicting positions that may arise and identifying potential conflicts in advance can help ensure that the sale goes smoothly. Many people engage the services of a business attorney help to identify and manage issues like non-compete agreements, indemnification clauses or contract provisions that could cause conflicts, while others decide to go it alone. Regardless, a few elements that commonly cause conflict in … [Read more...]

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