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Now that TRID ("Truth­in­Lending Integrated Disclosure") has been implemented, all of us who are in the real estate/lending business are working to comply with the rules relating to TRID, the rules established by CFPB ("Consumer Finance Protection Bureau," the federal agency policing compliance, Bulletin 2013­2), and, for closing attorneys, the rules, policies, and procedures required in order to be compliant with ALTA Best Practices, which are the standards set for attorneys who wish to undertake the best methods, policies, andprocedures to protect the Borrowers’ (the "Consumers") privacy and to best represent their clients’ ("Lenders/Creditors") best interests. As all of you who are in the real estate business have been told at the many seminars you have attended, the closing attorney ("settlement agent") is a representative ("third party vendor") of the lender, and the lender is now responsible for all of the actions of the closing attorney/settlement agent. Because each lender has their own compliance officer(s) who interpret the new law and set their own company policies and procedures, there continues to be much confusion and inconsistencies in many areas of the closing ("consummation") process.

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What is a short sale?  A short sale is a pre-foreclosure sale of a person’s  home,  in which the home is sold for less than the payoff on the mortgage, leaving an unpaid balance.  If your lender approves the sale, the home may be sold, the mortgage released,  and the proceeds from the sale applied to the mortgage balance.   These transactions must be approved by the lender and the process has been, in times past, very laborious and time consuming, with most lenders being less than cooperative.

PatientProtectionActThe answer to that question is yes…BUT. The Patient Protection Affordable Care Act, better known as Obamacare, does place a 3.8% tax on investment income, which includes unearned income from capital investments, sometimes referred to as capital gains. However, the tax only applies to individuals with “other income” in excess of $200,000.00 and married couples with combined income in excess of $250,000.00 AND only on the “profit” in excess of $250,000.00 for an individual and $500,000.00 for a married couple.

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From our offices in Decatur, Alabama, we represent clients in Morgan, Madison, Cullman, Lawrence, and Limestone Counties, including the communities of Decatur, Huntsville, Madison, Hartselle, Cullman, and Athens.

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