Prompt, efficient, and successful results - Contact Us - Practice Areas Overview

The State of Short Sales

Posted on October 12, 2011 by glmain

A short sale is a sale of real estate in which the proceeds are less than the balance owed on the property’s mortgage.  Due to the decline of property values in the real estate market in the last three years, banks have become more open to accepting short sales as an alternative to foreclosures.  A short sale is more advantageous to a mortgage holder because it mitigates foreclosure fees and enables the bank to dispose of the property more quickly than in a foreclosure.

A short sale may also be a better alternative for the seller because it may have less negative impact on his or her credit score.

Conventional wisdom says that both foreclosures and short sales similarly impact your credit score, however, not all professionals agree on this point.  Aside from credit standing, another advantage of a short sale over a foreclosure is that you can buy another home within two years after a short sale as opposed to five to seven years after a foreclosure.  Other possible benefits of a short sale may include:

  • The reduction or elimination of your mortgage debt
  • Credit repair efforts can begin sooner
  • The lender covers closing fees and commissions

Short sales, like other real estate transactions, are complex and you should consult with an experienced NJ real estate attorney before proceeding with a short sale.

Is a short sale an option for you?

A short sale may be an option for you if:

  • You do not qualify for refinancing and/or loan modification
  • You are in arrears on your mortgage
  • Your mortgage is higher than the value of your home
  • You cannot sell your home for the value of the mortgage balance
  • You can no longer afford your home

For assistance in avoiding home foreclosure through a short sale, contact Marrone Law online or call (856) 489-7757 to schedule a free consultation.

Posted in Real Estate | Tagged , , , , , , , | Leave a comment

Why Real Estate Agents Should Not Consider Short Sales a Hassle.

Posted on August 29, 2011 by marronelaw

As reported in an Association of Realtors survey, Real Estate Agents claim that being involved in a short sale transaction is a hassle. There is no doubt that the amount of paperwork involved in handling a short sale is voluminous. However, one of the greatest advantages in having an attorney involved in a short sale transaction is that the “hassle” is taken out of the equation.

Real Esate Agents should be spending their time marketing and developing new clients rather than handling the short sale transaction. Additionally, there are many legal issues associated with a short sale, specifically deficiency judgments related to the defaulted mortgage.   Real Estate Agents should not be giving legal advice.  If Real Estate Agents want to represent their clients to the best of their ability, having an experienced short sale attorney on their team is the way to achieve this goal.  Most importantly, all attorney’s fees are paid by the lender, with no cost to the seller.

In today’s real estate market, it generally takes my office less than 90 days to receive short sale approval. However, depending on the specific lender, we could get the short sale approved in less time. Further, we have built a network of lender negotiators that allow us to work through the transaction quickly and with no delays.

Posted in Uncategorized | Tagged , , , , | Leave a comment

Negotiating a Commercial Lease in New Jersey

Posted on August 17, 2011 by glmain

In negotiating and drafting a commercial lease you should keep in mind lease issues can adversely impact your business.  Rarely will you be able to use your own lease form and therefore you should have your New Jersey real estate attorney carefully review the commercial lease for any issues which can negatively affect your business.

Business operations.  The terms of your lease must ensure you can operate profitably from the premises and obtaining favorable terms on the following should be a priority:

•    Permitted uses
•    Exclusive use
•    Non-disturbance by lender
•    Financing
•    Franchisor rights
•    Expansion
•    Maintenance
•    Short deadlines for repairs/restoration of services
•    Available and affordable parking
•    Signage

Unanticipated expenses.  You must also include clauses in your lease that help you avoid financial surprises and can provide some advance notice so you can budget ahead of time for any additional costs.  If you can include the following in your commercial lease it can help you to avoid extra and unanticipated expenses for your business:

•    Obtaining a turn key space
•    Ensuring the premises are in compliance with laws, regulations and ordinances
•    Separate utilities
•    Caps on shared costs
•    Reasonable limits on insurance costs
•    Limitations of repair/improvements at end of lease

Exit strategy.  Considering that a large percentage of businesses fail every year and/or are sold, you must ensure your commercial lease incorporates clauses that allow you an exit strategy including but not limited to:

•    Lease transfer
•    Lease termination
•    Dispute resolution and terms

Contact a New Jersey Commercial Lease Attorney

When negotiating a commercial lease you need an experienced New Jersey commercial lease attorney to protect rights and interests.  Contact Marone Law online or call 215-238-1244 to discuss your commercial lease.

Posted in Real Estate | Tagged , , , , , , | Leave a comment

Residential Real Estate Litigation in New Jersey

Posted on July 25, 2011 by glmain

There are many types of disputes that can arise over residential real estate and common disputes include:

  • Boundary disputes.  Building a fence or other structure on or near your property boundary requires being absolutely certain of your property’s boundary lines.  If you mistakenly encroach on your neighbor’s property you could face litigation.
  • Title disputes.  A title dispute can arise during any stage of a real estate transaction, whether during the survey before sale or after the close.  A survey can show previously undisclosed liens, or restrictive covenants that forbid specific uses, which can significantly impact the property’s value.
  • Breach of purchase contract.  If the seller or buyer fails to comply with the terms or conditions of the purchase contract that party has breached  the agreement, and the other party may have a legal claim.
  • Failure to disclose defects.  When a home buyer discovers a defect in the home after settlement, and believes the seller misrepresented the condition of the home when it was sold a failure to disclose issue may arise.
  • Predatory lending.  Predatory lending is unfair, deceptive, or fraudulent practices of lenders during the loan process.
  • Contractor disputes.  Contractor disputes cover a wide range of areas but common disputes include:
    • Payment/non-payment for services
    • Disagreements over payment for extra/back work
    • Misinterpretations of the contract
    • Breach of contract
    • Work stoppages and delays
  • Land use and zoning.  Property owners must comply with land use and zoning regulations during the planning and development of their property.  Violation of these regulations could cause the project to stall or be cancelled.
  • Landlord/tenant disputes.  Disagreements over rent increases, repairs, and returning security deposits are common landlord/tenant disputes.

Contact a New Jersey Real Estate Lawyer

When disputes arise with a residential property, an experienced New Jersey real estate litigation lawyer can help you resolve the situation.  Contact Marone Law online or call 215-238-1244 to discuss your real estate litigation matter.

Posted in Real Estate | Tagged , , , , , , , , , , | Leave a comment

New Jersey Couple Beats Foreclosure Action

Posted on June 9, 2011 by glmain

If your home goes into foreclosure, don’t lose hope. At least that’s the message to be gleaned from a recent New Jersey court decision that permitted the successful homeowners to retain their North Brunswick, N.J. abode.  The pair won their case despite not hiring an attorney to represent them, but certainly the fact that one of the homeowners is a New Jersey realtor certainly helped their cause, setting a precedent for other Garden State homeowners fighting foreclosure.

Realtor George Elghossain and his wife Mona raised four children in the bi-level home at the center of the case. Mr. Elghossain utilized his industry knowledge to fight the foreclosure after he realized notice of the lender’s intent to foreclose was not sent by his actual mortgagor. He then questioned who actually owned his home loan and whether his monthly payments were being sent to the correct debt holder. Because of his uncertainty, he ceased making monthly mortgage payments.

Under New Jersey law, when a homeowner is facing legal action relating to their real estate, they are supposed to be notified of certain facts. Among them is both the name of the lender that owns their loan and the company’s contact information. However, in this case, loan servicer Bank of America failed to include not only the names of the lender but also the lender’s representative within its notice of intent to foreclose. Because of that, Bank of America was found to have violated New Jersey’s Fair Foreclosure Act, the state’s statute governing foreclosure actions. The Act was enacted in 1995 and has since been updated several times.

Bank of America sought to persuade the presiding judge to expand the Act’s definition of who is a lender to include any mortgage lender, mortgage investor or mortgage loan servicer that owns or is authorized to negotiate the terms of a home mortgage. In rejecting this argument, Middlesex County Judge Glenn Berman called it “’misplaced.’”

If you are a New Jersey homeowner facing foreclosure, contact attorney Christopher M. Marrone at (215) 238-1244 for advice and counsel. An experienced real estate lawyer licensed in New Jersey and Pennsylvania, Mr. Marrone has offices in Cherry Hill and Ocean City, N.J., as well as Philadelphia.

Posted in Foreclosure | Tagged , , , , , , , , , | Leave a comment

Pennsylvania Foreclosure Activity a Mixed Bag in First Quarter

Posted on June 9, 2011 by glmain

While the overall number of Pennsylvania foreclosure filings, ranging from default notices, scheduled auctions and bank repossessions, decreased in the first quarter of 2011, March’s numbers were still higher than February’s, according to a recent RealtyTrac U.S. Foreclosure Market Report. According to the report, one in every 1,399 housing units in Pennsylvania received a foreclosure filing in March. Those figures mean Pennsylvania ranked 37th in total foreclosures in the 1Q of 2011.

York County recorded the highest number of foreclosures during the first quarter 2011, with 1 out of 197 homes subject to some kind of foreclosure activity. York County’s figures are 2.7 times higher than any other county in the Commonwealth State.

Meanwhile, according to a June 3 article in USA Today, fewer home mortgages are going into foreclosure and new problem loans are reporting three-year-lows. Those two trends could signal the foreclosure crisis that rocked the American real estate market the past five years is starting to ease.

If you are a Pennsylvania homeowner facing foreclosure, contact attorney Christopher M. Marrone at (215) 238-1244 for advice and counsel. An experienced real estate lawyer licensed in Pennsylvania and New Jersey, Mr. Marrone has offices in Philadelphia and Cherry Hill and Ocean City, N.J.

Posted in Foreclosure | Tagged , , , , , , , , | Leave a comment

Contact an Experienced New Jersey and Pennsylvania Real Estate Lawyer

Posted on April 27, 2011 by glmain

Proper planning is the key to success in any real estate transaction, including the purchase and sale of real estate, dealing with property and home foreclosure, real estate investing or landlord-tenant issues. There are many benefits to retaining New Jersey and Pennsylvania real estate attorney Christopher Marrone, including his ability to provide you with the guidance and assistance you need for a successful real estate transaction or for resolution to your real estate issue. Please call (856) 489-7757 in New Jersey or (215) 238-1244 in Pennsylvania to schedule a free consultation to discuss your real estate matter.

Posted in Uncategorized | Leave a comment