What is Non-Prime Lending?

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Non-Prime is a term for loan types that do not fit into the restraints of government lending standards known as Prime, Agency, or A-Paper Lending and defined as Qualified Mortgages.

Non-Prime loans also known as temporary or fixer loans, for borrowers who are on their way to Prime but need a little help before they qualify. Non-Prime loans characteristically are made to borrowers who have had a past credit event or events in the form of Foreclosure(s), Bankruptcy(ies), Short Sale(s), late payment(s), collection(s), charge-off(s), etcetera. Additionally a borrower seeking a Non-Prime loan can use alternative documentation to qualify in form of Bank Statements, Liquid assets, and other forms of income not typically accepted by government lending criteria. Non-Prime loans usually have increased rates of interest and costs for providing access to capital while providing the ability to participate in the economy and housing market. Non-Prime loans should only be looked at as a temporary solution to an immediate need.

Source (read more): What is Non-Prime Lending?

How to Get a Mortgage on a Co-op or Condo in New York – WSJ

In New York City, key decisions often come in pairs: Yankees or Mets? LaGuardia or JFK? MoMA or the Met? In real estate, it comes down to this: condo or co-op?

Cooperative buildings, better known as co-ops, are abundant in New York’s five boroughs but are far less common in other cities. In a co-op building, buyers purchase a share of the entire property and co-own it with fellow residents. With a condo, the buyer purchases the real property.

Read more: How to Get a Mortgage on a Co-op or Condo in New York – WSJ

Release of Estate Tax lien in New York

When a person dies, the Tax Law places a lien on the decedent’s real property to secure the payment of any estate tax due. This estate tax lien is effective as of the decedent’s date of death. To transfer real property from a decedent’s estate, you must request and then receive a release of lien from the New York State Tax Department. The release of lien is an authorization to transfer the real property, located in New York State, free and clear of the estate tax lien. The lien applies only to real property

Source: Release of Estate Tax lien

Real Estate Taxes NYC | Capital Gains Tax New York

Sep 15 2015

In today’s red-hot market, with prices breaking records nearly every quarter and copiers running out of ink printing investment sales contracts, some aspects of real estate taxation – such as the 20 percent difference between federal long-term capital gains tax and ordinary income tax — can begin to have a major impact on bottom lines.

Source: Real Estate Taxes NYC | Capital Gains Tax New York

Withholding of Tax on Dispositions of U.S. Real Property Interests

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International Tax Gap Series July 2008

It’s no secret that foreign investors are being courted by U.S. real estate agents and other investment conduits with eye-popping deals to buy real property in the U.S. The combination of a weak U.S. dollar and low interest rates has led to a phenomenal rise in the purchase of a U.S. real property interest by foreign investors. Eventually, these real property interests will be sold; therefore, foreign investors (transferors) and buyers (transferees) need to know their U.S. tax obligations when a disposition occurs.This article, the sixth in a series relating to the international tax gap, explains the rules for proper withholding of tax on the dispositions of U.S. Real Property interest. It also clarifies who is obligated to conduct the required withholding of tax upon the foreign investor’s disposition of real property interests.

Source: Withholding of Tax on Dispositions of U.S. Real Property Interests

5 Gorgeous Westchester Trails For Seeing Fall Foliage

Whether you want to walk, hike, jog, or bike, there is a trail to fit your needs.

Source: 5 Gorgeous Westchester Trails For Seeing Fall Foliage

REALTOR – The New Closing Rules – YouTube

Published on Jul 20, 2015 REALTOR® Magazine presented a live webcast on July 16, 2015, to help real estate professionals understand the changes to the closing process that are scheduled to go into effect later this year. The program featured attorney Phil Schulman, a partner with K&L Gates and former official with the U.S. Department of Housing and Urban Development who specializes in federal closing rules, and NAR Senior Counsel Finley Maxson.

Your Home: 4 Tax-Smart Moves

For many people, a home is one of their most valuable assets. As such, it needs to be factored into your estate plan. Traditionally, homeowners have focused on limiting estate tax. Now, they need to shift their focus to saving on income tax. The reason: The estate tax exemption has climbed to $5.43 million per person (or $10.86 million for married couples), thereby making estate taxes less of an issue. Meanwhile, capital gains tax rates are at their highest in many years, and many people nearing or in retirement are living in homes that have increased enormously in value.

Source: Your Home: 4 Tax-Smart Moves

Review your estate plan against this 14-point checklist – MarketWatch

Many Americans have estate plans in place — but unfortunately, many are incomplete and the most important subjects aren’t even addressed.

Source: Review your estate plan against this 14-point checklist – MarketWatch

What Happens to Liens and Second Mortgages in Foreclosure? | Nolo.com

Frequently, homeowners have more than one mortgage on their property, as well as judgment liens in some cases. For example, you took out a second mortgage along with the first mortgage to cover the purchase price of your home, you got a home equity loan to cover home repairs or remodeling, or a credit card company sued you and obtained a judgment lien. Read on to learn what happens to second mortgages and judgment liens in a foreclosure.

Source: What Happens to Liens and Second Mortgages in Foreclosure? | Nolo.com