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A good time to buy?…Yes

March 3rd, 2009

The index of pending home resales fell 7.7 percent after a 4.8 percent gain in December, the National Association of Realtors said today in Washington.

A lack of credit and record foreclosures are pushing property values even lower which may keep prospective buyers out of the market for much of 2009. With tight credit, mounting job losses and fears of further price declines the housing market is showing no sign of a bottom through the first half of this year.

Is it a good time to buy? Clearly it is because prices continue to tumble as do interest rates but you must consider the above especially asking can you afford the property if you lose your job. That should be the driving question as you contemplate a purchase. Your credit score will dictate what a lender will be willing to lend but you must consider what savings you have and what you can endure if you lose your job.

This is why I continue to stress the need for an overall legal inspection of your deal, to determine if the deal is right for you as far as the physical property but more importantly do you have peace of mind to go through with the transaction.

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Mortgage Foreclosure Diversion Program

February 24th, 2009

I am pleased to see that the city that a large portion of my law practice centers has a new and innovative program to help mortgage holders who are in a serious crisis and heading toward foreclosure. The Philadelphia Court System in response to the vast increase in foreclosure filings in Philadelphia in 2008 determined that judicial intervention was not only justified, but absolutely necessary to avert a crisis.

The Court created The Mortgage Foreclosure Diversion Pilot Program as a case management alternative designed to provide early court intervention in residential owner-occupied mortgage foreclosure cases. The process involves early identification of suitable properties for the program and diverts those cases to counselors and pro bono attorneys for possible interest rate renegotiation, loan restructuring, or other settlement options prior to foreclosure. The Mortgage Foreclosure Diversion Pilot Program provides court-sanctioned negotiations between lenders and borrowers to try to resolve troubled loans and avoid foreclosure.

It is my understanding that the program has been extraordinarily successful and other jurisdictions are considering implementation. It is great to see that the judicial system is being proactive and innovative in an effort to keep those that can afford to stay in their home with some reformulation of their loan.

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Help in the foreclosure world

February 3rd, 2009

Embedded video from CNN Video

The above video courtesy of CNN explains that there is help in the residential world if you are facing foreclosure. Many lenders are offering programs to reformulate your loan rather than foreclose upon you. The lenders DO NOT want your house, they only want you to make payments, so if you can get back to making some level of reasonable payments they will work with you to avoid foreclosure. Bottom line, contact your lender.

If you have any questions in Pennsylvania or New Jersey call Howard Jaffe, Esquire at 215-564-5200 or see my website at www.jafferealestatelaw.com.

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Renters may not have to vacate property in foreclosure.

January 27th, 2009

The failure and subsequent government bailout of Fannie Mae, along with Freddie Mac, was one of the key factors leading to the steep descent of the stock market, starting over the summer of 2008. Now the mortgage giant is attempting to ease the pain of some of its clients by saying it will ban the eviction of renters if properties undergoing foreclosure. If you are being told by a landlord that you must vacate because of pending foreclosure be sure to ask the Landlord who the lender is as it is possible you will not have to move while the foreclosure process goes forward. For more information contact Howard Jaffe, Esquire at www.jafferealestatelaw.com.

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Ever changing interest rates

January 16th, 2009

The availability of low interest loans on residential property has never been better. Many national lenders are hovering around 5.0% for a fixed 30 year interest rate and no points. You may be able to do better with you local banks. Also there are properties to be had at perhaps their lowest point in years. Confidence in yourself as a Buyer will be key so do your homework, research your property and find the rate that best suits you…but above all stay with a 30 year fixed rate that you can truly afford!

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Hello 2009

January 5th, 2009

Hello all and welcome to my Residential Real Estate blog. I am Howard Jaffe, an attorney in Philadelphia, Pennsylvania and licensed in Pennsylvania and New Jersey. I focuses much of my law practice on representing residential buyers and seller. I hope to offer useful thoughts and ideas from a lawyers perspective for those involved with the sale or purchase or residential real estate. This blog will aim to offer ideas and insight to the good and not so good of residential transactions. I look forward to everyone’s insight and comments!

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