5 Common Myths About Home Closings Debunked

2014 Take One!

Jan 8, 2014 | Consumer Tips

By Amy Tierce

In the pile of Beatles paraphernalia that our youngest son got for Christmas this year was a fascinating book describing the creation and recording of every single Beatles song. The book is about 700 pages!

We shared the book around the table and began to wonder how they knew how many ‘takes’ to take with each recording.

Some songs took only one shot or “take” at recording and the song was DONE. The most number of takes we found was 117. Many recordings took multiple takes. Remember, these were the days of live recording, little editing capabilities, and the early development of ‘tracks’.

So how did the band know that they got it right with one take when they recorded “Hey Jude”, “Michelle” or “If I Needed Someone”? How did they know it was time to stop after 117 takes on “Sexy Sadie”? It took them 32 attempts to record “Octopuses Garden.” Did they feel that that last one was just right or did they just give up? What does perfection look like? Would take 13 on “Help” have been better – but they stopped at 12?

It made me think a lot about “takes” in and on the New Year. How many takes do we get, how often in life can we undo, rewind and re-do…. When are we satisfied with one take and ready to move on, when do you give up after 52 “Your Mother Should Know” or 70 “Happiness Is A Warm Gun”?

Thinking about how this applies to business, relationships, projects creative and otherwise, and life in general, here are my thoughts:

• Trust your gut and follow it
• If your gut is not speaking seek wise counsel for advice
• Then Trust your wise counsel
• know when you cannot make it better
• Know when to drop it all together
• BEST of all, know when you hit it on the first take and are ready to move on

We have multiple takes available to us, use them wisely or get stuck seeking perfection.

Happy New Year one and all!

Here’s to many “One Take” successes in 2014.

Amy Tierce
Regional Vice President
Fairway Independent Mortgage
(781) 719-4665
amyt@fairwaymc.com
www.fairwayindependentmc.com

The Government Shut Down

Oct 11, 2013 | Consumer Tips

By Bill Nickerson

The current shutdown of the Federal Government has left many homebuyers and real estate industry partners with many questions about how the shutdown will impact their ability to do business. Merrimack Mortgage will continue to operate at full capacity during the shutdown; however, the shutdown creates some challenges for lenders. We hope  you find this piece informative and that you will share it with staff and colleagues, as well as potential homebuyers and sellers.

FHA LOANS

FHA Single Family Housing –  Government Shutdown FAQs
Source: http://www.whitehouse.gov/

Q: How will this impact the housing market? A: Because we are able to endorse loans, we don’t expect the impact on the housing market to be significant, as long as the shutdown is brief. If the shutdown lasts and our commitment authority runs out, we do expect that potential homeowners will be impacted, as well as home sellers and the entire housing market. We could also see a decline in home sales during an extended shutdown period, reversing the trend toward a strengthening market that we’ve been experiencing.

Q: Will FHA have staff available to answer questions if there is a government shutdown? A: Limited FHA staff will be available to respond to questions, emails or other correspondence.
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Mass. Real Estate Bar Association Files Law Suit for Unauthorized Practice of Law

May 2, 2012 | Consumer Tips

Last Friday, the Real Estate Bar Association of Massachusetts (REBA) filed an action in Suffolk Superior Court against a non-lawyer settlement service provider, National Loan Closers, Inc., and a number of Massachusetts lawyers who continue to perform “witness only” closings in violation of Real Estate Bar Ass’n for Massachusetts, Inc. v. National Real Estate Information Services, 459 Mass. 512, 946 N.E.2d 665 (2011). The filing followed a unanimous vote of the REBA’s Board of Directors.

“ ‘Witness only’ closings violate Massachusetts law prohibiting the unauthorized practice of law, place homebuyers and mortgage lenders at risk, erode the public’s confidence in the Commonwealth’s recording and registration system, and deprive the Massachusetts IOLTA Program of thousands of dollars of revenue,” said Chris Pitt, REBA’s President.

“Although most lenders, title companies, and title insurers now recognize that ‘witness only’ closings are not permitted in the Commonwealth, there are still some who persist,” said Tom Moriarty, Co-chair of the Committee on the Practice of Law by Non-Lawyers. “There is no justification for these unlawful practices to continue and title insurers, title companies and the attorneys who participate in ‘witness only’ closings should stop.”

Mass. State Court Voids Home Sale Due to Improper Foreclosure

Oct 20, 2011 | Consumer Tips

A Massachusetts man lost something he never had – his home. The Masachusetts Supreme Judicial Court ruled this week that when Francis Bevilacqua purchased the home from U.S. Bank in 2006, the bank did not actually hold the home’s title.

The court ruled that because U.S. bank did not hold the mortgage note when it foreclosed on the property, it did not obtain the title in the foreclosure. Therefore, Bevilacqua did not purchase a legal title when he made the purchase.

In its ruling in Bevilacqua v. Rodriguez, the court referenced a case tried in the same court last January, U.S. Bank, N.A. v. Ibanez, in which the court ruled that if a bank cannot provide proof it owns the mortgage note, any foreclosure filings it initiates are void.

The Ibanez case, however, simply involved a foreclosure action. Bevilacqua extends that ruling to instances when a new homeowner has already purchased the property. (more…)