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What You Need for a Mortgage Your Lender Checklist

  • W-2 forms  or business tax return forms if you’re self-employed  for the last two or three years for every person signing the loan.
  • Copies of at least one pay stub for each person signing the loan.
  • Account numbers of all your credit cards and the amounts for any outstanding balances.
  • Copies of two to four months of bank or credit union statements for both checking and savings accounts.
  • Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
  • Addresses where you ve lived for the last five to seven years, with names of landlords if appropriate.
  • Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
  • Copies of your most recent 401(k) or other retirement account statement.
  • Documentation to verify additional income, such as child support or a pension.
  • Copies of personal tax forms for the last two to three years.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Several Reasons For A California Probate Attorney

Unfortunately, the law isn’t waiting for anyone, and the deceased person’s estate needs to be settled timely. The Last Will and Testament of the deceased defines the person or people that will be responsible for the estate settlement.

The person named in the Last Will to conclude the process is called the estate’s executor. Los Angeles probate court appoints the executor as the personal estate’s delegate through the process. And when you abide in California, hiring a properly qualified California probate lawyer has to be a primary priority.

The deceased is entitled as intestate incase of death without leaving a valid will. State laws define the estate property’s separation by this process. Restrictions of a family member estate are a part of the intestate regulations under the jurisdiction of the state the deceased has lived in.

This is exactly why it is important to deal with a professional estate planning attorney in Los Angeles. Funds mentioned in a beneficiary trust’s name usually avoid the probate proceeding, thus providing better solitude and less administrative costs. This also lets the probate attorney to divide assets quicker.

As you could assume, all estates differ from one another and have uncrossed funds to be valued, vended or divided to beneficiary trusts. Anyway, in order to avert a situation difficult to solve, they should discuss it with the probate attorney prior to executor’s action.

The estate settlement might take anywhere from 9 months to several years before it’s completely paid out and closed.

The deceased also might have left an affidavit on his estate, let’s suppose it’s small. If you live in Los Angeles, then you would need to hire a highly professional probate lawyer that would understand how California small estate affidavit works and would be able to carry you through the probate court, while not violating any norms in California probate code. It is necessary and critical. Nowadays’ financial crisis is not the best time for you to lose your small estate affidavit, or let it stretch to years. Your interest is to settle things as fast as possible. And this is another important reason why you might need to hire a probate lawyer.

If you are an inhabitant of Los Angeles, and you have something similar going on in your life, don’t hesitate about hiring a probate lawyer, especially in case of California small estate affidavit. It’s all in your hands, but you would surely need a professional that would understand your needs and worries, a professional that would diligently carry the case through the probate court and lead you out of it in the rays of victory.


Article Source: http://www.articlesnatch.com

About the Author:
Gregory Lederman represents clients of trust, estate, and probate matters throughout California. estate planning attorney los Angeles, Estate planning lawyer los Angeles, California probate attorney, probate court.

Important Of Probate Services

If the person who has died leaves a will ; In this case one or more ‘executors’ may be named in the will to deal with the person’s affairs after their death. The executor applies for a ‘grant of probate’ from the probate court”s registry. It is a legal document giving the executor the authority to deal with the deceased person’s assets (property, savings, investments and other possessions). The executor can use the grant of probate to sort out the assets of the deceased, and collect and share out the deceased person’s assets as set out in the will.
If the person who has died didn’t leave a will ; If someone dies without making a will, they are said to have died ‘intestate’. If this happens, the law sets out who should deal with the deceased’s affairs and who should inherit their estate (property, personal possessions and money).
If there is no will, a close relative of the deceased can apply to the probate registry to deal with the estate. In this case they apply for a ‘grant of letters of administration’. If the grant is given, they are known as ‘administrators’ of the estate. The grant of letters of administration is a legal document which confirms the administrator’s authority to deal with the assets of the deceased, and collect and share out the deceased person’s assets as set out under the intestacy rules.
When a grant is needed
A grant is almost always needed when the person who dies leaves one or more of the following:

  • property or land held in their sole name or held as ‘tenants in common’
  • stocks or shares
  • certain insurance policies
  • Large amounts of cash in banks/building societies
In the majority of cases the bank or financial institution will need to see the grant of probate or letter of administration before transferring control of the assets. However if the estate is small, some organisations, such as insurance companies and building societies, may release money to you at their discretion.
A grant of representation may not be needed where:

  • the person who died left less than 5,000
  • they owned everything jointly with someone else and everything passes automatically to the surviving joint owner (as opposed to a tenancy in common)
Money in joint accounts
The deceased person may have held money with another person in a joint bank or building society account. Normally this means that the surviving joint owner automatically owns the money. The money does not form part of the deceased person’s estate for the purpose of administration and therefore does not need to be dealt with by the executor or administrator. However, a deceased’s person’s share in joint property is treated as part of their estate for inheritance tax purposes, both on death and on gifts made during their lifetime
Probate and Inheritance Tax
The executor or personal representative will not be granted probate until some or all of any Inheritance Tax that is due on the estate has been paid.

Article Source: http://www.articlesnatch.com

About the Author:
Easylawyers can avoid the difficulty involved if obtaining a grant of

Its a Jungle Out There!

Because there is so much money and so many different professionals are involved in the real estate purchasing process, there is always room for professional incompetence or outright fraud. Here are some things to look out for in the team that assists you in your purchase.

Real Estate Agents: This is the key person on your team! Make sure he or she is competent! We cannot stress this point more! Do your homework. All real estate agents must be licensed by the California Department of Real Estate. Visit the Department’s web site (www.dre.ca.gov) to determine the license status of an agent.

Also, talk to others who have used the agent. This is the one person you really need to trust in this process.

There are some unscrupulous lenders out there who only want their commission or points from a loan and couldn’t care less if you are getting the best loan product. There are some lending tactics that are outright fraud.

Beware of the following illegal lending practices and predatory lending tactics:
Flipping the frequent making of new loans to refinance existing loans
Packing selling of additional products without the borrower’s informed consent
Charging of excessive fees
Bait and Switch offering of very attractive terms which are not available and then pressuring the borrower into more expensive terms and hidden fees
Door-to-Door High Pressure Sales typically trying to sell home improvement contracts funded by home equity loans usually with less than desirable terms
Trust Selling salespersons who try to gain your trust based on some common background and then sell you something that might not be in your best interest
No Job! No Problem! encouraging home equity loans to those with no job or bad credit with the knowledge that the borrower will probably lose their home because they can’t make the payments
Pressuring for Immediate Sale insisting that a loan contract be signed immediately before the good deal is gone.

Prior to using the services of a mortgage broker or lender, make sure they are properly licensed by checking the California Department of Corporations web site (www.corp.ca.gov) and/or the California Department of Real Estate’s web site (www.dre.ca.gov).

Home Inspectors: The competency of this person is key in making sure you’re purchasing a structurally sound, safe home. A home inspector who misses details can end up costing you tens of thousands of dollars in the long run. Or worse, missed details could cause you or a family member harm because of bad wiring, cracked glass and other hazards.

Escrow Officer: The escrow officer is the referee in the home buying game. Just as with your favorite sport, an incompetent  or cheating  referee is a huge headache. If bad calls are made on the part of the escrow officer, it can cost you large amounts of money or kill the whole deal.

Tax Advisor: A tax advisor can be a great asset to you financially. Finding out that certain expenses are not tax deductible after-the-fact can put you in a real bind with the IRS. Ask your real estate agent, family members, friends or others you trust if they can recommend the services of a reputable tax advisor in your area.

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