Michael Pitt recently returned from the 3 day, 2011 Planning for the Generations Symposium in Chicago, where more than 400 estate planning attorneys from around the country gathered to advance their knowledge and discuss new strategies. Mike noted in particular that the knowledge he gained in how to incorporate advance asset protection strategies into estate plans will enable him to assist his clients to better protect the assets they have accumulated and give his clients greater peace of mind that those assets will be there always for their needs and the needs of their families.
“Estate planning today is a thoughtful, ongoing process … no longer merely a document created in a single legal transaction,” said Pitt. “Our goal at Pitt & Frank is to provide a high level of asset protection for out clients, so they can sleep better at night, not having to worry about preservation of their assets.”
Michael Pitt and Christine Emison of Pitt & Frank are members of WealthCounsel, a national, collaborative organization of estate planning attorneys dedicated to providing a comprehensive, client-centered approach to estate planning.
Friday, August 26, 2011
Monday, August 15, 2011
You Got the Tax Credit When You Purchased in 2009/2010 - What Happens When You Sell?
Repaying the Credit
Q. When must I pay back the credit for the home I purchased in 2009?
A. Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009 or early 2010. The obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.
Q. If I claim the first-time homebuyer credit for a purchase in 2009 or early 2010 and stop using the property as my principal residence before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?
A. If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at the time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.
Q. When does my home stop being my main home?
A. Here are examples of when your home stops being your main home:
1. You sell the home.
2. You transfer the home to a spouse or former spouse in a divorce settlement.
3. You convert the entire home to a rental or business property.
4. You converted the home to a vacation or second home.
5. You no longer live in the home for the greater number of nights in a year.
6. Your home is destroyed or condemned.
7. You lose your home in foreclosure.
8. You die.
Q. When do I have to repay the credit?
A. You repay the full or part of the credit as an additional tax on your tax return when the home stops being your main home during the 36-month period following the date you purchased your home.
You must repay the full credit when:
1. You sold your main home to a related person or entity
2. Your home is destroyed, condemned or disposed of under threat of condemnation and you do not purchase or rebuild a replacement home within two years.
3. You converted the entire home to a rental or business property.
4. You converted the home to a vacation or second home.
5. You no longer live in the home for the greater number of nights in a year.
You may have to repay the full or a part of the credit when:
1. You sold your main home to a non-related person or entity.
2. You repay the amount of the credit up to the amount of your capital gain. Note: when calculating gain or loss on your main home if you received the first-time homebuyer credit, you reduce your basis by the amount of the credit. See Publication 551, Basis of Assets, for more information.
3. You lost your home in a foreclosure.You must repay the credit only up to the amount of gain.
Divorced Persons
If you (transferor spouse) transfer your main home to a spouse or former spouse (transferee spouse) under a divorce decree, the transferee spouse who keeps the home is responsible for repayment of the entire credit if, during the 36-month period after the purchase of the home, the home ceases to be his or her main home. You (transferor spouse) are not responsible for any repayment of the credit.
Source: http://www.irs.gov/
Q. When must I pay back the credit for the home I purchased in 2009?
A. Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009 or early 2010. The obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.
Q. If I claim the first-time homebuyer credit for a purchase in 2009 or early 2010 and stop using the property as my principal residence before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?
A. If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at the time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.
Q. When does my home stop being my main home?
A. Here are examples of when your home stops being your main home:
1. You sell the home.
2. You transfer the home to a spouse or former spouse in a divorce settlement.
3. You convert the entire home to a rental or business property.
4. You converted the home to a vacation or second home.
5. You no longer live in the home for the greater number of nights in a year.
6. Your home is destroyed or condemned.
7. You lose your home in foreclosure.
8. You die.
Q. When do I have to repay the credit?
A. You repay the full or part of the credit as an additional tax on your tax return when the home stops being your main home during the 36-month period following the date you purchased your home.
You must repay the full credit when:
1. You sold your main home to a related person or entity
2. Your home is destroyed, condemned or disposed of under threat of condemnation and you do not purchase or rebuild a replacement home within two years.
3. You converted the entire home to a rental or business property.
4. You converted the home to a vacation or second home.
5. You no longer live in the home for the greater number of nights in a year.
You may have to repay the full or a part of the credit when:
1. You sold your main home to a non-related person or entity.
2. You repay the amount of the credit up to the amount of your capital gain. Note: when calculating gain or loss on your main home if you received the first-time homebuyer credit, you reduce your basis by the amount of the credit. See Publication 551, Basis of Assets, for more information.
3. You lost your home in a foreclosure.You must repay the credit only up to the amount of gain.
Divorced Persons
If you (transferor spouse) transfer your main home to a spouse or former spouse (transferee spouse) under a divorce decree, the transferee spouse who keeps the home is responsible for repayment of the entire credit if, during the 36-month period after the purchase of the home, the home ceases to be his or her main home. You (transferor spouse) are not responsible for any repayment of the credit.
Source: http://www.irs.gov/
Monday, July 11, 2011
Short Sale Basics
1. What is a "Short Sale?"
A "short sale" typically occurs when an owner has no equity in the property under any reasonable measurement of value. Secured creditors are asked to voluntarily accept "short" payoffs in full satisfaction of their liens in order to facilitate a sale of the property at a price insufficient to pay all liens in full. Unlike a foreclosure, there is no legal leverage requiring secured creditors to release their liens upon the sale regardless of the amount of recovery for their liens, so cooperation and consent of all secured creditors is necessary.
2. Advantages of a "Short Sale"
In theory, unlike a foreclosure property, the property is marketed privately at its best potential value in the marketplace. Also, while a typical short sale may take longer than a conventional third party sale to accomplish, the timeline is usually much shorter than current foreclosure actions are taking.
3. Title Company Procedure is the Key to a Successful "Short Sale"
Prior to closing, the title company works with the secured creditors, both mortgage holders and lien holders, to insure that all items will be released from the property upon completion of the short sale closing. This function typically requires much more scrutiny by the title company. What may normally be an administrative function in obtaining a full payoff figure from a lender graduates to a more legally and conditional contractual agreement by the lender to even consent to a compromised payment. Involuntary lien holders (judgments, mechanics', tax liens, etc.), who are never pre-disposed to be cooperative in obtaining full payoffs and releases anyway, may be even more recalcitrant in their cooperation with a short sale. The title company must exercise extreme diligence in obtaining unambiguous and clear releases of liens prior to closing because in most cases little to no consideration is being received in exchange for such releases. Upon the agreement of all secured creditors in writing to the title company, the closing can take place.
A "short sale" typically occurs when an owner has no equity in the property under any reasonable measurement of value. Secured creditors are asked to voluntarily accept "short" payoffs in full satisfaction of their liens in order to facilitate a sale of the property at a price insufficient to pay all liens in full. Unlike a foreclosure, there is no legal leverage requiring secured creditors to release their liens upon the sale regardless of the amount of recovery for their liens, so cooperation and consent of all secured creditors is necessary.
2. Advantages of a "Short Sale"
In theory, unlike a foreclosure property, the property is marketed privately at its best potential value in the marketplace. Also, while a typical short sale may take longer than a conventional third party sale to accomplish, the timeline is usually much shorter than current foreclosure actions are taking.
3. Title Company Procedure is the Key to a Successful "Short Sale"
Prior to closing, the title company works with the secured creditors, both mortgage holders and lien holders, to insure that all items will be released from the property upon completion of the short sale closing. This function typically requires much more scrutiny by the title company. What may normally be an administrative function in obtaining a full payoff figure from a lender graduates to a more legally and conditional contractual agreement by the lender to even consent to a compromised payment. Involuntary lien holders (judgments, mechanics', tax liens, etc.), who are never pre-disposed to be cooperative in obtaining full payoffs and releases anyway, may be even more recalcitrant in their cooperation with a short sale. The title company must exercise extreme diligence in obtaining unambiguous and clear releases of liens prior to closing because in most cases little to no consideration is being received in exchange for such releases. Upon the agreement of all secured creditors in writing to the title company, the closing can take place.
Friday, May 20, 2011
Combining the GFE and TIL Disclosures
The Consumer Financial Protection Bureau (CFPB) announced recently that it has created two alternative prototype forms that are designed to combine the consumer disclosures required by the Truth in Lending Act and the Real Estate Settlement Procedures Act (RESPA).
The CFPB will use both in a testing process that will last for several months in preparation for the formal proposal of a single form. The agency said that it plans five rounds of evaluation, comment and revision before settling on a final form. The process will use forms in both English and Spanish.
The prototypes both offer disclosures for a $216,000 adjustable rate mortgage loan. They combine the disclosures required by the current RESPA Good Faith Estimate of Closing Costs and the current Truth in Lending disclosures in two-page formats. By selecting the right options, it is possible not only to review the two prototypes but also to comment on which of the two is better and why. The CFPB's webpage (LINK) also offers separate comment possibilities for consumers and industry participants.
The testing and public feedback process will enable the CFPB to revise the design and adjust the content based on how it works for consumers to develop a single form that will officially replace the dual TIL and RESPA disclosure requirements.
Source: jdsupra.com
The CFPB will use both in a testing process that will last for several months in preparation for the formal proposal of a single form. The agency said that it plans five rounds of evaluation, comment and revision before settling on a final form. The process will use forms in both English and Spanish.
The prototypes both offer disclosures for a $216,000 adjustable rate mortgage loan. They combine the disclosures required by the current RESPA Good Faith Estimate of Closing Costs and the current Truth in Lending disclosures in two-page formats. By selecting the right options, it is possible not only to review the two prototypes but also to comment on which of the two is better and why. The CFPB's webpage (LINK) also offers separate comment possibilities for consumers and industry participants.
The testing and public feedback process will enable the CFPB to revise the design and adjust the content based on how it works for consumers to develop a single form that will officially replace the dual TIL and RESPA disclosure requirements.
Source: jdsupra.com
Wednesday, May 11, 2011
Indiana Law - Statute of Limitations
Detailed below are a few of the various time thresholds set out in Indiana law that you may run into when reviewing a title to real property located in Indiana.
Mortgages - The statute of limitations, IC 32-28-4-1, for the viability of a mortgage is reviewed with the terms of the mortgage to determine if the mortgage has expired. Mortgages executed after September 1982 have a ten (10) year life from the date of maturity. Mortgages executed prior to September 1982 have a twenty (20) year lien life from the date of maturity. If the mortgage is silent as to a maturity date, the mortgage remains viable twenty (20) years after the mortgage execution regardless of the mortgage's signing before or after 1982. If the execution date is not apparent from the mortgage, the lien will survive twenty (20) years from the mortgage's recording date.
Judgments - A judgment lien attaches to real property when the judgment has been entered and indexed in the judgment docket. IC 34-55-9-2. An Indiana judgment as well as a state tax warrant survive ten (10) years after the rendition of the judgment. However, this time period may be extended due to an appeal, injunction, bankruptcy, the judgment debtor's death, or upon agreement of the parties. A federal judgment does not need to be indexed in the same manner as a state judgment. It must be recorded with the county recorder and due to the Federal Debt Collection Procedures act of 1990, it has a twenty (20) year life.
Mechanics Liens - IC 32-28-3-1 et al governs the procedures and lien time frame for a valid and viable mechanic lien. The following criteria must be satisfied: 1) Pre-lien notice requirements with a residential property where a non owner contracts for the labor. 2) Sixty (60) day recording requirement from the last day of work or supply for mechanic's lien on residential property. 3) Ninety (90) day recording requirement from the last day of work or supply for mechanic's lien on commercial property. 4) The recorded notice of intent to hold a mechanic's lien meets the form requirements of the statute. 5) Whether recorded no lien contract is enforceable. A property owner can request by certified mail that the lien claimant foreclose the mechanic's lien. if the foreclosure is not instituted within thirty (30) days, the property owner can file an affidavit to void the mechanic's lien. The statute also requires the foreclosure of the mechanic's lien within one (1) year of the recording date.
Leases/Land Contracts - Under IC 32-23-8-1 et al a lease is null and void after a period of one year when rental payments, development, or oil/gas production have ceased.
Mortgages - The statute of limitations, IC 32-28-4-1, for the viability of a mortgage is reviewed with the terms of the mortgage to determine if the mortgage has expired. Mortgages executed after September 1982 have a ten (10) year life from the date of maturity. Mortgages executed prior to September 1982 have a twenty (20) year lien life from the date of maturity. If the mortgage is silent as to a maturity date, the mortgage remains viable twenty (20) years after the mortgage execution regardless of the mortgage's signing before or after 1982. If the execution date is not apparent from the mortgage, the lien will survive twenty (20) years from the mortgage's recording date.
Judgments - A judgment lien attaches to real property when the judgment has been entered and indexed in the judgment docket. IC 34-55-9-2. An Indiana judgment as well as a state tax warrant survive ten (10) years after the rendition of the judgment. However, this time period may be extended due to an appeal, injunction, bankruptcy, the judgment debtor's death, or upon agreement of the parties. A federal judgment does not need to be indexed in the same manner as a state judgment. It must be recorded with the county recorder and due to the Federal Debt Collection Procedures act of 1990, it has a twenty (20) year life.
Mechanics Liens - IC 32-28-3-1 et al governs the procedures and lien time frame for a valid and viable mechanic lien. The following criteria must be satisfied: 1) Pre-lien notice requirements with a residential property where a non owner contracts for the labor. 2) Sixty (60) day recording requirement from the last day of work or supply for mechanic's lien on residential property. 3) Ninety (90) day recording requirement from the last day of work or supply for mechanic's lien on commercial property. 4) The recorded notice of intent to hold a mechanic's lien meets the form requirements of the statute. 5) Whether recorded no lien contract is enforceable. A property owner can request by certified mail that the lien claimant foreclose the mechanic's lien. if the foreclosure is not instituted within thirty (30) days, the property owner can file an affidavit to void the mechanic's lien. The statute also requires the foreclosure of the mechanic's lien within one (1) year of the recording date.
Leases/Land Contracts - Under IC 32-23-8-1 et al a lease is null and void after a period of one year when rental payments, development, or oil/gas production have ceased.
Thursday, April 28, 2011
Re-Post: Decedent's Estates and the Sale of Real Property
We get many questions regarding the sale of real property that occurs after the title holder is deceased. For the most part, we have to follow the guidelines of our title insurance underwriters. These guidelines evolve from a combination of Kentucky case law and the KRS, as well as risk analysis and assessment. Included below is a simple outline that details the steps needed and action required when the title holder of real property is deceased.
I. Testate - Decedent had a Will. The Will must be probated.
A. If the Will contains specific power to sell real estate (the Will must specifically mention real estate), only the Executor or the Administrator With Will Annexed (W/W/A) is needed to convey the real estate and the proceeds check shall be payable to the estate.
B. If the Will does not give specific power to sell real estate, either:
i. A court order allowing the Executor or the Administrator W/W/A is needed. This is set out at KRS 389A; or
ii. The Executor/Administrator W/W/A can sign as well as all the heirs and their spouses with the proceeds check made payable to the estate. However, this option can only occur after the expiration of six (6) months from the appointment of the Executor/Administrator W/W/A. If the closing is to occur within the six (6) month period, the KRS 389A court order is needed.
II. Intestate - Decedent did not have a will.
A. If an estate is opened and administered:
i. The Administrator needs a KRS 389A court order allowing the estate to sell the real property, or
ii. The Administrator can sign as well as all the heirs and their spouses with the proceeds check made payable to the estate. However, this option can only occur after the expiration of six (6) months from the appointment of the Administrator. If the closing is to occur within the six (6) month period, the KRS 389A court order is needed.
B. If there is no probate:
i. Record an Affidavit of Descent, and
ii. All heirs named in Affidavit of Descent and their spouses muse sign the deed conveying the property.
iii. There is a two (2) year wait period from the date of death before this can occur (See KRS 396.011).
Remember, these are guidelines and there may be exceptions. If you need further information we are always available.
I. Testate - Decedent had a Will. The Will must be probated.
A. If the Will contains specific power to sell real estate (the Will must specifically mention real estate), only the Executor or the Administrator With Will Annexed (W/W/A) is needed to convey the real estate and the proceeds check shall be payable to the estate.
B. If the Will does not give specific power to sell real estate, either:
i. A court order allowing the Executor or the Administrator W/W/A is needed. This is set out at KRS 389A; or
ii. The Executor/Administrator W/W/A can sign as well as all the heirs and their spouses with the proceeds check made payable to the estate. However, this option can only occur after the expiration of six (6) months from the appointment of the Executor/Administrator W/W/A. If the closing is to occur within the six (6) month period, the KRS 389A court order is needed.
II. Intestate - Decedent did not have a will.
A. If an estate is opened and administered:
i. The Administrator needs a KRS 389A court order allowing the estate to sell the real property, or
ii. The Administrator can sign as well as all the heirs and their spouses with the proceeds check made payable to the estate. However, this option can only occur after the expiration of six (6) months from the appointment of the Administrator. If the closing is to occur within the six (6) month period, the KRS 389A court order is needed.
B. If there is no probate:
i. Record an Affidavit of Descent, and
ii. All heirs named in Affidavit of Descent and their spouses muse sign the deed conveying the property.
iii. There is a two (2) year wait period from the date of death before this can occur (See KRS 396.011).
Remember, these are guidelines and there may be exceptions. If you need further information we are always available.
Tuesday, April 26, 2011
Tenancy in Common v. Joint Tenancy
A. TENANCY IN COMMON
1. Nature of the Tenancy: Each tenant has an undivided interest in the property, including the right to possession of the whole. when one co-tenant dies, the remaining tenants in common have no survivorship rights. Equal shares are not necessary for tenants in common.
2. Alienability: Each co-tenant can transfer his interest in the same manner as if he were the sole owner.
3. Presumption: In Kentucky, a tenancy in common is presumed, unless there is language to the contrary in the vesting instrument.
B. JOINT TENANCY
1. Nature of the Tenancy: Joint tenants own an undivided share of the property and the surviving joint tenant has the right to the whole estate. The right of survivorship is the distinctive element of a joint tenancy.
2. Four Unities: To be joint tenants, the tenants must take their interests:
a. At the same time
b. By the same instrument (title)
c. With identical interests
d. With an equal right to possess the whole property.
3. Creation: A joint tenancy can be created only by express words in an instrument.
1. Nature of the Tenancy: Each tenant has an undivided interest in the property, including the right to possession of the whole. when one co-tenant dies, the remaining tenants in common have no survivorship rights. Equal shares are not necessary for tenants in common.
2. Alienability: Each co-tenant can transfer his interest in the same manner as if he were the sole owner.
3. Presumption: In Kentucky, a tenancy in common is presumed, unless there is language to the contrary in the vesting instrument.
B. JOINT TENANCY
1. Nature of the Tenancy: Joint tenants own an undivided share of the property and the surviving joint tenant has the right to the whole estate. The right of survivorship is the distinctive element of a joint tenancy.
2. Four Unities: To be joint tenants, the tenants must take their interests:
a. At the same time
b. By the same instrument (title)
c. With identical interests
d. With an equal right to possess the whole property.
3. Creation: A joint tenancy can be created only by express words in an instrument.
Wednesday, April 13, 2011
Real Property Held in Trust and How it Affects A Transaction Involving That Real Property
If real property is held in trust, it is imperative to determine the validity of the trust and how it pertains to the transaction at hand. A copy of the original trust agreement must be obtained and reviewed. To determine if it is a valid trust for purposes of the real estate transaction, here are some things to look for:
• Name of trust
• Named trustees
• The trust is revocable
• The borrowers are the settlors and the beneficiaries of the trust
• If sale, trustee has power to sell real property and remove property from the trust
• If refinance or purchase, the real estate owned by the trust may be used as collateral for a loan
• The trustees are authorized under the trust to encumber the subject real estate
• The trust appears to be validly created and is duly existing under KY law, document is signed and notarized
• Name of trust
• Named trustees
• The trust is revocable
• The borrowers are the settlors and the beneficiaries of the trust
• If sale, trustee has power to sell real property and remove property from the trust
• If refinance or purchase, the real estate owned by the trust may be used as collateral for a loan
• The trustees are authorized under the trust to encumber the subject real estate
• The trust appears to be validly created and is duly existing under KY law, document is signed and notarized
Wednesday, March 30, 2011
Covenants of Title
Normally, the extent of the grantor's liabilities for some defect in title is governed by the covenants of title contained in the deed. If the deed contains no covenants of title, the grantor or seller is not liable if the title fails.
Various types of deeds are used to convey interests in property. Some warrant title and some do not. Although different jurisdictions may have peculiar local terminology (for example, the language and form of a deed in Indiana does not resemble the language and form of a deed in Kentucky), under standard classification deeds can be divided into three main types:
GENERAL WARRANTY DEED - A General Warranty Deed warrants title against defects arising before as well as during the time the grantor or seller held title.
SPECIAL WARRANTY DEED - A Special Warranty Deed warrants title against defects arising during the grantor's tenure and not defects arising prior to that time. The grantor is guaranteeing only that he or she has done nothing to make title defective.
QUITCLAIM DEED - A Quitclaim Deed warrants nothing. The grantor merely transfers whatever right, title, or interest he or she has.
Various types of deeds are used to convey interests in property. Some warrant title and some do not. Although different jurisdictions may have peculiar local terminology (for example, the language and form of a deed in Indiana does not resemble the language and form of a deed in Kentucky), under standard classification deeds can be divided into three main types:
GENERAL WARRANTY DEED - A General Warranty Deed warrants title against defects arising before as well as during the time the grantor or seller held title.
SPECIAL WARRANTY DEED - A Special Warranty Deed warrants title against defects arising during the grantor's tenure and not defects arising prior to that time. The grantor is guaranteeing only that he or she has done nothing to make title defective.
QUITCLAIM DEED - A Quitclaim Deed warrants nothing. The grantor merely transfers whatever right, title, or interest he or she has.
Federal Trade Commission Rule Requiring Short Sale Disclosures
The Federal Trade Commission ("FTC") has issued a final rule that may impact real estate professionals that represent clients involved in short sale transactions. The rule requires the professional to make certain disclosures to consumers if they negotiate a short sale with a lender, advertise short sale experience or take upfront fees from short sale sellers. the Mortgage Assistance Relief Services ("MARS") rule took effect on January 31, 2011.
The MARS rule covers short sale negotiations. The FTC has determined that the term "negotiate" includes communications with a lender about the possibility of a short sale transaction involving a consumer's loan. A short sale transaction is a transaction where: 1) The title to the property changes; and 2) The sales price is insufficient to pay all the liens; and 3) The seller does not provide funds to clear the liens on the property; and 4) The lender agrees to allow the sale to occur by releasing the liens on the property.
The MARS rule contains the following definitions:
Mortgage Assistance Relief Service - A service, plan or program offered or provided to the consumer in exchange for consideration that provides services in relation to a consumer's mortgage, including negotiating a possible loan modification, directing a consumer to stop or otherwise alter the amount of his or her mortgage payments, modifying the consumer's payment arrangements, or negotiating a short sale of a dwelling on behalf of a consumer.
Mortgage Assistance Relief Service Provider - Someone who provides, offers to provide or arranges to provide, any mortgage assistance relief service.
There are three disclosures required by the MARS rule:
1. General Commercial Communications Disclosures - A real estate professional that advertises MARS services which is not directed at a specific consumer will need to include in all advertisements a clear and prominent disclosure with the following:
IMPORTANT NOTICE (in two point-type larger than the font size of the disclosure):(Name of company) is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
2. Consumer-Specific Commercial Communications - This is required in all communications that the MARS provider directs to a specific prospective clients. These disclosures need to be made by the real estate professional that represents a seller in a short sale transaction. They must be made prior to the MARS provider beginning mortgage assistance services on behalf of the consumer. The time when the real estate professional needs to provide this disclosure will vary as a real estate professional may not be aware that the transaction will need to be a short sale until far into the listing process. Once the professional becomes aware that a transaction is a short sale, the disclosure should be provided to the consumer. This disclosure must provide the following:
IMPORTANT NOTICE: (in two point-type larger than the font size of the disclosure): You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us (insert amount or method for calculating the amount) for our service. (Name of company) is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
3. Disclosure When Providing an Offer of Mortgage Relief - This is to be provided at the time the real estate professional presents a client with the lender's short sale approval letter. The disclosure must be provided on a separate page and state:
IMPORTANT NOTICE: Before buying this service, consider the following infomation (in two point-type larger than the font size of the disclosure): This is an offer of mortgage assistance we obtained from your lender [or servicer]. You may accept or reject the offer. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us (same amount as disclosed previously) for our services. If you stop paying your mortgage, you could lose your home or damage your credit rating.
Please remember to work with your attorney to draft and prepare the disclosure you need to comply with this important FTC rule.
Source: Kentucky Association of Realtors
The MARS rule covers short sale negotiations. The FTC has determined that the term "negotiate" includes communications with a lender about the possibility of a short sale transaction involving a consumer's loan. A short sale transaction is a transaction where: 1) The title to the property changes; and 2) The sales price is insufficient to pay all the liens; and 3) The seller does not provide funds to clear the liens on the property; and 4) The lender agrees to allow the sale to occur by releasing the liens on the property.
The MARS rule contains the following definitions:
Mortgage Assistance Relief Service - A service, plan or program offered or provided to the consumer in exchange for consideration that provides services in relation to a consumer's mortgage, including negotiating a possible loan modification, directing a consumer to stop or otherwise alter the amount of his or her mortgage payments, modifying the consumer's payment arrangements, or negotiating a short sale of a dwelling on behalf of a consumer.
Mortgage Assistance Relief Service Provider - Someone who provides, offers to provide or arranges to provide, any mortgage assistance relief service.
There are three disclosures required by the MARS rule:
1. General Commercial Communications Disclosures - A real estate professional that advertises MARS services which is not directed at a specific consumer will need to include in all advertisements a clear and prominent disclosure with the following:
IMPORTANT NOTICE (in two point-type larger than the font size of the disclosure):(Name of company) is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
2. Consumer-Specific Commercial Communications - This is required in all communications that the MARS provider directs to a specific prospective clients. These disclosures need to be made by the real estate professional that represents a seller in a short sale transaction. They must be made prior to the MARS provider beginning mortgage assistance services on behalf of the consumer. The time when the real estate professional needs to provide this disclosure will vary as a real estate professional may not be aware that the transaction will need to be a short sale until far into the listing process. Once the professional becomes aware that a transaction is a short sale, the disclosure should be provided to the consumer. This disclosure must provide the following:
IMPORTANT NOTICE: (in two point-type larger than the font size of the disclosure): You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us (insert amount or method for calculating the amount) for our service. (Name of company) is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
3. Disclosure When Providing an Offer of Mortgage Relief - This is to be provided at the time the real estate professional presents a client with the lender's short sale approval letter. The disclosure must be provided on a separate page and state:
IMPORTANT NOTICE: Before buying this service, consider the following infomation (in two point-type larger than the font size of the disclosure): This is an offer of mortgage assistance we obtained from your lender [or servicer]. You may accept or reject the offer. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us (same amount as disclosed previously) for our services. If you stop paying your mortgage, you could lose your home or damage your credit rating.
Please remember to work with your attorney to draft and prepare the disclosure you need to comply with this important FTC rule.
Source: Kentucky Association of Realtors
Tuesday, February 8, 2011
Tenancy by the Entirety
For all of you real estate agents and lenders doing business in Southern Indiana, it is imperative that you make yourself aware of tenancy by the entirety. The text below is meant to act as a primer or guide to make you familiar with tenancy by the entirety. Remember, Indiana recognizes tenancy by the entirety, while Kentucky does not. If you have other questions, you may e-mail Pitt & Frank at mbearden@pittandfrank.com.
1. Tenancy by the Entirety, Generally: A tenancy by the entirety is a form of concurrent ownership that can be created only between husband and wife, holding as one person or one entity. The tenancy by the entirety is similar to a joint tenancy in that the surviving spouse has a right of survivorship.
2. Marital Unit Treated as One Person: In a tenancy by the entirety, the husband and wife are considered to be one person or one unit. As such, they do not take the estate in equal shares, but rather both, holding as one unit, are seised.
3. Severance by One Tenant Impossible: Although the tenancy by the entirety resembles the joint tenancy, it is unlike the joint tenancy in that severance of the tenancy by one tenant (an individual spouse) is not possible. Neither tenant acting alone can destroy or disrupt the nature of the tenancy as can be done in a typical joint tenancy. In other words, an individual spouse cannot convey his or her interest individually. The interest must be conveyed by the marital unit.
4. Creation of Tenancy by the Entirety: In Indiana, where a conveyance in unclear, it is presumed that a conveyance to a husband and wife creates a tenancy by the entirety. However, it is always better that specific language setting out a tenancy by the entirety be included in the vesting instrument.
5. Creditor’s Rights: Since the property is held by the marital unit, an individual tenant’s creditor cannot seize that tenant’s interest and force sale. Only a creditor of the marital unit may do so.
6. Divorce: A divorce terminates the unity of husband and wife and, therefore, the tenancy by the entirety. In Indiana, the tenancy by the entirety is converted into a tenancy in common.
1. Tenancy by the Entirety, Generally: A tenancy by the entirety is a form of concurrent ownership that can be created only between husband and wife, holding as one person or one entity. The tenancy by the entirety is similar to a joint tenancy in that the surviving spouse has a right of survivorship.
2. Marital Unit Treated as One Person: In a tenancy by the entirety, the husband and wife are considered to be one person or one unit. As such, they do not take the estate in equal shares, but rather both, holding as one unit, are seised.
3. Severance by One Tenant Impossible: Although the tenancy by the entirety resembles the joint tenancy, it is unlike the joint tenancy in that severance of the tenancy by one tenant (an individual spouse) is not possible. Neither tenant acting alone can destroy or disrupt the nature of the tenancy as can be done in a typical joint tenancy. In other words, an individual spouse cannot convey his or her interest individually. The interest must be conveyed by the marital unit.
4. Creation of Tenancy by the Entirety: In Indiana, where a conveyance in unclear, it is presumed that a conveyance to a husband and wife creates a tenancy by the entirety. However, it is always better that specific language setting out a tenancy by the entirety be included in the vesting instrument.
5. Creditor’s Rights: Since the property is held by the marital unit, an individual tenant’s creditor cannot seize that tenant’s interest and force sale. Only a creditor of the marital unit may do so.
6. Divorce: A divorce terminates the unity of husband and wife and, therefore, the tenancy by the entirety. In Indiana, the tenancy by the entirety is converted into a tenancy in common.
Monday, January 31, 2011
1031 Tax Deferred Exchanges
WHAT IS A 1031 TAX DEFERRED EXCHANGE?
Section 1031 of the Internal Revenue Code offers the real estate investor a remarkable opportunity to sell one parcel of real estate and use the entire proceeds to acquire replacement real estate, without paying taxes on any gain from the sale. By careful planning and strict adherence to the safe-harbor provisions of the IRS regulations, investors can protect the full value of their appreciation and equity, expand their holdings of investment property and defer payment of tax on capital gains indefinitely.
Section 1031 of the Internal Revenue Code states: "No gain or loss shall be recognized on the exchange of property held...for investment, if such property is exchanged solely for property of like-kind which is held...for investment."
Safe-Harbor Requirements of Section 1031:
1. Replacement property must be properly identified within 45 days of closing on relinquished property.
2. Replacement property must be acquired within 180 days of closing on relinquished property.
3. Aggregate replacement property must be equal to, or greater in value than, the relinquished property.
4. Debt on the replacement property must be equal to, or greater than, debt on the relinquished property.
WHAT DO I NEED TO KNOW ABOUT 1031 TAX DEFERRED EXCHANGES?
What kind of property qualifies for a 1031 exchange? Any type of investment real estate may be exchanged for any other type of real estate, provided the replacement real estate is likewise held for investment, and not immediately used by the investor as a personal residence.
Can I complete a tax deferred exchange by myself somehow segregating the proceeds from the sale of my relinquished property and then using those funds to acquire a replacement property? No, actual or constructive receipt by the investor of all or any portion of the proceeds of sale of relinquished property will defeat the tax deferred exchange and require the investor to pay tax on any gain realized.
How can I avoid constructive receipt of the proceeds of sale of the relinquished property so that i can complete a tax deferred exchange? Through the use of a qualified intermediary, such as KENTUCKY TITLE EXCHANGE, an accommodation party who is not a disqualified person or entity pursuant to IRS regulations, the investor can avoid being deemed to be in actual or constructive receipt of the sale proceeds pending acquisition of the replacement property.
Can I exchange more than one replacement property? Yes, and in many tax deferred exchange transactions, the investor will leverage the exchange proceeds to acquire more or higher quality properties than what the investor started with.
Can I acquire a vacation or second home in a tax deferred exchange? No, both the relinquished and replacement properties must be property "held for investment." Property that is the residence of the investor will not qualify under the IRS regulations. Nevertheless, a residential property acquired in a vacation area may qualify as long as that property is not used for a period of time after the acquisition as the residence of the investor, but held for investment, such as rental.
How do I identify replacement property in a tax deferred exchange? Replacement property must be identified in writing to KENTUCKY TITLE EXCHANGE, within the appropriate time period. The investor may identify up to 3 properties, regardless of value, OR any number of properties, so long as their total value does not exceed 200% of the value of the relinquished property, OR any number of properties of any value, so long as the investor acquires at least 95% of the identified properties in the exchange.
Can I change my mind and not complete the exchange? Yes, an investor can change his or her mind at any time prior to the completion of the exchange and the sale of the relinquished property will become a taxable transaction. Any exchange proceeds held by KENTUCKY TITLE EXCHANGE, will be returned to the investor, subject only to compliance with restrictions in the IRS regulations concerning timing for the return of funds not used to acquire replacement property.
How much does a 1031 tax deferred exchange cost? The costs to set up a tax deferred exchange are minimal. KENTUCKY TITLE EXCHANGE charges fixed rate fees that are competitive with the lowest fees charged by qualified intermediaries across the country.
If you are interested in a 1031 tax deferred exchange and have any more questions you may contact KENTUCKY TITLE EXCHANGE at (502) 895-9900 or by e-mail at tarac@pittandfrank.com.
Section 1031 of the Internal Revenue Code offers the real estate investor a remarkable opportunity to sell one parcel of real estate and use the entire proceeds to acquire replacement real estate, without paying taxes on any gain from the sale. By careful planning and strict adherence to the safe-harbor provisions of the IRS regulations, investors can protect the full value of their appreciation and equity, expand their holdings of investment property and defer payment of tax on capital gains indefinitely.
Section 1031 of the Internal Revenue Code states: "No gain or loss shall be recognized on the exchange of property held...for investment, if such property is exchanged solely for property of like-kind which is held...for investment."
Safe-Harbor Requirements of Section 1031:
1. Replacement property must be properly identified within 45 days of closing on relinquished property.
2. Replacement property must be acquired within 180 days of closing on relinquished property.
3. Aggregate replacement property must be equal to, or greater in value than, the relinquished property.
4. Debt on the replacement property must be equal to, or greater than, debt on the relinquished property.
WHAT DO I NEED TO KNOW ABOUT 1031 TAX DEFERRED EXCHANGES?
What kind of property qualifies for a 1031 exchange? Any type of investment real estate may be exchanged for any other type of real estate, provided the replacement real estate is likewise held for investment, and not immediately used by the investor as a personal residence.
Can I complete a tax deferred exchange by myself somehow segregating the proceeds from the sale of my relinquished property and then using those funds to acquire a replacement property? No, actual or constructive receipt by the investor of all or any portion of the proceeds of sale of relinquished property will defeat the tax deferred exchange and require the investor to pay tax on any gain realized.
How can I avoid constructive receipt of the proceeds of sale of the relinquished property so that i can complete a tax deferred exchange? Through the use of a qualified intermediary, such as KENTUCKY TITLE EXCHANGE, an accommodation party who is not a disqualified person or entity pursuant to IRS regulations, the investor can avoid being deemed to be in actual or constructive receipt of the sale proceeds pending acquisition of the replacement property.
Can I exchange more than one replacement property? Yes, and in many tax deferred exchange transactions, the investor will leverage the exchange proceeds to acquire more or higher quality properties than what the investor started with.
Can I acquire a vacation or second home in a tax deferred exchange? No, both the relinquished and replacement properties must be property "held for investment." Property that is the residence of the investor will not qualify under the IRS regulations. Nevertheless, a residential property acquired in a vacation area may qualify as long as that property is not used for a period of time after the acquisition as the residence of the investor, but held for investment, such as rental.
How do I identify replacement property in a tax deferred exchange? Replacement property must be identified in writing to KENTUCKY TITLE EXCHANGE, within the appropriate time period. The investor may identify up to 3 properties, regardless of value, OR any number of properties, so long as their total value does not exceed 200% of the value of the relinquished property, OR any number of properties of any value, so long as the investor acquires at least 95% of the identified properties in the exchange.
Can I change my mind and not complete the exchange? Yes, an investor can change his or her mind at any time prior to the completion of the exchange and the sale of the relinquished property will become a taxable transaction. Any exchange proceeds held by KENTUCKY TITLE EXCHANGE, will be returned to the investor, subject only to compliance with restrictions in the IRS regulations concerning timing for the return of funds not used to acquire replacement property.
How much does a 1031 tax deferred exchange cost? The costs to set up a tax deferred exchange are minimal. KENTUCKY TITLE EXCHANGE charges fixed rate fees that are competitive with the lowest fees charged by qualified intermediaries across the country.
If you are interested in a 1031 tax deferred exchange and have any more questions you may contact KENTUCKY TITLE EXCHANGE at (502) 895-9900 or by e-mail at tarac@pittandfrank.com.
Monday, January 24, 2011
Questions and Answers about Title Insurance
1. What is Title Insurance?
Title insurance is insurance against loss from defects in title to real property and from the invalidity or enforceability of mortgage liens. Before you purchased your home it may have gone through several ownership changes, and the land on which it stands may have went through many more. There may be a weak link at any point in the chain that could emerge to cause problems. For example, someone along the way may have forged a signature in transferring title or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise from such problems.
2. Do I have to Purchase Title Insurance?
If you need a mortgage to acquire a property then the answer is yes. All mortgage lenders require protection for an amount equal to the loan amount. It lasts until the loan is repaid. When acquiring a loan, title insurance is required to protect the lender, but you, the consumer, pay the premium. The premium is a single payment made upfront at the time of the closing.
3. Does Title Insurance Do Anything for Me?
The required insurance protects the lender up to the amount of the mortgage, but it doesn't protect your equity in the property. For that, you need an owner's policy for the full value of the home. In most cases in Kentucky, the buyer will typically purchase the owner's policy simultaneously to purchasing the lender's pPlicy at closing, but it can be purchased at any time. In Southern Indiana, the seller will typically contribute toward the cost of the premium the buyer must pay for the purchase of the owner's policy. In any event it is a good idea to purchase both policies simultaneously, because there is a discounted premium when doing so.
4. Doesn't the Lender's Policy Indirectly protect me?
No, title policies are indemnity policies. That means they protect against loss. The lender's policy would, therefore, only cover a loss on the lender's part.
5. For How long is the Property Owners Purchasing Title Insurance Covered?
Indefinitely. The owner's protection lasts as long as the owner or any heirs have an interest in or any obligation with regard to the property. When they sell, the lender will require the purchaser to obtain a new policy. That policy protects the lender against any liens or other claims against the property that may have arisen since the date of the previous policy.
6. Will Title Insurance Prtoect Me Against False Claims That May Arise After I Purchase the Property?
The standard policy does not. To compensate for this deficiency a new policy with with expanded has been developed. This is commonly known as the ALTA Homeowners policy or Enhanced Owner's policy.
7. Does Title Insurance Rise with Increases in the Value of My Property?
No, but coverage under the ALTA policy referred to in Question 6 increases by 10% a year for the first 5 years after issuance to 150% of the initial amount. You can buy additional coverage as rider to the policy.
8. Why Do I Need to Purchase a New Policy When I Refinance?
You don't need a new owner's policy, although it is recommended for added protection for the homeowner. However, you will be required to purchase a new lender's policy. Even if you refinance with the same lender, the existing lender's policy terminates when you pay off the mortgage. Also, the lender may be concerned with any title issues that may have arisen since you purchased the property. In some cases, if you have previoulsy refinanced or puchased your home within 5 years you may be eligible for a discounted policy. This is known as a re-issue. Ask your title company or lender if you qualify.
Title insurance is insurance against loss from defects in title to real property and from the invalidity or enforceability of mortgage liens. Before you purchased your home it may have gone through several ownership changes, and the land on which it stands may have went through many more. There may be a weak link at any point in the chain that could emerge to cause problems. For example, someone along the way may have forged a signature in transferring title or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise from such problems.
2. Do I have to Purchase Title Insurance?
If you need a mortgage to acquire a property then the answer is yes. All mortgage lenders require protection for an amount equal to the loan amount. It lasts until the loan is repaid. When acquiring a loan, title insurance is required to protect the lender, but you, the consumer, pay the premium. The premium is a single payment made upfront at the time of the closing.
3. Does Title Insurance Do Anything for Me?
The required insurance protects the lender up to the amount of the mortgage, but it doesn't protect your equity in the property. For that, you need an owner's policy for the full value of the home. In most cases in Kentucky, the buyer will typically purchase the owner's policy simultaneously to purchasing the lender's pPlicy at closing, but it can be purchased at any time. In Southern Indiana, the seller will typically contribute toward the cost of the premium the buyer must pay for the purchase of the owner's policy. In any event it is a good idea to purchase both policies simultaneously, because there is a discounted premium when doing so.
4. Doesn't the Lender's Policy Indirectly protect me?
No, title policies are indemnity policies. That means they protect against loss. The lender's policy would, therefore, only cover a loss on the lender's part.
5. For How long is the Property Owners Purchasing Title Insurance Covered?
Indefinitely. The owner's protection lasts as long as the owner or any heirs have an interest in or any obligation with regard to the property. When they sell, the lender will require the purchaser to obtain a new policy. That policy protects the lender against any liens or other claims against the property that may have arisen since the date of the previous policy.
6. Will Title Insurance Prtoect Me Against False Claims That May Arise After I Purchase the Property?
The standard policy does not. To compensate for this deficiency a new policy with with expanded has been developed. This is commonly known as the ALTA Homeowners policy or Enhanced Owner's policy.
7. Does Title Insurance Rise with Increases in the Value of My Property?
No, but coverage under the ALTA policy referred to in Question 6 increases by 10% a year for the first 5 years after issuance to 150% of the initial amount. You can buy additional coverage as rider to the policy.
8. Why Do I Need to Purchase a New Policy When I Refinance?
You don't need a new owner's policy, although it is recommended for added protection for the homeowner. However, you will be required to purchase a new lender's policy. Even if you refinance with the same lender, the existing lender's policy terminates when you pay off the mortgage. Also, the lender may be concerned with any title issues that may have arisen since you purchased the property. In some cases, if you have previoulsy refinanced or puchased your home within 5 years you may be eligible for a discounted policy. This is known as a re-issue. Ask your title company or lender if you qualify.
Wednesday, January 19, 2011
The 2013 3.8% Tax
Starting January 1, 2013, a 3.8% tax on some investment income will take effect. This tax will affect some, but not all, real estate transactions. When the tax goes into effect two years from now, it MAY impose a 3.8% tax on some interest income, dividends, rental income (less expenses) and capital gains (less capital losses). The tax will apply only to those individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with an AGI of more than $250,000. The new tax would apply to the lesser of the investment income amount or the excess of AGI over the $200,000 or $250,000 amount.
The National Association of Realtors provides the following examples of the how tax will work in certain common situations:
Example 1: Capital Gain Sale of a Principal Residence
John and Mary sold their principal residence and realized a gain of $525,000.00. They have an AGI of $325,000.00 (before adding taxable gain).
The tax applies as follows:
AGI before taxable gain: $325,000
Gain on sale of residence: $525,000
Taxable Gain (added to AGI): $25,000 ($525,000-$500,000)
New AGI: $350,000 ($325,000+$25,000)
Excess of AGI over $250,000: $100,000 ($350,000-$250,000)
Lesser Amount (table): $25,000.00
Tax Due: $950.00 ($25,000x0.038)
* If John and Mary had a gain of less than $500,000 on the sale of their residence, none of that gain would be subject to the 3.8% tax. Whether they paid the 3.8% tax would depend on other components of their AGI.
Example 2: Income Sources Including Real Estate Investment Income
Hank has a "day job" from which he earns $85,000 a year. He owns several small apartment units and receives gross rents of $130,000. He also has expenses related to that income.
The tax applies as follows:
AGI Before Rents: $85,000
Gross Rents: $130,000
Expenses (appreciation; debt service): $110,000
Net Rents: $20,000
New AGI: $105,000 ($85,000+net rents)
Excess of AGI over $200,000: $0
Lesser Amount (table): $0
Tax Due: $0
* Even if Hank's combined gross rents and day job earnings exceed $200,000, he would not be subject to the 3.8% tax because his investment income includes net, not gross, rents.
The National Association of Realtors provides the following examples of the how tax will work in certain common situations:
Example 1: Capital Gain Sale of a Principal Residence
John and Mary sold their principal residence and realized a gain of $525,000.00. They have an AGI of $325,000.00 (before adding taxable gain).
The tax applies as follows:
AGI before taxable gain: $325,000
Gain on sale of residence: $525,000
Taxable Gain (added to AGI): $25,000 ($525,000-$500,000)
New AGI: $350,000 ($325,000+$25,000)
Excess of AGI over $250,000: $100,000 ($350,000-$250,000)
Lesser Amount (table): $25,000.00
Tax Due: $950.00 ($25,000x0.038)
* If John and Mary had a gain of less than $500,000 on the sale of their residence, none of that gain would be subject to the 3.8% tax. Whether they paid the 3.8% tax would depend on other components of their AGI.
Example 2: Income Sources Including Real Estate Investment Income
Hank has a "day job" from which he earns $85,000 a year. He owns several small apartment units and receives gross rents of $130,000. He also has expenses related to that income.
The tax applies as follows:
AGI Before Rents: $85,000
Gross Rents: $130,000
Expenses (appreciation; debt service): $110,000
Net Rents: $20,000
New AGI: $105,000 ($85,000+net rents)
Excess of AGI over $200,000: $0
Lesser Amount (table): $0
Tax Due: $0
* Even if Hank's combined gross rents and day job earnings exceed $200,000, he would not be subject to the 3.8% tax because his investment income includes net, not gross, rents.
Thursday, January 13, 2011
Back from the Abyss
I haven't posted much on this blog recently due to a glut of closings. Rates have been very low for the past few months and because of this I've been extremely busy doing refinance closings. I did post links to two articles on Facebook today, but also thought it'd be a good idea to post these articles over here as well.
Also, I promise that I'll try and update the blog a bit more regularly this year...:-)
Happy Reading!!!!!
Washington Post article on Bank Owend/REO Properties
WSJ article regarding the positive outlook for the coming year.
Also, I promise that I'll try and update the blog a bit more regularly this year...:-)
Happy Reading!!!!!
Washington Post article on Bank Owend/REO Properties
WSJ article regarding the positive outlook for the coming year.
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