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Posts tagged "Delaware"

Home mortgage rates falling

People in Delaware who are in the market for a new home may be happy to learn that mortgage rates have been going down nationwide. After average long-term mortgage rates rose for three weeks in a row, they went down at the end of May. On May 21, Freddie Mac reported that the average rate for a 30-year mortgage was 3.84 percent, and the average rate for a 15-year mortgage was 3.05 percent.

Obtaining a more favorable mortgage

Delaware residents might be interested in learning more about different strategies homeowners have successfully employed to obtain a more favorable deal on their mortgage. Acquiring a mortgage to purchase or refinance a home is typically the biggest financial decision many people will make. The abundance of options associated with selecting lenders and pricing options can be overwhelming for many consumers. Following up on referrals from friends and family members may be one of the most valuable resources for finding a great deal.

The legal options for relief from zoning laws

Delaware residents who are interested in land use issues may wish to know their options when it comes to fighting against zoning laws. These options usually involve either asking for an exception to the laws or fighting against the particular application of the laws themselves.

Potential foreclosure defenses

Delaware residents may be surprised to find out that some homeowners who have been foreclosed upon may be getting their homes for free. In recent years, the large number of foreclosures that must be approved by state judges has created a backlog in many court systems. This has caused some cases to take multiple years to be resolved if they are resolved at all.

Property sellers' required disclosures to buyers

Anyone in Delaware who is planning on selling a piece of real estate could be interested in what disclosures they would be required to make by law. The general rule is that a seller is obligated to disclose to a buyer any possible problems that could have a bearing on the property's value.

Importance of title insurance in real estate transactions

Many people in Delaware who are preparing to purchase a home may wonder why they need to bother with purchasing title insurance. People may especially think this small purchase is unnecessary when they are buying a home that has been owned by a single owner for many years. However, failing to purchase this insurance can be a big mistake.

Understanding mortgage liens and title theory

Delaware homeowners may be confused about how mortgage loans, liens and property titles work. For example, many people view mortgages as loans made to facilitate the purchase of real estate. However, a mortgage is not technically a loan. Rather, it is an interest in the property, which the lender holds as protection against financial loss should the borrower fail to meet his or her obligation to pay the debt.

How a bankruptcy may impact a Delaware eviction

Delaware landlords may not be aware that if they have started the eviction process against a tenant, it may be possible for the tenant to delay eviction if he or she has filed for a Chapter 7 or Chapter 13 bankruptcy. In the event that the tenant filed for bankruptcy before the landlord starts the eviction process, the tenant may be granted a stay of the eviction. However, the landlord may ask a federal court to lift the stay, which is likely to be granted since the rental property has no bearing on the value of the tenant's assets.

Delaware rental law and summary possession actions

Delaware law provides a strict series of guidelines for the protection of all parties to a lease of residential or commercial property. The intent is to ensure all sides are treated fairly and equitably. Understanding the rights and obligations of all parties prior to, during and after a summary possession action can help prevent costly misunderstandings or outright rejection of the case by the court having jurisdiction.