Intown Atlanta Real Estate News
How To Calculate A Mortgage Payoff
Thursday, December 09, 2010
Its no secret that home values are low. As a result, many sellers are bringing funds to closing instead of receiving a proceeds checks. Oftentimes, at the closing the Seller will question the payoff amount due on their mortgage. We thought you might like to better understand how a mortgage payoff is calculated.
Here are the components of a typical payoff:
1. Principal Balance: this is the balance on the loan since the due date of the last payment (not the payment date, the closing date, or the “late date”).
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2. Interest on the principal balance that has accrued since the due date of the last payment (this interest will be daily for conventional loans and monthly for FHA loans).
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3. Mortgage insurance premiums due for each monthly payment that is behind or currently due.
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4. Late charges for every month that a payment was late, including the current month if the payoff will be received after the late date (which is usually the 15th).
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5. Escrow Deficit: if the funds in the escrow account were insufficient to pay the most recent tax or insurance bills. Please note that most payoffs will not give a credit for a positive escrow balance - refund will be issued after closing.
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6. Cancellation fees, fax fees, release fees which the run anywhere from $25 -to- $150 each.
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7. Prepayment Penalties, if applicable.
- Scott Askew
Posted in: Intown Atlanta Real Estate News
Mortgage Interest Deduction Now At Risk!
Thursday, December 02, 2010
I am disappointed that anyone in Congress, or on a Presidential Commission, would even suggest limits to the Mortgage Interest Deduction. Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect every home owner who has a mortgage in the United States.
Ever since the Deficit Commission announced its conclusions, the news media have been buzzing about the report. And what do these talking heads emphasize? Proposals to limit or even eliminate the Mortgage Interest Deduction. All of this does is further scare potential buyers away from the housing market. The last thing the housing industry needs right now (and for the foreseeable future) is another bucket of ice water to be thrown on the market. Let’s face it, most people get a little bit of news and declare, with the utmost certainty, that a new law is in place; they hear news reports and do not differentiate between a proposal and a done deal. They just know that a tax provision they actually understand and rely on is under siege. This is just unacceptable. Please consider contacting your Congressman/woman today and oppose this proposal!
- Scott Askew
Posted in: Intown Atlanta Real Estate News
October 24th & 29th Intown Events
Thursday, October 21, 2010
On Sunday, October 24th, Morningside businesses are hosting a fund raiser for Atlanta’s oldest Fire Station! At NOON, Atlanta’s only 1-mile race will be held with cash prizes! You must register no later than October 18th and the cost is $25. Then, The Morningside Village Merchants’ Block Party will feature live music, food, and family fun! The Block Party runs from Noon until 4:00 and will be in the large parking lot across the street from our office at 1411 North Highland Avenue. (The over/under for Scott Askew’s time is 11:35.)
The Third Annual Monumental Ball will be held at Magnolia Hall in Piedmont Park on Friday evening, October 29th from 7:00 until about 11:00PM. Tickets are $55 per person and for that small fee, you fill feast on a buffet prepared by Affairs to Remember and dance the night away to the tunes from Kingsized. Black-tie and/or costumes optional.
You can purchase tickets to The Monumental Ball in our office. Tickets for the Morningside Mile Run can be obtained from Phidippides.
Questions? Give us a call at 404-874-6357
- Scott Askew
Posted in: Intown Atlanta Real Estate News
Do The Foreclosure Mishaps Cited In The News Affect Georgia?
Friday, October 15, 2010
Most of the current challenges, investigations, and allegations concerning improper affidavits, signatures, notaries, and foreclosures are in states with “judicial” foreclosure, where a judge must approve the procedure, based on the paperwork provided. There have been claims that this paperwork includes false affidavits, improperly notarized documents, and other defects.
Georgia is one of 27 “non-judicial” foreclosure states that do not require a judicial hearing for lenders to foreclose on borrowers in default.
As a “non-judicial” foreclosure state, Lenders are required to post public notice for 4 weeks in the ‘official’ county newspaper for legal notices, followed by an auction of the property on the courthouse steps in the county where the property is located.
Although all 50 states are cooperating to investigate improper foreclosures, there are no title issues or title insurance coverage problems for people buying foreclosures in Georgia right now.
Some of the major lenders may still decide to delay or stop foreclosures nationwide, but if the foreclosures proceed in Georgia, the titles will be insurable.
However, this is another reason that the buyers should always get Owner’s Title Insurance!
Posted in: Intown Atlanta Real Estate News
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