Trust This. October 13, 2023.
đ Happy Friday! Of course, today is Friday the 13th đââŹ, the [...]
đ Happy Friday! Of course, today is Friday the 13th đââŹ, the second and final one of 2023 (the other one was in January which seems like a lifetime ago). It happens at least once every year, and can occur up to three times in a year.
According to History.com: âLong considered a harbinger of bad luck, Friday the 13th has inspired a late 19th-century secret society, an early 20th-century novel, a horror film franchise and not one but two unwieldy termsâparaskavedekatriaphobia and friggatriskaidekaphobiaâthat describe fear of this supposedly unlucky day.â
Iâm not superstitious, but Iâd still be careful of walking under ladders while carrying a mirror as a black cat crosses your path today.
Situation Awareness:Â Real property tax bills should be coming out within the next few weeks. Weâll do our best to get all 2000+ scanned, uploaded to the portal, and shared with all trust beneficiaries as quickly as possible. Watch your e-mails for Clio portal notices, which shouldnât be ignored.
Also, the state sales tax on commercial leases falls from 5.5% to 4.5% on December 1. County discretionary tax rates must still be added to the state sales tax rate.
Floridaâs Fourth District Court of Appeals held recently that a trial judge doesnât have the equitable power to re-write the terms of a mortgage during a foreclosure.
Why it matters:Â Many real estate investors purchase properties out of foreclosures, and REALTORs sell homes that may be in the middle of a foreclosure. This case clarifies how far a trial judge can go in fashioning a remedy between the borrower and lender.
In May 2022, Judge Croom denied foreclosure in a case brought by US Bank. Instead of simply dismissing the foreclosure action, Judge Croom carved out over a decade of missed payments and disregarded several key terms of the mortgage agreement. And he slashed $6,700 in deferred principal.
It was a bold move, and US Bank was less than thrilled. The bank appealed, arguing that the judge had provided relief that hadnât even been requested.
The lender also argued that the trial court had overstepped its own authority by rewriting the original agreement between the two parties.
The Florida Fourth District Court of Appeals agreed with the bank.
With a cutting statement that’s sure to be quoted in future legal textbooks, the Appeals Court declared, â
[I]n determining whether to grant the equitable relief of foreclosure, the trial court is not at liberty to modify terms of a note and mortgage that are unambiguous and undisputed.
Yes, but:Â While Judge Croom was within bounds when he denied the foreclosure, rewriting the terms of the agreement was a bridge too far.
What’s next:Â The appeals court recommended that the judge only deny the foreclosure to move the case forward.
The bottom line:Â Foreclosure proceedings are nuanced, complicated, and fraught. This difficult stew can almost beg for intervention in the form of judgments that fall outside the courtâs authority.
Our thought bubble:Â Stay informed to stay ahead if youâre in the real estate sector. Understanding the boundaries of legal and equitable authority in the complex world of agreements and contracts is critical so you donât inadvertently go along with an unauthorized action that could be more than you bargained for.
Mortgage fraud is declining, but there was a slight uptick in Q2 2023.
Lenders are screening loans more carefully due to the current economic environment.
False income schemes, undisclosed debt, and occupancy misrepresentation are top concerns.
Why it matters:Â Mortgage fraud is a complex beast.
Staying informed about it is critical in the real estate sector. Knowledge is protection.
By the numbers:Â According to the latest CoreLogic Mortgage Fraud Report, mortgage application fraud is declining.
In 2023 Q2, mortgage fraud was 3.1% less when compared to 2022 Q2.
Itâs a move in the right direction, but thereâs fluctuation in this trend.
If we just look at 2023, there was a slight uptick in mortgage fraud from Q1 to Q2. And in 2023 Q2, 1 in 134 applications were estimated to contain elements of fraud.
What theyâre saying:Â Bridget Berg of CoreLogic points out the stats have a lot to do with lenders screening loans more carefully due to the current economic environment and the risk of costly error. The industry is shifting away from refinances and toward purchases, too, resulting in more new mortgages, so lenders are reviewing loan applications with a fine-toothed comb.
Their top concerns? CoreLogic’s report identifies six types of mortgage fraud: identity, occupancy risk, income risk, transaction, property, and undisclosed real estate debt.
Out of these six, five of these fraud subtypes increased year over year. (The only one that plummeted compared to last year was undisclosed real estate debt.
One type of mortgage fraud really stands out: Occupancy misrepresentation has nearly tripled since 2020. This type of fraud involves investors claiming their investment properties as primary residences to snag favorable rates.
Where is this happening? New York and Florida have recently experienced decreases in mortgage fraud, but theyâre still the states most exposed to mortgage fraud risk â followed by Connecticut, California, and New Jersey.
The bottom line: Mortgage fraud is a complex beast, but education can help you avoid it.
The ten worst places to buy a home if you want to gain value (hint: stay out of Michigan). MSN
The best places to remotely view and buy a home for remote working. DSNews
The top 5 home improvements that agents should recommend to sellers. HousingWire
Mortgage rates continued their upward trek toward 8% last week as mortgage applications surprisingly also increased slightly (but still near a 30-year historical low). National Mortgage Professional
Listings ticked up by 2%, but buyers are backing off as the home-buying season ends, and interest rates continue to increase. Move-in ready homes priced right are still selling as they always have. Redfin
FBI warns of an increase in elder financial abuse. Reverse Mortgage Daily
As I wrote in last weekâs newsletter, Iâve spent much time in intensive seminars and coaching events over the past month, trying to become a better leader.
Why it matters:Â A great leader requires heaps of self-awareness and emotional intelligence.
You must recognize your ego when it asserts itself.
Humility, as Iâve written here before, is a vital trait to possess.
You have to attract great talent and then let them do their thing.
So, how do we become self-aware?
Take personality tests to figure out âhowâ you naturally work and interact with people.
Take assessments to determine âwhyâ you do what you do.
Use talk therapy regularly with a mental health counselor.
Create an environment where youâre surrounded by others who will use radical candor to tell you the truth about yourself.
The bottom line:Â Before you can lead others, you must know yourself so your âselfâ doesnât get in their way.
Now, after the past week’s tragic events, we need some music of hope, peace, and love.
We hope you found this helpful â any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.
Was this email forwarded to you? Subscribe here.
Have an idea or issue to share? Email us.
Follow MyLandTrustee and Joseph E Seagle PA on LinkedIN,
Be on the lookout for our next issue! đ
đ Happy Friday! Of course, today is Friday the 13th đââŹ, the second and final one of 2023 (the other one was in January which seems like a lifetime ago). It happens at least once every year, and can occur up to three times in a year.
According to History.com: âLong considered a harbinger of bad luck, Friday the 13th has inspired a late 19th-century secret society, an early 20th-century novel, a horror film franchise and not one but two unwieldy termsâparaskavedekatriaphobia and friggatriskaidekaphobiaâthat describe fear of this supposedly unlucky day.â
Iâm not superstitious, but Iâd still be careful of walking under ladders while carrying a mirror as a black cat crosses your path today.
Situation Awareness:Â Real property tax bills should be coming out within the next few weeks. Weâll do our best to get all 2000+ scanned, uploaded to the portal, and shared with all trust beneficiaries as quickly as possible. Watch your e-mails for Clio portal notices, which shouldnât be ignored.
Also, the state sales tax on commercial leases falls from 5.5% to 4.5% on December 1. County discretionary tax rates must still be added to the state sales tax rate.
Floridaâs Fourth District Court of Appeals held recently that a trial judge doesnât have the equitable power to re-write the terms of a mortgage during a foreclosure.
Why it matters:Â Many real estate investors purchase properties out of foreclosures, and REALTORs sell homes that may be in the middle of a foreclosure. This case clarifies how far a trial judge can go in fashioning a remedy between the borrower and lender.
In May 2022, Judge Croom denied foreclosure in a case brought by US Bank. Instead of simply dismissing the foreclosure action, Judge Croom carved out over a decade of missed payments and disregarded several key terms of the mortgage agreement. And he slashed $6,700 in deferred principal.
It was a bold move, and US Bank was less than thrilled. The bank appealed, arguing that the judge had provided relief that hadnât even been requested.
The lender also argued that the trial court had overstepped its own authority by rewriting the original agreement between the two parties.
The Florida Fourth District Court of Appeals agreed with the bank.
With a cutting statement that’s sure to be quoted in future legal textbooks, the Appeals Court declared, â
[I]n determining whether to grant the equitable relief of foreclosure, the trial court is not at liberty to modify terms of a note and mortgage that are unambiguous and undisputed.
Yes, but:Â While Judge Croom was within bounds when he denied the foreclosure, rewriting the terms of the agreement was a bridge too far.
What’s next:Â The appeals court recommended that the judge only deny the foreclosure to move the case forward.
The bottom line:Â Foreclosure proceedings are nuanced, complicated, and fraught. This difficult stew can almost beg for intervention in the form of judgments that fall outside the courtâs authority.
Our thought bubble:Â Stay informed to stay ahead if youâre in the real estate sector. Understanding the boundaries of legal and equitable authority in the complex world of agreements and contracts is critical so you donât inadvertently go along with an unauthorized action that could be more than you bargained for.
Mortgage fraud is declining, but there was a slight uptick in Q2 2023.
Lenders are screening loans more carefully due to the current economic environment.
False income schemes, undisclosed debt, and occupancy misrepresentation are top concerns.
Why it matters:Â Mortgage fraud is a complex beast.
Staying informed about it is critical in the real estate sector. Knowledge is protection.
By the numbers:Â According to the latest CoreLogic Mortgage Fraud Report, mortgage application fraud is declining.
In 2023 Q2, mortgage fraud was 3.1% less when compared to 2022 Q2.
Itâs a move in the right direction, but thereâs fluctuation in this trend.
If we just look at 2023, there was a slight uptick in mortgage fraud from Q1 to Q2. And in 2023 Q2, 1 in 134 applications were estimated to contain elements of fraud.
What theyâre saying:Â Bridget Berg of CoreLogic points out the stats have a lot to do with lenders screening loans more carefully due to the current economic environment and the risk of costly error. The industry is shifting away from refinances and toward purchases, too, resulting in more new mortgages, so lenders are reviewing loan applications with a fine-toothed comb.
Their top concerns? CoreLogic’s report identifies six types of mortgage fraud: identity, occupancy risk, income risk, transaction, property, and undisclosed real estate debt.
Out of these six, five of these fraud subtypes increased year over year. (The only one that plummeted compared to last year was undisclosed real estate debt.
One type of mortgage fraud really stands out: Occupancy misrepresentation has nearly tripled since 2020. This type of fraud involves investors claiming their investment properties as primary residences to snag favorable rates.
Where is this happening? New York and Florida have recently experienced decreases in mortgage fraud, but theyâre still the states most exposed to mortgage fraud risk â followed by Connecticut, California, and New Jersey.
The bottom line: Mortgage fraud is a complex beast, but education can help you avoid it.
The ten worst places to buy a home if you want to gain value (hint: stay out of Michigan). MSN
The best places to remotely view and buy a home for remote working. DSNews
The top 5 home improvements that agents should recommend to sellers. HousingWire
Mortgage rates continued their upward trek toward 8% last week as mortgage applications surprisingly also increased slightly (but still near a 30-year historical low). National Mortgage Professional
Listings ticked up by 2%, but buyers are backing off as the home-buying season ends, and interest rates continue to increase. Move-in ready homes priced right are still selling as they always have. Redfin
FBI warns of an increase in elder financial abuse. Reverse Mortgage Daily
As I wrote in last weekâs newsletter, Iâve spent much time in intensive seminars and coaching events over the past month, trying to become a better leader.
Why it matters:Â A great leader requires heaps of self-awareness and emotional intelligence.
You must recognize your ego when it asserts itself.
Humility, as Iâve written here before, is a vital trait to possess.
You have to attract great talent and then let them do their thing.
So, how do we become self-aware?
Take personality tests to figure out âhowâ you naturally work and interact with people.
Take assessments to determine âwhyâ you do what you do.
Use talk therapy regularly with a mental health counselor.
Create an environment where youâre surrounded by others who will use radical candor to tell you the truth about yourself.
The bottom line:Â Before you can lead others, you must know yourself so your âselfâ doesnât get in their way.
Now, after the past week’s tragic events, we need some music of hope, peace, and love.
We hope you found this helpful â any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.
Was this email forwarded to you? Subscribe here.
Have an idea or issue to share? Email us.
Follow MyLandTrustee and Joseph E Seagle PA on LinkedIN,
Be on the lookout for our next issue! đ
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Happy Friday! Today is National Junk Food Day. No. Just, NO.
As announced by the White House on Wednesday, the Biden administration is taking steps against junk fees on behalf of renters as theyâve done for hotel guests and airline passengers.
Folks are tired of being played for suckers.
– President Biden at Wednesdayâs meeting of his Competition Council
State of play:Â Florida has no limit on what landlords can charge for an application fee. Tenants nationwide are reporting that theyâre being charged high application fees for background checks, plus additional fees for mail sorting, trash pickup, and other services that werenât disclosed when they were deciding where they could afford to rent.
Rental application fees are running as high as $100 in some places, and â when tenants are applying for multiple locations with different management companies or landlords â the burden can be impossible to bear.
This compounds when the actual background check costs the landlord $20 or less to run, allowing the landlord or management company to make large profit margins by taking applications from multiple potential tenants for the same rental.
Some landlords require that rent be paid electronically and then charge tenants a âconvenience feeâ for accepting payments in that manner.
Some landlords are charging âJanuary Feesâ in addition to rent. No one is really sure what those cover.
To combat the effect of such fees:
Zillow, Apartments.com, and AffordableHousing.com have all agreed with the White House to disclose all upfront costs.
The White House is encouraging state legislatures across the U.S. to examine such fees being charged and pass legislation to regulate the practice.
And new research from HUD provides a blueprint for a nationwide effort to address rental housing junk fees.
The big picture:Â This is not the first time the Biden administration has taken on junk fees. With similar action from the Bully Pulpit, they have brought transparency to total costs for concert and event tickets, hotel charges, and airline fees.
No one agrees actually to eliminate or even lower the junk fees, and no laws are passed to prohibit them either.
The online sites that sell the services, however, agree to publish the fees upfront so consumers arenât surprised later by the additional fees.
What’s the highest fee you’ve seen charged for a tenant application?Your response is anonymous |
Economic numbers are great across the board, and it looks like that recession that we were fearing isnât going to happen after all.
Why it matters:Â Overall, people feel good about their own finances but have an impending sense of doom about the rest of the economy. But is that feeling justified by the numbers?
By the numbers: Price stability is settling back to normal.
While prices are still high for some goods and services, inflation is about how quickly prices are rising.
In the past month, prices rose by 0.2%, a barely noticeable range for most consumers.
This comes in at an annualized 3% inflation rate which is one point above the 2% the Fed is charged with holding.
Layoffs have hit the media and technology sectors, but those sectors have the largest megaphones to broadcast the news of those layoffs, so they seem to be widespread. The national unemployment rate is 3.6%, which is the lowest it has been since 1969.
The rest of the economy is adding jobs, with over 209,000 created in June. And theyâre good-paying jobs because of huge investments in infrastructure and manufacturing.
The monthly civilian labor force participation rate is at 62.6% as of June. Thatâs where it was right before the pandemic.
Americansâ bank accounts are an average of 10 to 15% higher than they were in 2019.
Consumer sentiment is at a 22-month high.
And compared to our counterparts in the rest of the G7, the United States is killing it economically.
Yes, but:Â The consensus is that the Fed will raise its lending rate again next week, but (we hope) this will be the last increase this year.
Some Fed members are concerned that â unless they cause a lot of people to lose their jobs â inflation will keep rising. This kind of thinking could drive us into a recession.
But as you can see from the numbers above, thatâs not happening. Inflation is no longer increasing at the same rate it was, and numbers are as good or better than they were before the pandemic.
The bottom line:Â If the Fed can shake its belief that no recovery can occur without major job losses, then we can finally put behind us the previous recession that COVID caused.
Our thought bubble:Â Economic stability breeds confidence, and confidence stabilizes the housing market along with other sectors.
Humility is one of the most important traits that a leader, entrepreneur, or anyone else can possess.
Why it matters:Â If a person is humble, they can accept and use:
feedback;
setback;
failure;
coaching;
othersâ ideas.
More importantly, a humble person can admit mistakes, learn from them, and move forward. It breeds empathy.
Humble people use the words âweâ and âour.â Theyâre not focused on âI’âor âme.â They share the spotlight and, more importantly, shine it on others around them.
The bottom line:Â Organizations are a reflection of those who lead them. Those led by people who embrace humility as a core cultural value tend to be some of the best places to work and thrive. They also generate happier customers and constituents.