Forgiveness vs. Forbearance

What is the difference between forgiveness and forbearance? Simply put, forgiveness is the elimination of debt, while forbearance is the act of putting off payment, though interest does accrue.

When dealing with forbearance, be clear about whether your service provider or lender will require the full amount due at the end of the forbearance period or if they will add it to the end of the loan. Either way, pay what you can along the way in order to lessen the blow of a lump sum when the time comes.

Look for a short sale scenario video in the future to hear what happens when the amount owed exceeds the value of your property.

If you have any questions about loan forgiveness or forbearance, contact us by calling (781) 319-1900.

Tip-Top Tips for Homebuyers

Mark Stiles coming at you again today with some tips for homebuyers.

  1. Figure out your finances. Find a good loan professional to see what can you afford. Nail down your preapproval and maybe even chat with a financial advisor.
  2. Get a professional buyer’s agent—someone you can trust to guide you.
  3. Get a real estate attorney to represent you and your interests.
  4. Don’t try to time the market or plan around big changes that may not happen. If you’re ready and a home is ready for you, buy.

If you have any questions about buying a new home, contact us by calling (781) 319-1900.

Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

The Downside to Refinancing…

What’s the downside to refinancing your home? We’re looking at historically low interest rates right now. If you’re looking to move very soon, maybe it wouldn’t be worth it. Other than that, refinancing can lower your monthly obligation so that you can use that money to pay off debt, do home improvements or even make plans for the future.
In preparation, make sure you find a trusted loan professional. Be organized by having all your documents ready. With these things in order, it should go smoothly.
Whether your loan professional usually works with Stiles Law or not, ask to work with us on your refinance! If you mention this video, we will waive the title exam fee ($150-$250).
The time is now! There isn’t much of a downside to taking this opportunity to save some cash.
If you have any questions about refinancing, contact us by calling (781) 319-1900.
Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

Will a Refinance Cost You?

 

Why might you be told to bring money to the closing of a rate and term refinance of your home?

Often your loan professional will try to net your refinance to zero, or make it so there is no disruption in your mortgage. The time of the month your closing happens will actually determine the amount of money you need to pay at the closing. When you pay mortgages, you pay them in arrears, meaning for example if your payment is on July 1st you would pay June’s interest then. Refinance doesn’t allow you to skip the old payment, as you still have interest. You will more or less combine the old and the new.

Another reason for payment at the closing could be escrow accounts. Escrow funds will not transfer from the old lender to the new lender. You must start new accounts and fund them while you wait for old loans to settle out. The leftover money will be reimbursed eventually.

If you have any questions about refinancing, contact us by calling (781) 319-1900.

Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

Stiles Law on WATD – How Has COVID-19 Changed Real Estate Practices?

 

Mark Stiles spoke with the folks at WATD to discuss how COVID-19 has been changing and transforming the real estate industry locally. He touches on Stiles Law’s use of the drive-through option to handle refinance closings, remote ink sign notarizations, how his team has adapted in order to succeed, and the decline of the open house in our current climate and perhaps for good. Listen for more.

If you have any questions contact us by calling (781) 319-1900.

Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.