Bank Of America Alert: Can Bank of America Validate Your Mortgage?

Bank of America Alert! Can Bank of America Validate Your Mortgage Debt And/Or Prove Standing? Probably Not!

bank of america alert

MFI-Miami has issued a Bank of America Alert. You need to get in touch with our Bank Of America foreclosure defense team immediately.

The team’s focus is solely on helping homeowners develop strategies to fight Bank of America! 

We are also the only foreclosure and mortgage experts with the strength to successfully challenge Bank of America.

Our competitors show off one or two victories against Bank of America. They can’t beat our track record. How do we know this? We have the 10-year track record to prove it! 

MFI-Miami’s Bank of America hotline and foreclosure defense team is Bank of America’s worst nightmare. Why? MFI-Miami has successfully challenged some of their most arrogant foreclosure mill lawyers.

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New York Foreclosure Lawyers Must Now Prove Legal Standing To Foreclose

Big Win For Homeowners! New York Foreclosure Lawyers Must Now Prove They Have Legal Standing To Foreclose 

New York foreclosure lawyers

It’s a big win for homeowners! New York Governor Andrew Cuomo recently signed a bill requiring New York foreclosure lawyers to prove they have legal standing to foreclose. The new law is expected to level the playing field for homeowners in foreclosure. Assemblymember Helene Weinstein and State Senator Brian Kavanagh sponsored the bill.

The law amends Article 13 in Real Property Actions & Proceedings. It also allows defendants more leeway to bring up the defense of “standing” in foreclosure court, Kings County Politics reports.

New York has some of the highest delinquency and foreclosure rates in the county. 

According to LendingTree, the New York metro had the highest serious delinquency rate in New York state.

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Trump Administration Repossesses The Legs Of A Combat Veteran

The Trump Administration Sent Repo Men To Repossess The Prosthetic Legs Of A Combat Veteran On Christmas Eve

trump administration
Trump’s VA repossessed the prosthetic legs of decorated military combat veteran Jerry Holliman on Christmas Eve

The Trump Administration repossessed the prosthetic legs of a decorated military combat veteran. Jerry Holliman served in Vietnam and Iraq. The combat veteran claims the VA repossessed his prosthetic legs on Christmas Eve after refusing to cover the costs of the legs.

Holliman arrived in his room at the Veterans Home in Mississippi a few days before Christmas. He was preparing to go to the home’s annual Christmas Eve party when a man walked into his room.

The man claimed he was from the VA and was there to repo the man’s legs. The man walked out with Holliman’s two custom made prosthetic limbs. Holliman states the VA said it would not cover the cost of the limbs or cover his Medicare co-pay.

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NYS Mansion Tax Causes Bruce Willis To Take 42% Loss On His Home

Actor Bruce Willis Takes Massive Loss Of 42% On His Westchester Home Thanks To The NYS Mansion Tax

ny mansion tax

The NYS Mansion Tax is causing havoc with the luxury housing market. It’s also causing Manhattan property values to plummet. In addition, it’s also contributing to the mass exodus of people out of New York State. 

What is the NYS Mansion Tax? Basically, it’s a VAT tax on any home selling for $1 million or more in New York State. Here’s how it works according to guys at Strook.com:

New York State also imposes a “mansion” tax on transfers of residential real property including cooperative apartments for $1 million or more. Unlike the transfer tax, the mansion tax is the responsibility of the buyer. Prior to the adoption of the new legislation, the applicable mansion tax rate was 1% of the total consideration. The new legislation preserves this “original” mansion tax of 1% and imposes an additional “progressive” mansion tax on top of it. The tax amounts range from 0.25% on transfers for $2 million or more of consideration to 2.9% on transfers for $25 million or more of consideration.

The mansion tax implemented by New York City last year has caused Manhattan real estate sales to plummet by 25% since 2018.

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The New York Exit Tax: The Anal Intrusive Tax You Must Pay To Leave NY

Moving Out Of New York? New York State Wants To Chat With You About The New York Exit Tax

new york exit tax
New York residents fleeing New York’s intrusive taxes have to endure a painful and anally intrusive New York Exit Tax audit before they can move.

Moving out of New York state? The New York State Department of Taxation and Finance wants you to sit down and have a nice chat. You see New York has a New York Exit Tax.

Well, it’s not really a tax. It’s more like a painful anal intruding audit.

New York State goes to extraordinary lengths to give residents who try to flee its burdensome taxes one last good fisting on the way out. 

The aggressive approach by state tax collectors comes as New York faces a $2.3 billion budget deficit.

Governor Cuomo blamed congressional Republicans for passing tax reforms that reduced the state and local tax deduction

New York state auditors are doing their best to ensure that those fleeing the state’s high taxes will face difficulties. This includes being subjected to a deep anal intruding audit.

Consequently, departing New Yorkers face the massive New York Exit Tax.

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First Time Home Buyers: Is Now The Right Time To Buy?

When Is A Good Time For First Time Home Buyers To Purchase Their First Home?

First time home buyers can find the process exhilarating and stress. But when you’re armed with the right information, you can shop for one with confidence.

Our good friends a Unison have put together this handy guidebook to walk first time home buyers through the confusing maze of homeownership. They are awesome and allowed me to share it. Check it out:

When Is It A Good Time To Purchase Your First Home?

first time home buyers

The timing of buying a house doesn’t have to be perfect. But, there are a few things you have to know before you rush into homeownership. This little knowledge could save you a lot of time and aggravation.

Let’s get into it.

1. Are Your Finances in Order?

Understanding if you can afford a home should be the first step. Consider the long-term financial commitment involved.

You don’t wish to find your dream home, only to discover you’re not financially qualified to purchase it. Here are three ways to guarantee you’re financially ready:

  • Your credit score: It’s not a surprise; getting a mortgage requires you to have a good credit score. Before you commit to buying your home, you should improve your credit score by paying your credit card balances and avoiding applying for credit till you’ve closed on your new house.
  • Saved cash: Of course, you’ll need to have saved money for your down payment, but don’t underestimate how much money you’ll need for other expenses.
  • Your documents should be in order: When applying for mortgages, you’ll require documents to verify your finances, such as copies of your last two tax returns, W-2’s, bank statements, and paystub.

You should wait until you’re genuinely ready to cater for the costs.

2. Can You Afford The Down Payment?

Most aspiring homeowners don’t take much time to understand down payment. Put, a down payment is a lump sum of the total price of the home, paid upfront.

Usually, it’s best to put down 20% of the home sale price (you can pay more if you wish). By doing so, you’ll appear less of a risk to the lender, and it’s possible to bypass private mortgage insurance (PMI) costs.

Apart from that, a down payment affects your eligibility of a loan, the overall cost of a loan, and whether you qualify for better interest rates.

Most first time buyers get excited about owning a house, forgetting the other monthly expenses besides purchasing a home.

Homeownership is more expensive; you’ll be responsible for added costs like appraisals, closing costs, insurance, taxes, and inspections. You should be careful not to hurt yourself financially.

3. Keep an Eye on the Interest Rates

first time home buyers

A 2019 report from the National Association of Realtors shows the median down payment was only 6% of first time home buyers.

Hence, there are several mortgage options you can explore if you choose to pay less than 20% in the down payment.

They include:

  • Convectional (non-agency) loan
  • Federal Housing Administration (FHA)
  • VA loan
  • The US. Department of Agriculture (USDA)
  • Fannie/Freddie 3% down
  • The Energy Efficient Mortgage (EEM)
  • 203K loan
  • A home equity line of credit (HELOC) also known as the second mortgage

The interest rate (an amount calculated based on your monthly loan payment) depends on the type of mortgage you choose.

Additionally, personal qualifications help the lender determine the rate you get. When you have an excellent credit score and if you’re considered a low-risk borrower, you will secure a better rate.

Note: You might want to consider waiting a year or so to save more money. Because, if you put down less than 20 percent down payment, you’ll likely have higher interest rates. You’ll pay higher monthly payments, and it may add to the cost of your house. You should also prepare for additional costs of mortgage insurance.

4. Timing the Market

first time home buyers

The real estate market can be difficult even for real estate professionals.

By carefully assessing the market conditions, you’ll better understand the home prices.

If you’re hoping to buy when the prices have fallen, you should consider these key factors:

Home prices vary over time and change with the seasons:  Prices can be dramatically high in summer since it’s a popular time for sellers to put their houses in the market and for people to move. It’s the worst time to buy if you want to get the best deal.

The buyer’s market: When there are more houses for sale and fewer buyers, the prices fall. This is the best time to purchase your home, and you have the possibility of saving thousands of dollars. You’re in the driver’s seat, and you may demand the seller to make upgrades and repairs as part of the purchase deal.

The seller’s market: There are multiple offers from homeowners eager to sell, and you can expect to pay more for a house. If you need to sell your current home before buying a future one, it’s an ideal time. However, don’t go ahead to buy your dream house just yet.

So, Are You Ready to Buy Your Dream House?

first time home buyers

There’s a lot to think about before you decide to buy your first home. Savings, down payments, mortgages, and interest rates are all in your mind.

If you have evaluated all of the areas and you are good, that’s okay!

Have fun exploring and taking the steps to own your first home. You may want to seek the help of an experienced professional to guide you through this new phase of your future.

An expert can make recommendations or explain the market to help you find a home that suits your needs and wants. A realtor can also negotiate the terms until you get an offer you can afford.

New York Bank Robbery Suspect Released Without Bail

New York Bank Robbery Suspect Released Without Bail. Christopher Seamans Allegedly Robbed Banks in 3 States.

new york bank robbery suspect

It was as if New York bank robbery suspect Christopher Seamans won the NYS Lottery. Seamans became the first person to benefit from New York’s new bail law. Albany County Court released the New York bank robbery suspect from jail without bail Tuesday. Police arrested him for a bank heist near Albany on Friday.

Seamans has also served time in prison for three other bank robberies, 

Albany County Court Judge William Carter on robbery and grand larceny charges Tuesday in connection with the robbery of Pioneer Savings Bank in Colonie. As a result, the court ordered Seamans released on his own recognizance.

The judge issued the order after an assistant DA acknowledged Seamans qualified for release under a new state bail law. 

Read more at MFI-Miami