"After speaking with you personally for the first time, I was 100% convinced that I had finally found the right company to trust and use"...

"Mr. Kanakis, you and your staff have exceeded my expectations by far, throughout my entire ordeal.  I'm so thankful for all of your assistance and expertise that you have so kindly and professionally shared"

Joyce Cohen -
Manhattan, New York

No one has to be told that we are in a serious real estate market recession. It is evident everywhere with Foreclosure signs sprouting on every other lawn and the news every day touting the latest dire results nationwide. What started gradually has now escalated so that it is having an effect on everyone - because just about everyone knows somebody that has lost their home or is about to.

After 2001 everyone was either buying a new home or renovating the one they had with a new kitchen or other home improvement. They were refinancing because rates were low and getting an interest only rate for five or ten years or got an adjustable rate or ARM. The interest payment was less than it should have been so the homeowner was further in debt but spending more. The equity on the home whose value was rising rapidly allowed them to spend that money on a vacation, a new car or even to upgrade to a higher priced home.

Many of these people were first time home buyers or people who would not have qualified for a home loan in a "normal market" and have been the most at risk and those that have started defaulting on their loans as soon as the prices started falling and/or their interest only loans readjusted to "normal" and the people could not afford to make the payments. With layoffs escalating, more homes went on the market and foreclosures started to increase, the value of homes decreased and the vicious cycle started to affect more and more people.

Unfortunately this real estate downturn has shown an ugly side of the mortgage business with large scale fraud and imprudent lending practices that have led to this financial disaster that has affected us all. Banks have been seriously affected and many will not survive this crisis as many have already received government bailout money but in some cases that has only scratched the surface of the monies that are required to remedy their situations. Mistakes that were made by giving loans to people with poor credit history and the creative banking practices that led them to provide bad loans is having a cascading effect that will not be over for a long time.

Some people were scared and just jumped at the chance to unload their properties for whatever they could get at auction with prices 20-30% lower than the previous sales prices thereby further eroding the market. With foreclosures at an all time high, these prices will fall even further making the market tricky at best as people try to understand just what the real value is of their home today and they can no longer rely on data that was traditionally used as it is a moving target today.

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What started as an increased buyer's market gradually changed to a market where everyone was afraid to purchase a home who could and those who wanted to could no longer qualify because the terms had become so difficult to qualify a home buyer.  No one really knows what the market value of a home is because of the volatility of the foreclosure calamity. With inventory high and the number of unsold homes increasing every day, it is difficult to know what to do and for many homeowners, they are in a Catch 22 - they are doomed if they stay in their homes and try to survive and doomed if they bail out - because after all - where will they go? Some homeowners are considered "underwater" because the amount of the loan is more than the value of their home today. This further complicates the market as even if they sold the home they would not get enough to pay off their mortgage. As a result they end up in foreclosure and the former homeowner becomes another statistic in this real estate market recession.

The new home market has also declined perhaps even more than the resale market. Builders are not investing in new homes and many have large inventories of unsold or in many cases unfinished homes that will probably not be sold or finished in the near future.  This in turn has led to a decline in construction and layoffs in any areas connected with home building - contractors, plumbers, electricians, carpenters and others. Home improvement companies have also felt the decline as no one is doing much in terms of renovation projects now as they don't have excess funds to spend on projects that might or might not mean an increase in the value of their home.

Most banks will weather this storm and loans will again start to flow but it will not be business as usual when that occurs. For good reason the government will put more restrictions in place to monitor that this serious recession does not reoccur. However, it will be more difficult to get a loan - and that's a good thing - but for the millions of people who have dreamed of owning their own home it might be a while longer before banks will be willing to risk providing loans as easily.

With the government taking some serious action to stimulate the economy and get the country moving again, the real estate market will start to turn around, but with the high inventory, low prices and unclear direction of what the price of your home will be tomorrow, it is hard to make a decision as big as purchasing a home without thinking about it for quite a while before signing that contract. It will be a long time before home buyers feel confident once again that the loans that they take out to purchase a home will be stable and that their investment will be a sound one that will last at least twenty years or more while they raise a family. Those days will not be so easily brought back and it is certain that it will be a long road to recovery that we will all be making together.

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Real estate transactions can be legal minefields, and many people hire an attorney to help protect their rights. A common mistake made is either not hiring a lawyer, or hiring an attorney who is not a real estate lawyer. This mistake can have enormous consequences that go far beyond financial. Your credit can be ruined, you could lose enormous amounts of time and money, and you could even end up losing your home if every little step of the transaction process is not completely legal and valid. A real estate lawyer will protect your interests only, and that is what they are paid for. Many people assume that a real estate agent will protect their interests, but this is not always the case. Another common misconception is that any lawyer can take care of this, and that is also false. You would never think of using a real estate lawyer to represent you in a criminal case or a divorce proceeding, but many people will hire a general attorney to handle their real estate transactions, and never notice the irony or realize their mistake until it is too late and the damage is already done. Any offer should be reviewed by a real estate lawyer before becoming binding, or have a contingency clause if you have not retained an attorney yet that allows the offer to be voided if the lawyer advises against it.

Some people try to save money by hiring the least expensive attorney, regardless of their specialty, or even using services that provide legal help instead of an attorney. This is not a wise move for several reasons. Lawyers are regulated and monitored through bar associations, these legal services are not. In addition, attorneys must carry insurance to cover any damages which result from their errors or omissions, and these legal services are not required to do this. The least expensive lawyer may be cheap for a reason, including lack of experience, previous claims filed against the attorney, or lack of cases because of shoddy or inept practices. It may be better to pay a little more for a quality real estate attorney who will ensure that you are completely covered, so there are no worries about future problems.

If you are buying a home, and you will have a mortgage on it because a loan is needed for the purchase, you may be legally required to retain a lawyer for the real estate transaction by the mortgage company or title insurance agency. A real estate attorney is crucial to ensure that the deal goes through as contracted, that the property is free of any liens which would transfer to you and make you responsible for these costs, and that the title to the property is clear and there are no restrictions or problems with you obtaining a title that is valid and free of any encumbrances. A real estate attorney will be needed at every step of the home buying or selling process, so it is a good idea to retain one as soon as you decide to purchase or sell property.

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The role of the real estate lawyer will depend on whether you are purchasing or selling property or real estate. If you are buying you will pay more for the attorney, because more work is required to protect the buyer in the real estate transaction. If you are the buyer, there are many things your attorney will handle.  They will completely explain the purchase contract, including when and how you will receive title to the property. The attorney is also responsible for making sure there are no encumbrances against the property that would affect your use of it. This can include liens, covenants, easements, or anything else registered against the property that may affect the value or use of it. The real estate lawyer will prepare all the documents included in the real estate transaction, and make sure that they are properly registered with the appropriate agencies, courts, or departments to be valid. The lawyer will make sure the terms of your expected mortgage are clear, and help to modify these terms if they are not acceptable. They will closely examine any adjustments, and this will include any back taxes or taxes owed, any utility costs which are to be paid, and other adjustments that occur before the closing of the transaction. The lawyer will be present at the closing and will look over all the papers before you sign them, arrange for the title insurance to give you protection against any title defects, and make sure that the valid registered ownership you receive only includes the liabilities you have agreed to pay.

A real estate lawyer has a smaller role if you are selling real estate, but they are still essential to protecting you, your finances, and your property. The attorney is responsible for preparing or reviewing the purchase and sale agreement and negotiating the terms in this agreement. They will also need to prepare any deed or power of attorney papers needed, correct any title problems present, and attend the closing to examine all the paperwork before you sign it. The real estate lawyer will also arrange for any security deposit transfers, provide any insurance certificates needed, and possibly arrange any escrow accounts.

Because of all the steps involved, hiring any attorney other than one who specializes in real estate means that you are just begging for future problems. If one small mistake is made during the process, you could end up not having valid legal ownership to the home you have purchased and paid for. A lawyer who specializes in real estate transactions and law is much better prepared to protect your interests during the process, and they completely understand all of the laws in this area. Whether you are buying or selling a home or property, you need to retain a real estate lawyer right away to make sure your interests are protected at every step of the transaction. Most attorneys will charge from five hundred to two thousand dollars as long as there are no complications. Some will charge a flat fee while others may charge an hourly fee. This is an important difference, so make sure you understand how your real estate attorney will be paid. Even if you do not purchase or sell the home, you will still need to pay the attorney fees, regardless of the reason the deal fell through.

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If you have thought about buying a home or applying for a mortgage, then you may understand the importance of good credit. When it comes to a mortgage, your credit history and score will help determine a number of things, including the amount you qualify for, the interest rate that you will pay, the type of mortgage loan you will qualify for, and even some of the mortgage terms and conditions. Many times people just starting out ruin their credit without even realizing it, and this can take years to fix. Keep your credit good and you will be able to get a mortgage with much better terms and interest rates. With the current economic situation, many banks are refusing mortgages and other loans for applicants who do not have close to perfect credit, and even a few mistakes in your past could cause you to be denied a mortgage loan. This may be the case for the next year or two at least, so protecting your good credit should be considered a priority.

Any blemish on your credit history and record can cause you to be denied for the mortgage you want and need. Make sure to pay your bills on time, and try to control your spending and credit cards. Many people believe that medical bills will not affect their credit score, but this is not necessarily true, and as long as these debts are not paid off they will be listed as debts on your credit. With the current lending and economic crisis going on, even businesses have experienced problems getting loans from a number of banks. A great credit score can help but even this is no guarantee. A mortgage broker will be aware of what each lender is doing in this current situation, and they can help you achieve your goal of being approved for a mortgage.

If you are considering a home purchase or applying for pre-approval on a mortgage, you have two options. You can go to the bank or mortgage lender directly or you can use a mortgage broker. The option you choose will depend on a number of factors, including your education and knowledge level when it comes to contracts and mortgages and your comfort level dealing with the lenders and the complex contracts and requirements. Using a mortgage broker offers many advantages over dealing directly with the bank.

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When you use a qualified mortgage broker, you will benefit from their education and experience. Because these brokers deal with a number of lenders and mortgage programs, they are more knowledgeable about the different options. Many banks only offer their own mortgage loans, which may leave you with few or limited options. With a mortgage broker you have options from many different lenders, so you can access a much wider variety and type of mortgage loans. Another advantage that a mortgage broker can offer which most banks either can not or will not are mortgage programs which are tailored to your financial and credit situation. A mortgage broker may have options for great credit all the way down to bad or no credit, while many banks will only offer mortgages right now to applicants who have close to perfect credit.

A mortgage broker offers the advantage of explanations, as well as many other benefits. The broker can help you understand all the paperwork and requirements, and many times will even help fill out the necessary applications and paperwork for you. The broker deals with different lenders, so hey can help you find mortgage products which fit your income and credit history. The broker will also collect all of the required documentation and completed forms, and then they will submit these to the lender for you. The mortgage broker knows what is needed to qualify, and they can help to guide you through the entire mortgage application and approval process.

A good mortgage broker has a number of responsibilities, and will help you go through the mortgage application process and find the right mortgage product that fits both your needs and circumstances. The broker should act as your representative, and they have a responsibility to be well educated about the products they offer, and upfront with disclosures concerning all the fees and costs to you. The mortgage broker has a responsibility to work in your best interests once they take any money from you at all, and should not make deals which conflict with your interests. A good mortgage broker will look out for your interests, offer mortgage products which meet your credit and payment needs, help you get your mortgage pre-approved to make your home buying easy, and offer you advice based on their knowledge and experience.

A mortgage broker can make your mortgage application and home buying much easier and more convenient. By following some simple steps and acting responsibly, you can buy a home of your own and get a mortgage with a minimum of hassles and aggravation. If you are very savvy about mortgages and contracts, you may not need to use a broker, but for most of us who do not deal with mortgages every single day the subject can be very intense and somewhat intimidating. This is where a broker can be very helpful during the entire process.

Whether you use a mortgage broker or go through a bank or other lender, it is important to understand exactly what you are agreeing to and signing. Always read all documents carefully, and be aware of all the costs and fees that are involved in the mortgage. Know the interest rate you are paying, and the length of your mortgage. Make sure that you only take a mortgage that you will be able to afford. Getting in over your head may end up costing you your home if the payments are not made, so only take a mortgage in the amount you can reasonably afford. This will ensure you can pay your mortgage, and keep your home for a long time. This is another way that using a mortgage broker instead of a bank is helpful as well.

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