Law office with locations in Holmdel & Cream Ridge. Practicing primarily in Real Estate matters, Wil
Operating as usual
Interesting. Market still crazy. A Sellers market no doubt. https://www.nj.com/news/2021/07/the-25-places-in-nj-where-homes-are-selling-the-fastest.html?outputType=amp
Statewide, homes are staying on the market for about a month. But in some of these towns they don't last a week.
One of the questions that we often get during challenging times is whether we prepare Wills, Health Care Directives and Powers of attorney. The answer is YES. My office can prepare any of those documents for you. In addition, we can do the initial consultation, which is free, by Zoom video or by phone so you do not have to come to the office. If you have always said you need to get your Will done, but have not had time to do so, now is a perfect time. Either call us at 732-946-9000 or email us at [email protected] and we will be happy to help.
In accordance with the stay at home order issued by NJ governor Murphy our offices will be closed for the immediate future. Nonetheless, we will be operating from remote locations and expect to be fully functional. Some accommodations will be needed for those needing to sign papers and we will make those on an as needed basis. Phones will be forwarded and emails checked as usual during working hours. Please be patient as there may be some delay responding to calls and emails in light of the situation. Thank you.
PSA: News is starting to emerge that many lenders (Wells, JPM, BOA and even Fannie Mae etc) are instituting or considering forbearance policies on mortgage loans for people that are impacted. If you anticipate you will have trouble making your loan payment in the net month or two due to job loss or other impact from this situation, I suggest you call your lender sooner rather than later as the phone lines are likely to get more and more clogged as time goes on.
I know the world is a bit scary right now but if you are a home buyer this is an amazing time to buy a home. Mortgage rates are near historic lows and this crisis too shall pass and years from now you will be glad you bought when you did. To my existing and former clients if there is anything you need please don’t hesitate to call my office.
Current Interest Rates | NerdWallet
Current interest rates by financial product Mortgages Credit cards Auto loans Personal loans CDs Mortgage interest rates What are interest rates based on? The bond market drives mortgage rates. That’s…
20 Home Renovations That Instantly Add Value to Your Home
These home renovations are so worth the upfront expense.
TOWN SQUARE | Lenders use risk-based pricing for conventional mortgage rates, which means the lowest mortgage rates are reserved for people with the highest credit scores.
Good article on the basic differences between the FHA, USDA, and Conventional mortgage. https://www.sixfiguresunder.com/conventional-mortgage-vs-fha-usda/
Since I announced that we’re six figures under again (because we bought a house) I’ve received lots of questions about our mortgage. When you’ve shared all of your financial details with the world for years, I suppose that is to be expected! I’m happy to oblige. When we finished paying off o...
Assist those less fortunate than us in meeting lifespan's basic needs, food, clothing, and a bed
Join me and help make a difference, please give today. Let's support good in the world and make a difference. I'm running in the Spring Lake 5 for Interfaith Neighbors Inc. My sister works for Interfaith so I know personally the great work that they do in helping ensure that struggling working famil...
Dimon is often on the cusp of reform. Interesting take here.
JPMorgan Chase CEO Jamie Dimon told shareholders this week that the U.S. housing finance system is “desperately” in need of reform, and claimed that the housing market’s status quo of the last several years left at least $1 trillion in mortgages on the table.
Good article for potential home buyers on what does and does not impact your credit. Note to Sellers, although this article says that judgments and liens may not impact your credit score they absolutely WILL come up if you are selling your house and they will have to be dealt with as part of any home sale. So while they may not appear in your credit profile, they do appear in a title search and will impact your ability to sell your home.
https://www.consumerreports.org/credit-scores-reports/credit-score-myths-what-hurts-you-what-doesnt/
Consumer Reports debunks credit score myths and tells you the facts about what factors really affect your credit report.
This is very funny and so true.
Declining mortgage rates champion home-buying power, but for how long?
In January 2019, home prices retreated 1.9%, but increased 7% year over year, according to First American's Real House Price Index. First American Chief Economist Mark Fleming said moderating home prices, in conjunction with gains in household income and declining mortgage rates, boosted affordabili...
A new law has passed today that impact end of life health care decisions here in NJ.
New Jersey Gov. Phil Murphy needs to sign the bill for it to become law. Here's what the bill does.
Here are the basic terms of the proposed law. If this passes it will cause many people to want to re-evaluate their Health Care Directives/Living Will choices.
The New Jersey measure, modeled on a law passed in Oregon in 1997, would allow a terminally ill, mentally competent, adult resident of New Jersey to request and use a prescription for lethal medication.
Two physicians would be required to attest that the person had less than six months to live. The patient would have to ask for the medication three times — twice orally and once in writing — before receiving it. The written request would have to be witnessed by two people, including one who is not a family member, a beneficiary of the patient's will or the attending physician.
The patient would then be required to self-administer the medicine, if he or she decides to take it at all.
Both houses of the Legislature plan to vote Monday. The bill has stalled twice before in the Senate, but this time could be different.
Freddie Mac: Mortgage rates cool as spring's housing market heats up
Mortgage rates have fallen just as spring home buying season begins to heat up, according to the latest Freddie Mac Primary Mortgage Market Survey. Freddie's Chief Economist Sam Khater said the combination of improving affordability and more inventory than the last few spring selling seasons should....
Strikes me as a goof thing., While there may be some short term impact on some borrowers, at least FHA is looking out for the long term viability of the housing market.
Last week, the Federal Housing Administration took steps to mitigate risks to its single-family portfolio, announcing updates to its TOTAL Mortgage Scorecard that may flag some loans for manual underwriting. Chatter among members of the lending community suggests a number of originators are unhappy....
I get questions about this all of the time. https://www.thebalancesmb.com/what-is-the-difference-between-an-llc-and-a-corporation-397526
Should you choose an LLC or corporation for your business? A discussion of the differences, including liability and tax affects.
Real Estate is (normally) an appreciating asset and it is also a forced savings account, thus why it is a good investment.
Real estate is "an escalator to wealth," David Bach tells CNBC.
New home sales rise 3.7% in December, signaling promising spring home buying season
New home sales rose 3.7% in December 2018, according to the latest report from the Census Bureau and the Department of Housing and Urban Development. Realtor.com Chief Economist Danielle Hale said some housing indicators, such as mortgage applications and pending home sales, are starting to show sig...
VA loans skyrocket in popularity for first-time homebuyers
Servicemembers are far more likely to opt for a Department of Veterans Affairs mortgage than any other type of loan when buying their first home, a new report from the Consumer Financial Protection Bureau shows. Here's a look at how much more popular VA loans have become for servicemembers in the la...
It's now easier to email Law Offices Jeffrey P. Ferrier
Self-made millionaire: Not buying a home is the single biggest millennial mistake
Real estate is "an escalator to wealth," David Bach tells CNBC.
Golf-Home Owners Find Themselves in a Hole
Lawsuits pile up and fairways fall into disrepair as younger Americans shun golf.
So typical of NJ to shoot itself in the foot. One of the positive things this state has to offer is summer tourism. It generates money but yet the government feels the need to impose another 11% tax (as if we are not taxed enough). Importantly, and although not mentioned in this article, the 11% tax does NOT apply if the short term rental is done through a NJ licensed realtor. So if you are planning to rent a shore house this year, you may want to call your local realtor.
SEASIDE HEIGHTS, N.J. — You may’ve missed it last year, Save Jerseyans, but Governor Phil Murphy and the Democrat legislature slapped a new rental tax on the Jersey Shore, a major a linchpin of the state economy at a time Read More
Good article as tax appeal season approaches. MONMOUTH COUNTY residents, if you plan to appeal your taxes the deadline is JANUARY 15, 2019. If you miss the deadline you have to wait another year to file an appeal. If you need help filing an appeal my office represents tax payers in appeal filings and at hearings. Feel free to call us to discuss your specific matter.
Not Sure About Your 2019 NJ Tax Assessment?🏘️
Many homeowners wonder if they should challenge their property assessment. There are a few steps to measure if the taxable value of your home is too high. It is essential to know how taxes are computed in New Jersey. This informative article will give insight as to whether your home has been fairly assessed.
Click Here To Be In The Know About Your Property Tax Assessment.
https://bit.ly/2FJFr9c
It’s gotten a lot harder for renters to get good bang for their buck over the past decade.
The Wall Street Journal
Confused about deductions, the alternative minimum tax under the new tax plan? See answers here.
Head off a small-business skirmish: Draw up your will or estate plan today
What will happen if you die without leaving a will? Instead of you deciding who gets your small business, the government decides.
New law here in NJ for employers of all sizes.
A new law for paid family sick leave goes into effect today in New Jersey.
Airbnb and other online sites are set to begin charging occupancy taxes in New Jersey Oct. 1.
Not entirely sure I agree with the findings of this list published in September 2018, but interesting nonetheless. https://www.nj.com/data/2018/09/these_15_nj_real_estate_markets_are_bargains_right_now_summer_edition.html
Find out which of the most popular towns are the relative cheapest ... for now.
Property Tax appeal season is coming up. This time of year we get a lot of questions from clients about tax appeals, including how property taxes are calculated, and the inevitable "why am I paying so much?" The attached link is a good resource if you have questions about your property taxes here in NJ. Keep in mind that Monmouth County handles appeals differently than other counties in NJ. The only time to file a tax appeal for properties in Monmouth County starts in November 2018 (when you get your annual tax assessment card) and ends on January 15, 2019. If you dont file by January 15, 2019 you cannot file an appeal until next year. If you need help filing an appeal please feel free to contact my office when you receive your property assessment postcard. http://njpropertytaxguide.com
An interesting article on when mortgage interest is tax deductible. The new tax law last year altered the landscape when it comes to the mortgage interest deduction so it is best to discuss this with your CPA when you file your taxes.
1. DO YOU ITEMIZE YOUR TAX DEDUCTIONS?
You cannot take the mortgage interest deduction if you are taking the standard deduction. In 2018, the standard deduction is $12,000 for single taxpayers, $18,000 for heads of household, and $24,000 for married taxpayers filing a joint return. Please see a CPA for details.
2. IS YOUR HOME A "QUALIFIED RESIDENCE"?
Mortgage interest is only deductible if the mortgage is attached to a "qualified residence". Taxpayers can generally deduct the mortgage interest on two qualified homes: one primary residence and one vacation home
3. IS YOUR MORTGAGE CLASSIFIED AS "ACQUISITION INDEBTEDNESS"?
Your mortgage or home equity line of credit is considered "acquisition indebtedness" if it was used to buy, build or improve a qualified residence. Generally, you can deduct the interest on mortgage balances up to $750,000 of Acquisition Indebtedness. Here are two examples:
Jane buys her $500,000 primary residence using a $400,000 mortgage. Jane would be able to deduct the interest on the $400,000 mortgage as acquisition indebtedness because (1) the mortgage was to buy a qualified residence; and (2) the mortgage falls within the $750,000 limit.
Janice buys her $500,000 primary residence with cash. A year later, Janice does a cash-out refinance and puts a $400,000 mortgage on the home. The funds are not used for home improvements. Janice would NOT be able to deduct the interest on the new $400,000 mortgage because the funds were not used to buy, build or improve the house.
PITFALLS TO AVOID
As you can see, it's very important to structure your mortgage in a way where it can be classified as "acquisition indebtedness"! Here are a few common mistakes that many people make when choosing a mortgage strategy and deducting their mortgage interest:
Pulling cash out of a primary residence to buy a vacation home, and then illegally deducting the interest on that cash-out mortgage (in these cases, it's often better to place a mortgage on the vacation home itself so that it can be classified as "acquisition indebtedness")
Paying cash for a home, taking out a mortgage later on, and then illegally deducting the interest on that cash-out mortgage
Illegally deducting the interest on mortgage balances that do not qualify as acquisition indebtedness.
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Holmdel, NJ
07733
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