Florida Mortgage Strategies for the New Year
There are numerous questions to consider as you ponder a new home. Here are a few tips to think about during the Florida home loan process:
1. What’s going to happen to mortgage rates in 2007?
Economists predict that long-term rates will rise in 2007. They made a similar prediction about 2006 and were only partially right: Florida mortgage rates rose in the first half of the year, then fell steeply over the next three months, then leveled off for a while.
The fact is no one can predict the movement of interest rates accurately. It’s relatively safe to predict that rates will rise in 2007, but no one knows how far they will rise and whether it will be slow and steady through the year, or if most of the increase will take place in just a few months, with rates being relatively flat the rest of the year.
And, of course, the pundits could be wrong - rates could actually fall in 2007.
2. Should I refinance in 2007?
The answer to that depends on many factors. If you want to go through with a Florida mortgage refinance strictly to get a lower interest rate, you’re probably better off doing it sooner rather than later because most observers expect rates to rise through the year.
There are other reasons to refinance. Some people refinance to get rid of mortgage insurance. Others do it to pay off their high-rate home equity lines of credit and consolidate all that debt into one mortgage loan. Still others look at refinancing as a way to escape rising interest rates on adjustable-rate Florida mortgages, particularly on interest-only and pay option ARMs.
If you decide to refinance for one of the above reasons, discuss it with a trusted loan officer or mortgage broker to make sure you have all the facts you need. You might find, for example, that it costs more in the long run (but less in the short run) to consolidate all your debt into one mortgage.
3. When should I refinance?
Refinance your Florida mortgage when you’re ready to do it. In other words, if it makes financial sense to refinance at a certain time, go ahead and do it. Don’t wait for rates to fall further. You can’t know if you grabbed the rock-bottom rate until after the fact, so don’t even try.
When it comes to mortgages, getting a good rate is good enough. The world won’t end if you don’t get the absolute best rate.
4. Should I wait before I buy a house?
Waiting for Florida home prices to hit bottom is just like waiting for interest rates to reach their nadir. You can’t count on timing the market correctly. When you find the right house at an acceptable price, go ahead and get it.
If house values in the neighborhood fall after that, well, you didn’t buy the house just to sell it a few months later, right? The house is almost assured of appreciating over the next few years, even if its value falls for a while at first.
January 17th, 2007 at 11:27 pm
Avoiding being sued - FL Real Estate Professional
Florida Real Estate Professionals:
Realtors, Mortgage Brokers, Title agents, P&C Agents, Loan officers, Attorneys
Most of these professionals normally carry some form of E&O or liability insurance. But there is an area of exposure that can become a “Time-Bomb” liable situation for any of them if they deal with Florida residential homeowners. This “Time-Bomb” will not recognized
until several developments occur first:
1) When a lien, judgment or encumbrance is attached against an Florida resident’s home - the homeowner may have a claim against the professional.
2) Only when it can be proven in a court of law that the real estate professional had failed his/her obligation in a “Duty to Warn or Disclose” and injured or caused damages against the Florida Homeowner.
3) Anyone can make a formal complaint and request a summary or final judgment as the case is presented – the determination remains in the hands of the judge and/or jury.
4) This can be simply prevented and remedied though the use of a specific disclaimer and/or waiver signed by the homeowner.
If you lose in court, it can be very financially costly and damage your professional reputation as well.
What happens when someone files a civil complaint against you?
1) Best Case Scenario – Produce a previous waiver that was
signed by the Florida Homeowner which would typically have the
complaint thrown out of court. This will cost you nothing and saves you everything!
2) Hire an attorney and pay a few thousand dollars in a retainer or pay your deductible that is applied against your E&O insurance which will make your premiums increase and be rated.
3) Try to prove their claim is a frivolous claim which they will try to prove their claim is bona fide. The game is on. This is how you make money for your attorney.
4) Defend it yourself as a Pro-Se litigant – Better hit the law books!
Negligence is not actionable unless it involves the invasion of a legally protected interest, the violation of a right. In every instance, before an act is said to be negligent, there must exist a duty to the individual complaining, the observance of which would have averted or avoided the injury. The plaintiff who sues his fellow
man sues for a breach of duty owing to himself. There are many different types of negligence, as well as a difference between using the word “willful”.
Legal duties are not discoverable facts of nature, but merely conclusory expressions that, in cases of a particular type, liability should be imposed for damage done. Duty is not sacrosanct in itself, but only an expression of the sum total of those considerations which
lead the law to say that the particular plaintiff is entitled to protection.
In some circumstances an actionable negligence case may involve a failure or breach of a duty to warn another of a *person’s intentions. (a *Person - can be an individual, corporation, stock company, club, etc - *see Black Law Dictionary)
Failing in your Duty or Failure to Warn Professional firms are constantly at risk of being sued over the services they perform or have failed to perform. Even if a lawsuit
has no merit, defending against one can be costly.
Professionals face potentially severe financial losses from lawsuits “alleging” negligence. - Chubb Insurance Company
Contrary to popular belief you don’t have to cause severe injury to a patient to face a serious law suit as a consequence of your actions or failure to act. As “little” as not following standards of care, indifference (as “little” as failing to recognize a need for help),
or abandonment (as “little” as failing to return a phone call) can be reason enough to be held liable in court should any damages occur as a result.
Negligence is generally considered failure to act with the prudence that a reasonable person would exercise under the same circumstances. “IGNORANCE OF THE LAW NO EXCUSE OR IS NOT A VALID DEFENSE AGAINST A NEGLIGENCE / TORT CLAIM OR LIABILITY CLAIM.
Beneficiaries May Sue Professional Solicitors for Breach of Fiduciary Duty – Example: This type pf suit is very typical especially against stock brokers, CPAs, insurance agents, attorneys when a couple (either one or both) must be placed into a nursing home and their financial assets become depleted due to the fact that none of the
professional occupations listed ever recommended the couple to purchase long-term nursing insurance. Even if they did recommend such coverage, the professional have better had a disclaimer signed by the couple.
A similar transaction occurs when your auto insurance agent asks you if you want uninsured motorist coverage. You can accept or reject it - if you reject this coverage then you sign a disclaimer. Why? So the agent doesn’t get sued by you if an uninsured motorist causes damages
and you try claim this coverage was never offered to you.
Negligence is not actionable unless it involves the invasion of a legally protected interest, the violation of a right. In every instance, before an act is said to be negligent, there must exist a duty to the individual complaining, the observance of which would have averted or avoided the injury. The plaintiff who sues his fellow
man sues for a breach of duty owing to himself.
In some circumstances an actionable negligence case may involve a failure or breach of a duty to warn another of a dangerous person’s intentions.
neg·li·gence (n.
1. The state or quality of being negligent.
2. A negligent act or a failure to act or advise
3. Law. Failure to exercise the degree of care
considered reasonable under the circumstances, resulting in an unintended injury to another party.
Prclassifying E&O claims into the following eight categories.
Failure to Document
Misrepresentation
Inadequate Coverage
Standard of Care
Breach of Duty
Breach of Contract
Special Relationships
The “L” Syndrome
“Lack of” Syndrome” 7 sub-classifications :
Lack of Action
Lack of Attention
Lack of Communication
Lack of Concern
Lack of Consistency
Lack of Control
Lack of Knowledge.
While all of these classifications fall into the general tort definition of “negligence, ” there is also liability assumed under “breach of contract.”
Causation
(3) The causation of negligence is the third critical element of the lawsuit. Both actual cause and proximate cause are considered. Actual cause asks the question of whether the person being sued, the defendant, was the actual cause of injuries sustained by the person
initiating the lawsuit, the plaintiff. Proximate cause looks at the issue of foreseeability. When considering the event that has happened, it is asked whether or not the injuries sustained were foreseeable or too remotely connected to the incident to even consider.
The failure of a person to exercise due care is presumed if:
(1) He violated a statute, ordinance, or regulation of a public entity;
(2) The violation proximately caused death or injury to person or property;
(3) The death or injury resulted from an occurrence of the nature which the statute, ordinance, or regulation was designed to prevent;
and
(4) The person suffering the death or the injury to his person or property was one of the class of persons for whose protection the statute, ordinance, or regulation was adopted.
Personal Injury Law: Medical & Professional Malpractice
Professional malpractice occurs whenever a professional improperly or unethically performs his or her duties either intentionally or out of carelessness. Plaintiffs suing for professional malpractice must prove that the professional was negligent and breached his or her
duty of care, resulting in the plaintiff’s injury.
Florida courts interpret these four elements in the legal malpractice context is essential to a successful lawsuit.
Duty of Care
Breach of Duty
Proximate Cause
Damages
Successful plaintiffs are entitled to compensatory and possibly punitive damages (assuming the malpractice was willful or particularly malicious).
Florida Real Estate Professionals:
Realtors, Mortgage Brokers, Title agents, P&C Agents, Loan officers, Attorneys
Most of these professionals normally carry some form of E&O or liability insurance. But there is an area of exposure that can become a “Time-Bomb” liable situation for any of them if they deal with Florida residential homeowners. This “Time-Bomb” will not recognized
until several developments occur
1) When a lien, judgment or encumbrance is attached against an Florida resident’s home
2) When it can be proven in a court of law that a real estate professional had failed his/her obligation in a “Duty to Warn or Disclose” injured or caused damages against the Florida Homeowner.
3) Anyone can make a formal complaint and request a summary or final judgment as the case is presented – the determination remains in the hands of the judge and/or jury.
4) This can be simply prevented though the use of a disclaimer and/or waiver signed by the homeowner.
What happens when someone files a civil complaint against you?
1) Best Case Scenario – Produce a previous waiver that was
signed by the Florida Homeowner which would typically have the complaint thrown out of court. This will cost you nothing and saves you everything!
2) Hire an attorney and pay a few thousand dollars in a retainer or pay your deductible that is applied against your E&O insurance which will make your premiums increase and be rated.
3) Try to prove their claim is a frivolous claim which they will try to prove their claim is bona fide.
4) Defend it yourself as a Pro-Se litigant – Better hit the law books!
If you are a real estate professional in Florida, we can show you a simply way to achieve several goals while financially protecting yourself:
1) Simply ask one question to the Florida Home owner
2) If they say, “No”, they are not interested in protecting their homestead property against liens, judgments, and encumbrances then have them sign a disclaimer so the homeowner can never come back
on you and sue you!
3) If they say “Yes” then you helped assist protecting your clients Florida Home and earn small referral fee.
4) Current encumbrances against a Florida Home? We can make the majority of encumbrances “legally unenforceable” typically within 60 days.
We network with real estate professionals all over
Florida, call us and we can tell you about our system.
http://www.homesteadservicesflorida.com
Darren Michaels
President / Legal Researcher
info@homesteadservicesflorida.com
941-809-7733
January 17th, 2007 at 11:27 pm
Avoiding from being sued beyond E&O - Florida real estate professional
Florida Real Estate Professionals:
Realtors, Mortgage Brokers, Title agents, P&C Agents, Loan officers, Attorneys
Most of these professionals normally carry some form of E&O or liability insurance. But there is an area of exposure that can become a “Time-Bomb” liable situation for any of them if they deal with Florida residential homeowners. This “Time-Bomb” will not recognized
until several developments occur first:
1) When a lien, judgment or encumbrance is attached against an Florida resident’s home - the homeowner may have a claim against the professional.
2) Only when it can be proven in a court of law that the real estate professional had failed his/her obligation in a “Duty to Warn or Disclose” and injured or caused damages against the Florida Homeowner.
3) Anyone can make a formal complaint and request a summary or final judgment as the case is presented – the determination remains in the hands of the judge and/or jury.
4) This can be simply prevented and remedied though the use of a specific disclaimer and/or waiver signed by the homeowner.
If you lose in court, it can be very financially costly and damage your professional reputation as well.
What happens when someone files a civil complaint against you?
1) Best Case Scenario – Produce a previous waiver that was
signed by the Florida Homeowner which would typically have the
complaint thrown out of court. This will cost you nothing and saves you everything!
2) Hire an attorney and pay a few thousand dollars in a retainer or pay your deductible that is applied against your E&O insurance which will make your premiums increase and be rated.
3) Try to prove their claim is a frivolous claim which they will try to prove their claim is bona fide. The game is on. This is how you make money for your attorney.
4) Defend it yourself as a Pro-Se litigant – Better hit the law books!
Negligence is not actionable unless it involves the invasion of a legally protected interest, the violation of a right. In every instance, before an act is said to be negligent, there must exist a duty to the individual complaining, the observance of which would have averted or avoided the injury. The plaintiff who sues his fellow
man sues for a breach of duty owing to himself. There are many different types of negligence, as well as a difference between using the word “willful”.
Legal duties are not discoverable facts of nature, but merely conclusory expressions that, in cases of a particular type, liability should be imposed for damage done. Duty is not sacrosanct in itself, but only an expression of the sum total of those considerations which
lead the law to say that the particular plaintiff is entitled to protection.
In some circumstances an actionable negligence case may involve a failure or breach of a duty to warn another of a *person’s intentions. (a *Person - can be an individual, corporation, stock company, club, etc - *see Black Law Dictionary)
Failing in your Duty or Failure to Warn Professional firms are constantly at risk of being sued over the services they perform or have failed to perform. Even if a lawsuit
has no merit, defending against one can be costly.
Professionals face potentially severe financial losses from lawsuits “alleging” negligence. - Chubb Insurance Company
Contrary to popular belief you don’t have to cause severe injury to a patient to face a serious law suit as a consequence of your actions or failure to act. As “little” as not following standards of care, indifference (as “little” as failing to recognize a need for help),
or abandonment (as “little” as failing to return a phone call) can be reason enough to be held liable in court should any damages occur as a result.
Negligence is generally considered failure to act with the prudence that a reasonable person would exercise under the same circumstances. “IGNORANCE OF THE LAW NO EXCUSE OR IS NOT A VALID DEFENSE AGAINST A NEGLIGENCE / TORT CLAIM OR LIABILITY CLAIM.
Beneficiaries May Sue Professional Solicitors for Breach of Fiduciary Duty – Example: This type pf suit is very typical especially against stock brokers, CPAs, insurance agents, attorneys when a couple (either one or both) must be placed into a nursing home and their financial assets become depleted due to the fact that none of the
professional occupations listed ever recommended the couple to purchase long-term nursing insurance. Even if they did recommend such coverage, the professional have better had a disclaimer signed by the couple.
A similar transaction occurs when your auto insurance agent asks you if you want uninsured motorist coverage. You can accept or reject it - if you reject this coverage then you sign a disclaimer. Why? So the agent doesn’t get sued by you if an uninsured motorist causes damages
and you try claim this coverage was never offered to you.
Negligence is not actionable unless it involves the invasion of a legally protected interest, the violation of a right. In every instance, before an act is said to be negligent, there must exist a duty to the individual complaining, the observance of which would have averted or avoided the injury. The plaintiff who sues his fellow
man sues for a breach of duty owing to himself.
In some circumstances an actionable negligence case may involve a failure or breach of a duty to warn another of a dangerous person’s intentions.
neg·li·gence (n.
1. The state or quality of being negligent.
2. A negligent act or a failure to act or advise
3. Law. Failure to exercise the degree of care
considered reasonable under the circumstances, resulting in an unintended injury to another party.
Prclassifying E&O claims into the following eight categories.
Failure to Document
Misrepresentation
Inadequate Coverage
Standard of Care
Breach of Duty
Breach of Contract
Special Relationships
The “L” Syndrome
“Lack of” Syndrome” 7 sub-classifications :
Lack of Action
Lack of Attention
Lack of Communication
Lack of Concern
Lack of Consistency
Lack of Control
Lack of Knowledge.
While all of these classifications fall into the general tort definition of “negligence, ” there is also liability assumed under “breach of contract.”
Causation
(3) The causation of negligence is the third critical element of the lawsuit. Both actual cause and proximate cause are considered. Actual cause asks the question of whether the person being sued, the defendant, was the actual cause of injuries sustained by the person
initiating the lawsuit, the plaintiff. Proximate cause looks at the issue of foreseeability. When considering the event that has happened, it is asked whether or not the injuries sustained were foreseeable or too remotely connected to the incident to even consider.
The failure of a person to exercise due care is presumed if:
(1) He violated a statute, ordinance, or regulation of a public entity;
(2) The violation proximately caused death or injury to person or property;
(3) The death or injury resulted from an occurrence of the nature which the statute, ordinance, or regulation was designed to prevent;
and
(4) The person suffering the death or the injury to his person or property was one of the class of persons for whose protection the statute, ordinance, or regulation was adopted.
Personal Injury Law: Medical & Professional Malpractice
Professional malpractice occurs whenever a professional improperly or unethically performs his or her duties either intentionally or out of carelessness. Plaintiffs suing for professional malpractice must prove that the professional was negligent and breached his or her
duty of care, resulting in the plaintiff’s injury.
Florida courts interpret these four elements in the legal malpractice context is essential to a successful lawsuit.
Duty of Care
Breach of Duty
Proximate Cause
Damages
Successful plaintiffs are entitled to compensatory and possibly punitive damages (assuming the malpractice was willful or particularly malicious).
Florida Real Estate Professionals:
Realtors, Mortgage Brokers, Title agents, P&C Agents, Loan officers, Attorneys
Most of these professionals normally carry some form of E&O or liability insurance. But there is an area of exposure that can become a “Time-Bomb” liable situation for any of them if they deal with Florida residential homeowners. This “Time-Bomb” will not recognized
until several developments occur
1) When a lien, judgment or encumbrance is attached against an Florida resident’s home
2) When it can be proven in a court of law that a real estate professional had failed his/her obligation in a “Duty to Warn or Disclose” injured or caused damages against the Florida Homeowner.
3) Anyone can make a formal complaint and request a summary or final judgment as the case is presented – the determination remains in the hands of the judge and/or jury.
4) This can be simply prevented though the use of a disclaimer and/or waiver signed by the homeowner.
What happens when someone files a civil complaint against you?
1) Best Case Scenario – Produce a previous waiver that was
signed by the Florida Homeowner which would typically have the complaint thrown out of court. This will cost you nothing and saves you everything!
2) Hire an attorney and pay a few thousand dollars in a retainer or pay your deductible that is applied against your E&O insurance which will make your premiums increase and be rated.
3) Try to prove their claim is a frivolous claim which they will try to prove their claim is bona fide.
4) Defend it yourself as a Pro-Se litigant – Better hit the law books!
If you are a real estate professional in Florida, we can show you a simply way to achieve several goals while financially protecting yourself:
1) Simply ask one question to the Florida Home owner
2) If they say, “No”, they are not interested in protecting their homestead property against liens, judgments, and encumbrances then have them sign a disclaimer so the homeowner can never come back
on you and sue you!
3) If they say “Yes” then you helped assist protecting your clients Florida Home and earn small referral fee.
4) Current encumbrances against a Florida Home? We can make the majority of encumbrances “legally unenforceable” typically within 60 days.
We network with real estate professionals all over
Florida, call us and we can tell you about our system.
http://www.homesteadservicesflorida.com
Darren Michaels
President / Legal Researcher
info@homesteadservicesflorida.com
941-809-7733
March 20th, 2007 at 6:55 pm
[…] its seasonally adjusted index of Florida mortgage application activity, which includes both refinancing and purchasing loans, for the week ending […]