It has been estimated that approximately 1 in every 8 Arizonans lives in a rented apartment. If you are thinking about entering into a rental agreement for an apartment, there are many things you should know and do before you sign a lease. This article offers a brief legal checklist.
Housing
The U.S. Veterans Initiative facility for homeless veterans in Phoenix recently received $250,000 in materials and services from local businesses. To read the article go to http://www.azcentral.com/story/news/local/phoenix/2014/10/29/phoenix-homeless-veterans-upgrade/18084529/
Most questions about abandoned property arise in the context of residential rental agreements and storage unit rentals. In Arizona, those questions are answered by state statutes that provide clear guidance about the rights and duties of the various parties.
We have all seen famous actors on television advertising reverse mortgages and talking about how they provide seniors with a stream of income for their old age by tapping into the equity in their homes. It sounds great! But is it? While there may be real benefits for some people, reverse mortgages come with high costs and other serious drawbacks you need to consider. The more you know about reverse mortgages, the better equipped you will be to make a sound financial decision about something as important as your home.
What is housing discrimination?
Housing discrimination is discrimination against any person seeking to rent a home or to purchase a home or to secure financing for a home or to sell a home on the basis of their race, color, national origin, religion, sex, family status, or mental or physical disability.
After a foreclosure is complete and the home is sold, a borrower may still owe money if the sale price of the house was not large enough to cover the amount owed on the loan, this is called a deficiency. In many cases borrowers are protected from a deficiency by Arizona’s anti-deficiency statutes, which prevent lenders from pursuing the borrower if the home is sold for less than the total owed on the home loan.
Since 1992, The U.S. Department of Veterans’ Affairs has offered a direct loan program for eligible Native American Veterans who want to buy or build a home on federal trust lands. Private mortgage lenders will not make home loans for houses located on federal trust land. That includes the private lenders who make traditional VA loans. Banks and mortgage companies are in business to make money. They know that tribes are sovereign nations where state laws do not apply. That makes it almost impossible for them to get a security interest in a home located on federal trust land. How do they foreclose if the borrower defaults? With no private mortgage funding available, Native American Veterans living on the reservation needed a mechanism to help them purchase a home.
Purchase Loans help you purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. Learn More
What is a stipulated judgment?
A “stipulated judgment” – which is sometimes also called a “consent judgment” – is a voluntary agreement between the parties involved in a legal dispute that operates to settle the case. First, each party specifically states – or “stipulates” – in a signed writing that they wish to be legally bound by the terms of the agreement. That agreement is then brought to a judge, who reviews it to make sure that its content is consistent with the law and is fair to both parties. Once the judge has approved the agreement, it becomes an official judgment of the court, which means that the parties must obey it.
If you are a veteran or current service member and encountering problems making your mortgage payments, the US Department of Veterans Affairs (VA) urges you to speak with your servicer as soon as possible to explore options to avoid foreclosure. For more information see the VA’s Quick Reference Sheet for Veteran Borrowers in Delinquency.
The Military Family Relief Fund offers funding to families of currently deployed and veteran servicemembers who have suffered hardship due to deployment in a combat zone. Funds are limited, and decided by 12 person advisory committee. If you believe that you or your family may qualify and would like further information about the program please click here.
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. It provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
For more information please go to: http://www.benefits.va.gov/homeloans/
Adapted Housing Grants help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability. Learn More
When the housing market collapsed a few years ago, many people were left with homes and mortgages they could no longer afford. Veterans and active duty military families were hit especially hard. Military families move, on average, once every three years. Many were accustomed to purchasing a home when they arrived at a new assignment and then selling it when they were transferred to a new posting. Then, the balloon burst, and housing prices plummeted. Military families and veterans found themselves stuck with houses that were worth a fraction of the purchase price. They couldn’t sell and they were underwater on the mortgage.
Read more: Mortgage Help for Veteran Homeowners Who are Underwater on their Mortgage
Veterans Affairs mortgages, better known as VA loans, are a benefit that many active duty military personnel and veterans will use in their lifetime. That makes it important to know as much as we can about VA loans and how they work.