10 Common House owner Problems
Home ownership is the majority of people's dream come true. Don't let it end up being a nightmare.
1. Real Estate Fraud
" Someone created my signature on a Grant Deed. The file states my home now comes from somebody I do not even know."
Contact your state's realty commission.
2. Unlicensed Contractors
" I hired a person who said he was accredited to make repairs to my kitchen area. He started the work but never ended up. I discovered he isn't really licensed and that he tape-recorded a mechanic's lien against my house."
Never ever employ an unlicensed specialist.
3. Foreclosure Consultants
" When I supported on my home payments, I began getting mail from people saying they could conserve my house. I signed a contract with a person who guaranteed to make up the back payments and help me get a brand-new loan. He didn't do any of that. Rather, he sold my house to somebody else and now I'm being forced out."
If you're behind on payments, call your home mortgage company and exercise a payment plan.
4. High Interest Loans
" I thought I was getting a bargain on a re-finance. Ends up, the rate of interest is way too expensive and they charged me all type of scrap fees."
Search for the very best rates and charges before getting a new loan and make sure your read the small print.
5. Adjustable and Fixed-Rate Loans
" The loan agent said I was getting a fixed-rate, 30-year loan. 6 months later on, my interest rate leapt more than 3%.".
Evaluation your loan documents prior to you sign. Rates of interest must be divulged by the lender.
6. Account and Billing Errors.
" My home mortgage company did not credit my represent the mortgage payments I've made.".
Send out a letter to your mortgage company asking for a payment history. Be sure to include your account number in the letter.
7. Illegal Rooms.
" I simply moved into your home I purchased and the city informs me that a few of the rooms were included without structure authorizations.".
You may be required to make changes. Make sure to look for structure authorizations prior to you purchase a house.
8. Repair works and Escrow.
" Before I purchased my house, the seller promised to make repairs. My agent said it was OKAY to close and sign escrow, even though the repair works were not done. It's been 3 months and the seller still hasn't made any repair works.".
Ensure repair works are finished before you close escrow.
9. Real estate tax Not Paid.
" My home loan company was expected to pay my real estate tax but didn't. Now I owe past taxes and penalties.".
Call your mortgage company for a description. If they don't look after the issue, call your state realty commission.
10. Uninhabited Land Purchase.
" I bought some vacant land in the desert to develop a home on. The seller stated there was water, sewers, electrical power and phone service. Ends up, none of those are offered.".
Check with the local Building and Safety Department prior to you purchase uninhabited land.
Residential or commercial property purchases are generally the biggest financial investment you can make. If necessary, work with a real estate lawyer to safeguard your interests.
" I worked with a person who stated he was certified to make repairs to my kitchen. I signed a contract with a guy who promised to make up the back payments and help me get a new loan." Before I bought my house, the seller promised to make repair works. It's been 3 months and the seller still hasn't made any repair works.".
Residential or commercial property purchases are generally the biggest financial investment you can make.
1. Real Estate Fraud
" Someone created my signature on a Grant Deed. The file states my home now comes from somebody I do not even know."
Contact your state's realty commission.
2. Unlicensed Contractors
" I hired a person who said he was accredited to make repairs to my kitchen area. He started the work but never ended up. I discovered he isn't really licensed and that he tape-recorded a mechanic's lien against my house."
Never ever employ an unlicensed specialist.
3. Foreclosure Consultants
" When I supported on my home payments, I began getting mail from people saying they could conserve my house. I signed a contract with a person who guaranteed to make up the back payments and help me get a brand-new loan. He didn't do any of that. Rather, he sold my house to somebody else and now I'm being forced out."
If you're behind on payments, call your home mortgage company and exercise a payment plan.
4. High Interest Loans
" I thought I was getting a bargain on a re-finance. Ends up, the rate of interest is way too expensive and they charged me all type of scrap fees."
Search for the very best rates and charges before getting a new loan and make sure your read the small print.
5. Adjustable and Fixed-Rate Loans
" The loan agent said I was getting a fixed-rate, 30-year loan. 6 months later on, my interest rate leapt more than 3%.".
Evaluation your loan documents prior to you sign. Rates of interest must be divulged by the lender.
6. Account and Billing Errors.
" My home mortgage company did not credit my represent the mortgage payments I've made.".
Send out a letter to your mortgage company asking for a payment history. Be sure to include your account number in the letter.
7. Illegal Rooms.
" I simply moved into your home I purchased and the city informs me that a few of the rooms were included without structure authorizations.".
You may be required to make changes. Make sure to look for structure authorizations prior to you purchase a house.
8. Repair works and Escrow.
" Before I purchased my house, the seller promised to make repairs. My agent said it was OKAY to close and sign escrow, even though the repair works were not done. It's been 3 months and the seller still hasn't made any repair works.".
Ensure repair works are finished before you close escrow.
9. Real estate tax Not Paid.
" My home loan company was expected to pay my real estate tax but didn't. Now I owe past taxes and penalties.".
Call your mortgage company for a description. If they don't look after the issue, call your state realty commission.
10. Uninhabited Land Purchase.
" I bought some vacant land in the desert to develop a home on. The seller stated there was water, sewers, electrical power and phone service. Ends up, none of those are offered.".
Check with the local Building and Safety Department prior to you purchase uninhabited land.
Residential or commercial property purchases are generally the biggest financial investment you can make. If necessary, work with a real estate lawyer to safeguard your interests.
" I worked with a person who stated he was certified to make repairs to my kitchen. I signed a contract with a guy who promised to make up the back payments and help me get a new loan." Before I bought my house, the seller promised to make repair works. It's been 3 months and the seller still hasn't made any repair works.".
Residential or commercial property purchases are generally the biggest financial investment you can make.
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