2010 Is here- Real Estate law Update Solano County

If you are buying a bank owned home, you can now choose your own title and escrow company per new law enacted to protect buyer's interest and insurance on the property they are buying.

You cannot be charged an advanced fee for loan modification services by an agent or attorney from 2010-2013.

Mortgage brokers now owe their clients a fiduciary duty to put the interests of the clients first before their own interests, they now join Realtors in this fiduciary relationship to clients.

Changes have been made to the amount of home equity protected in Homestead declarations for single and married persons.

Mortgage fraud is now a crime in California.

The law that makes Landlords give a 60 day notice to terminate to month to month tenants who have lived there for over one year has been extended.

New federal mandates for FHA appraisers to be state certified in order to conduct FHA appraisals.

Many new appraisal, lender and FHA and VA regulations have been affected by new federal and state laws as of January 1, 2010 (today), because of this, please expect a period of adjustment to all the new requirements, escrows time periods and other factors will be affected in the coming weeks.

Interest rates are not expected to remain steady after the first quarter of 2010.

Home buyer federal tax credits will expire in the coming months.

Mortgage disclosure laws and waiting periods after any and all changes in the loan application will cause delays in the closing of the escrow. Do not make firm plans to move until you are certain that the escrow is actually closing.

Be prepared to provide your lender of choice with a myriad of documents and statements of your financial status, these document requests can come anytime up until the day of closing, employment checks and inquiries, last minute credit checks will be the norm instead of the exception.

New regulations in the disclosure of reverse mortgage details are mandated.

Please consult with your Realtor, attorney, mortgage consultant or tax specialist for more detailed information on all the new laws that affect your position.