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A little-known mortgage “blacklist” continues to leave condominium owners across the country struggling to sell or refinance their homes. Maintained internally by Fannie Mae and Freddie Mac, the list identifies condominium projects that fail to meet federal lending criteria due to insurance deficiencies, unresolved litigation, deferred maintenance, or financial instability. Once a building is flagged, …
Bidding wars over houses are fading, and buyers are gaining more leverage over sellers for the first time in years. More sellers are lowering prices or offering incentives to close deals in today’s less competitive real estate market. According to real estate brokerage firm Redfin, the average home now sells approximately two percent below the …
Understanding the extent of your homeowners’ insurance coverage is crucial. This knowledge can guide you in purchasing the right coverage, potentially saving you from unexpected surprises in the future. However, it is worth noting that dealing with an insurance company over a large claim can still present challenges. What Is Covered in Your Policy? In …
Mortgage interest rates have been at historic lows the past few years, and this had led to unprecedented numbers of homes being bought and sold at incredibly high prices, especially in states like New Jersey. Borrowers who reach out to relatives can often get even lower interest rates, and there are companies that specialize in …
Deciding who will inherit the family home can be a difficult task. Besides the inherent value of the property that is involved, family members form emotional attachments to the places that they grew up and spent so much time in. The most common scenario used to be older parents living in houses by themselves and …
A Power of Attorney (POA) is a key part of a solid estate plan. It is important to assign someone you trust as POA to make critical decisions on your behalf if you become incapacitated. While a POA is a legally binding document, it can also be revoked or changed if you desire. Continue reading …
In the U.S., individuals and families with large estates and wealth must pay federal estate taxes, which apply to rich estates worth more than $12.06 million (as of 2022) or more than $24 million for married couples. This blog sheds light on what estate taxes are, what percentage heirs must pay, and how estate taxes …
When an individual creates a will, they typically appoint someone to carry out their wishes after they pass away. That person is the executor of the will. They manage the estate according to the decedent’s directives and distribute any remaining assets according to the will. If you are named an executor in will, you probably …
Planning for one’s death is never a fun topic to dwell on, but it is a necessary and also a wise thing to do. No one can know when they are going to die. That is why a reasonable person should put together a plan, in writing, as to how they wish their property to …
One of the most important things you should do pertaining to your estate and end-of-life planning to have a last will and testament as well as an advanced healthcare directive. If you speak to any lawyer, they will tell you it is very important to have both of these things, especially if you have children. …
Herold Law, P.A., provides a full range of legal services for businesses in New Jersey, New York, and Florida. To speak with a legal professional experienced in your area of need, call 908-679-5011 or complete our simple intake form on our website to schedule a consultation. While located in Warren, New Jersey for the convenience of our New Jersey clients, we also serve clients in New York and Florida.
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