NH Housing Mortgages Not Just for First Time Buyers

PRESS RELEASE – Bedford, NH  (June 19, 2012)

For the first time in its 35 years of mortgage lending, New Hampshire Housing Finance Authority will offer affordable mortgage loans and downpayment assistance to all income qualified homebuyers throughout the state – not just first-time buyers.

Since 1976, New Hampshire Housing has provided nearly 39,000 mortgage loans to low- and moderate-income families and individuals. Approximately 90 percent of those loans have been to first-time buyers who were able to take advantage of the many benefits of the agency’s programs, such as homebuyer education, cash assistance for downpayment and closing costs, and low downpayment requirements.

Now, with the launch of the agency’s newly revamped loan programs, those same benefits are available to current homeowners who wish to purchase a new home. The revised program structures will also benefit New Hampshire Housing’s lending partners and real estate professionals through more streamlined application, underwriting and closing processes.

Read entire press release at NewHampshire.com

Purchasing a home? The Lawyer Referral Service of the NH Bar Association  can help with a referral to a qualified real estate attorney to review your Purchase and Sales agreement and any other assistance you may need throughout the process.  Having an attorney to guide you can prevent issues that might crop up years later.  Call LRS at 603-229-0002 or request an online referral.

 

How to Prevent Property Fraud

According to the FBI, property fraud is one of the fastest growing white collar crimes, and anyone who owns property is at risk.

Unfortunately, it’s not difficult for a criminal to record a fraudulent deed for your property, making it appear as if they now own your home.  Once this is  done, they can use your home as collateral on a loan or even attempt to sell your home to an unsuspecting buyer.  You are the one left to sort out the mess once the criminals  have skipped town with the money.

To prevent this from happening to you, register for the Property Fraud Alert System at www.propertyfraudalert.com.  This service will alert you anytime someone records anything with your information on it with your county.  There is no charge for this service.  Most NH County Registries of Deeds offer the service directly from their websites, or you may call 1-800-728-3858 to register.

If you do become a victim of property fraud or any other type of identity theft, the Lawyer Referral Service of the New Hampshire Bar Association can help with a referral to an attorney who is trained to handle this type of legal matter.  Call LRS at 603-229-0002 or request an online referral.

 

Rental Caps Pose Problems For Condo Owners

Rather than attempt to sell property in a depressed market, many condominium owners want to be able to rent out their units.  Unfortunately, rental caps may prevent owners from being eligible to rent out the property for years due to the number of units in the building that are already being rented out.

It’s a conundrum many condo-unit owners face these days. They might want to leave town for a job opportunity, or they need a home with more space for an expanding family. Sometimes, it’s the unit of a parent who has died, and the heirs would rather rent out the property than sell in a depressed market. Given the red-hot market for apartment rentals, becoming a landlord seems the best option.

But if there’s a rental restriction in place, these homeowners may find themselves out of luck, forced to stay put, keep the unit vacant, sell for a low price or, worse, end up in foreclosure.

These types of rules aren’t new, but over the past few years many boards of both condo associations and those governing single-family-home communities have taken “a very hard and fast look at the rental policies they have in place to see if they work appropriately,” said Paul Grucza, executive vice president of Classic Property Management in Arlington, Texas.

There are usually good intentions behind these rental rules. Many associations are protecting their communities from getting a reputation for having “transient” residents. And some share a belief that owners in residence take better care of their properties than renters.

Read the entire story by Amy Hoak – MarketWatch of the Wall Street Journal.

If you are having issues with your condominium association, the Lawyer Referral Service can refer you to competent attorneys who specifically handle condominium law issues.  Call 603-229-0002 or request an online referral.

LawLine: Free Legal Advice – 800-868-1212

Do you have a BRIEF LEGAL QUESTION? LawLine, the NH Bar Association’s free legal hotline is held on the second Wednesday of each month, from 6 – 8 pm.

Volunteer New Hampshire attorneys will take calls from the public and will give brief legal information and advice. This is a FREE public service. Call 1-800-868-1212.

Do you have more than a brief legal question and suspect you may need an attorney to represent you?  The NH Lawyer Referral Service can refer you to a competent local  attorney who handles your type of legal matter.  Call (603) 229-0002 today or fill out the Lawyer Referral Service request form at:  https://www.newhampshirelawyerreferral.com/contact-us.