Attorney Tom Miller
AttorneyForum Replies Created
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No doubts you are correct. Human trafficking and exploiting children are serious issues that must be dealt with seriously. It is important to handle such matters carefully, making sure there is enough evidence before taking any step or making public allegations. The right thing to do is report any worry through appropriate channels like the police or anti-trafficking organizations so that investigations can be conducted in proper way fairness maintained. Baseless accusations may ruin lives of innocent individuals while at the same time deflecting attention from real urgent cases which require intervention.
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Yes, please. Can you please elaborate on all aspects of HOA and home buying in Florida. Are only condominium complexes have homeowners association or do single-family homes and townhomes belong to homeowners association? I know family and friends who live in Florida in single family homes and are being charged $700 per month. That is the cost of another mortgage. How many percent of homes and condos are part of an HOA in Florida? What does this percentage compare to the rest of the states in the nation?
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What will mortgage rates be in 2024? How do U.S. Treasuries affect mortgage interest rates? How does the Dow Jones Industrial Average affect mortgage rates? Why are mortgage rates going up? What makes mortgage rates go down? When will U.S. Treasuries go down? What is pushing mortgage rates down? What is mortgage rates forecast in the next five years?
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Wisconsin Property Taxes: Essential Facts and Tips
Wisconsin’s Property Tax Cap
No state law in Wisconsin limits yearly property tax increases across the board. However, local governments must comply with levy limits, which cap how much they can raise yearly property taxes. These limits are meant to control the growth of property tax levies but do not directly cap individual bills.
Age-Related Property Tax Exemptions
The state of Wisconsin has set up several programs to help reduce property taxes for seniors:
Homestead Credit: This is available to low-income homeowners, including senior citizens, based on household income.
Veterans and Surviving Spouses Property Tax Credit: Eligible veterans or their surviving spouses receive relief from this program.
Municipal Programs: Some municipalities provide additional property tax relief programs for seniors, even though no state law entirely exempts people from paying them at a certain age.
Challenging an Overvalued Property Assessment
To Challenge a Property Assessment in Wisconsin, Do The Following:
- Check Your Assessment Notice: Ensure all details about your home and its assessed value are correct.
- File An Appeal: Submit a formal appeal within a specified timeframe to the local Board Of Review/Assessment Appeal Board.
- Gather Evidence: Support your case using comparable properties’ values, recent sale prices, and other relevant data.
- Professional Help: If you need assistance with your appeal process, hiring a real estate attorney or professional appraiser who specializes in such matters may be wise.
How Increased Assessed Value Affects You
When the Assessor’s Office raises your assessed value, they have determined that more money should be charged for taxes than before. Unless taxation rates decrease correspondingly, there will be a higher bill overall due to increased valuation alone.
Why Do My Property Taxes Go Up?
- Market Value Increases: Higher demands and rising real estate prices lead to this phenomenon.
- Reassessments: County assessors periodically revalue properties to reflect current market values accurately.
- Government Spending: Higher local government expenditures on services provision and infrastructure development can also result in heavier burdens on homeowners through their respective taxing authorities.
Recent Changes In Wisconsin’s Real Estate Market And Its Effects On Homeowners’ Tax Bills
Property owners, particularly those residing in Kenosha County, Racine County, Milwaukee County, etc., have experienced significant hikes because of soaring house prices. This is followed closely by mass appraisal activities undertaken by assessors, which confirm upward trends visible throughout the entire State of Wisconsin over time.
What To Do If You Can’t Afford Your New Higher Taxes?
Payment Plans: Find out whether your county offers any options concerning payment plans regarding outstanding debts owed against properties located within its jurisdictional boundaries.
Exemptions and Credits: Apply all possible exemptions and credits to reduce taxable income before calculating the total amount due annually. Downsize, Relocate, and Move into smaller affordable housing areas where living costs are lower, especially when the burden becomes unbearable.
Avoiding Paying Property Taxes In Wisconson
Moving around might lessen tax deductions on earnings received from various investment sources. Still, complete avoidance is impossible without engaging in fraudulent activities like hiding wealth offshore trusts, etc., so better still try these alternatives instead – apply every eligible exemption credit available, relocate to cheaper taxing jurisdictions, take part in deferment schemes offered here if any else pay full dues always cause trouble later.
Higher National Average Comparisons To Other States
Compared nationally speaking, although some states have lower rates than others, they remain higher than average rates since most revenue needed to fund government functions comes thus indirectly via the education sector. Hence, significant disparities exist between different municipalities due to varying levels of dependence attached to each area served respectively upon them. Be careful while making decisions about local taxation policies; otherwise, things might end badly for you financially. Speaking down the road ahead someday, maybe even sooner than expected!
Ownership Status Differences Regarding Occupants Vs. Investors Properties:
Taxation policies apply to them differently Based on their residency status at different times throughout yearly cycles. Thus, it gives us more freedom when choosing where to live. Next, life after death occurs, which is fair but not always true, Depending on the circumstances surrounding each individual case. It is specifically designed for that particular person only.
What are Investment Properties?
They have similar tax rates but are not eligible for homestead exemptions. Therefore, investment properties incur a higher effective tax rate than homes where the owner resides.
Final Words
Because of rising real estate values and reassessments, property taxes keep increasing in Wisconsin, especially in Kenosha County, Racine, and Milwaukee counties. Homeowners should learn how to contest high assessments, take advantage of tax breaks, and plan their payments to reduce their overall tax burden. Working with experts in this field can also provide additional strategies based on individual situations.
Additionally, it is advisable to contact your local county assessor’s office or visit their website for more specific guidance regarding appeals and exemptions.
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Wine Details
Sauvignon Blanc, wine in general, and its health benefits.
Introduction to Sauvignon Blanc Wine Presentation
Sauvignon Blanc Overview: Sauvignon Blanc is a white wine grape from Bordeaux, France. It is known for being crisp, dry, and aromatic. The wine usually has a light to medium body with flavors like green apple, pear, lime, and passion fruit. There might be an herbaceous quality, too. Notes like bell pepper, grass, and nettle are common in this type of wine. Serve it chilled and pair with seafood dishes or salads topped with goat cheese.
Key Features:
Aroma and Flavor: Citrus fruits, green apples, pear, passion fruit, bell pepper, grass
Acidity: High
Body: Light to medium
Alcohol Content: 11.5% – 13.5%
Regions: France (Loire Valley and Bordeaux), New Zealand, California, South Africa, Chile
Popular Styles:
Loire Valley (France) – Crisp mineral-driven citrusy
New Zealand – Intense tropical fruit flavors with high acidity
California – Riper fruit flavors fuller body
General Wine Information: Wine is an alcoholic beverage made from fermented grapes or other fruits. It has been produced for thousands of years in many different styles, including red wines, which can range from light-bodied to full-bodied; white wines, which may be dry or sweet; rosé wines, which can be still or sparkling; sparkling wines known as Champagne, among others; and dessert wines, which are very sweet and often served after dinner.
Red Wine: These types of wines are made using dark-colored grape varieties such as Cabernet Sauvignon, Merlot, Pinot Noir, etcetera;
White Wine: These kinds of drinks are produced by using green or yellow-colored grape varieties like Chardonnay Sauvignon Blanc Riesling Gewürztraminer;
Rosé Wine: These types of wines are made by allowing minimal skin contact with red grapes, which imparts a pinkish hue to the final product.
Sparkling Wine: It adds carbon dioxide bubbles to wine during fermentation to create enthusiasm. Popular examples include Champagne Prosecco, among others;
Dessert Wine is usually sweet and contains higher alcohol levels than other kinds of wine. Examples include Port Sherry Madeira, among others.
Health Aspects:
Moderation: Moderate consumption can have certain health benefits, such as improved heart health due to antioxidants like resveratrol.
Antioxidants: Red wine is particularly rich in antioxidants, which have been shown to help reduce inflammation and lower the risk of heart disease.
Risks: Drinking too much can lead to liver disease addiction and an increased chance of developing certain cancers.
Serving and Pairing:
Serving Temperature: Red wines should be served at room temperature, while white wines should be chilled and sparkling very well chilled.
Pairing Food with Wine—This is when different drinks are consumed together to complement each other’s flavors. For example, your favorite dry red wine goes great with steak or lamb, while a crisp white goes great with fish or chicken dishes. Dessert wines can also be enjoyed on their own.
This presentation will help you start learning about wine, especially Sauvignon Blanc.
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Below is an inclusive analysis of waiting periods after insolvency and repossession for different types of loans:
FHA Loans:
Chapter 7 Bankruptcy: Two (2) years after being discharged.
Chapter 13 Bankruptcy: One (1) year during which payment is made per the plan.
Foreclosure: Three (3) years
Deed-in-Lieu of Foreclosure and Short Sale: Three (3) years.
VA Loans:
Chapter 7 Bankruptcy: Two (2) years from being discharged.
Chapter 13 Bankruptcy: One (1) year with court approval and satisfactory payment throughout that period.
Foreclosure: Two (2) years.
Short Sale: Two (2) years.
USDA Loans:
Chapter 7 Bankruptcy: Three(3) years after discharge date.
Chapter 13 Bankruptcy: One(1) year with good payment history.
Foreclosure :Three(3 )years.
Short Sale: Three(3 )years.
Conventional Loans:
Chapter 7 Bankruptcy: Four(4 )from being discharged
Chapter 13 bankruptcy: two(2 )years from dismissal date, four (4 )years from discharge.
foreclosures seven(7 )years ,extenuating circumstances allow applicants to wait for only three(3 )years.
Deed-in-lieu or short sale: four(4 )years. However, extenuating circumstances reduce it by two more years to only two(2 ).
Non-QM loans :
Each lender has its own terms, but they usually differ from conventional loans by being more flexible. Some will give you the loan one day after bankruptcy discharge or foreclosure.
Jumbo loans :
Generally, they use conventional loan criteria but can be stricter sometimes, meaning that some lenders may require up to seven or more if necessary.
For different property types:
- Primary Homes: Same as the above-mentioned standard guidelines.
- Second homes are similar to primary homes, but some lenders may require slightly longer waiting periods.
- Investment properties: One(1 )to two (2) years longer than primary home guidelines.
Commercial loans: These are diverse because different lenders fund them differently; thus, they vary from one lender to another.
They also have more lenient terms than residential ones since current financial status is a key factor.
Chapter 11 and 12 bankruptcies :
They are less common in personal finance, but when they occur among individuals, they are often treated as Chapter 13 bankruptcy would be for that particular person.
Remember: These are general rules, and a lender could be more or less strict than the given policy.
Extenuating circumstances can help reduce the waiting period.
During this time, credit is rebuilt, and good financial records are kept.
Some loan programs might require a larger amount of money, which means longer waiting periods or lower credit scores, thus necessitating more time.
Always check with multiple lenders because their policies will differ widely.
Guidelines change frequently. Therefore, consult with up-to-date mortgage professionals about what is happening now and consider how your situation affects whether you qualify.
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Asset-Depletion Mortgage Loans: A Survey
These loans serve as a nontraditional financing method that allows borrowers to get mortgage funding by using their liquid assets instead of income. This can be very helpful for individuals who have lots of savings, investments, or retirement accounts but no steady flow of earnings that meets the requirements set by conventional lenders.
How Asset-Depletion Loans Work
Calculating the Amount of Depletable Assets: The lender adds up all liquid assets such as savings, stocks, bonds, and retirement accounts owned by the borrower;
Depletion Formula: Afterwards, this sum is divided by a certain number of months (usually 360 months representing 30 years) to establish monthly income. It is then combined with other income sources to determine loan application eligibility.
Qualification For Loan: The determined income gets used to satisfy debt-to-income (DTI) ratio demands, enabling applicants to qualify for a mortgage based on their assets instead of traditional earnings.
Benefits Associated With Asset-Depletion Loans
Flexible Qualification: These are perfect for retirees, self-employed individuals, or those with huge investments but irregular revenues.
Utilizes Existing Assets: Such loans enable people to use their current possessions when applying for mortgages without being forced to sell them off first.
Broad Property Use: Depending on the specific terms offered by different lenders, these types can be used for primary residences, secondary homes, and investment properties.
Eligibility Requirements And Guidelines
Minimum Asset Requirements: Most institutions require a minimum depletable amount that usually starts from around half a million dollars ($500,000), although this may vary across various entities.
Documentation Needed: Validating one’s claims about having adequate wealth should involve production account statements, investment portfolios, and other relevant financial documentation.
Credit Score: Although precise criteria differ among creditors, generally speaking, a good credit rating is necessary, often ranging between 680 points upwards.
DTI Ratio: The income derived from asset depletion must meet certain DTI ratio limits set by lenders, which do not exceed 43%.
Types Of Assets: Eligible assets typically comprise cash, savings, stocks, bonds, or even retirement accounts (with some restrictions imposed), which are considered liquid funds.
Steps Involved In Asset-Depletion Loan Process
Application: At this stage, a borrower formally lodges a request for a mortgage loan while disclosing their financial situation and assets held.
Asset Calculation: A lender determines how much can be depleted in monthly income, given the person’s overall wealth portfolio.
Approval: Once depletable earnings satisfy DTI requirements and other conditions stipulated by a creditor, approval follows suit.
Underwriting: This is where verification exercises on different aspects, including but not limited to assets, take place before the finalizing process.
Closing: After the successful completion of the underwriting phase, a closing date is set for signing the necessary documents, thus consummating the transaction.
Specifics Regarding Asset-Depletion Loans
Loan Amounts: The range covered by such advances varies widely depending on policies adopted by lending institutions vis-à-vis the value attached to the borrower’s asset base.
Interest Rates: Rates charged may be higher than conventional loans due to the nontraditional nature involved during the qualification process.
Loan Terms: Typical options include fixed periods like regular mortgages (e.g.,15,20,30 years).
Use Cases – Primary Residences Vs. Second Homes Vs. Investment Properties
Primary Residences: Most lenders permit these types when purchasing primary homes, enabling retirees or high net-worth individuals without steady incomes to buy houses they desire most within their golden years.
Second Homes: People looking forward to acquiring vacation houses can also access this category if they meet other eligibility conditions, such as having enough wealth to generate revenue.
Investment Properties: Although terms may differ greatly between various providers offering them alongside restrictions imposed thereupon, i.e., types allowed, number units, etc, are only sometimes guaranteed.
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Mortgage rates is forecasted to plunge starting in September. Homeowners with FHA loans can save tens of thousands of dollars by refinancing to an FHA streamline refinance loan with no income documentation required, no new home appraisal, and the only requirement is timely payments on their current FHA loan. The main point of an FHA Streamline Refinance Loan is mortgage refinancing. This program streamlines the process for homeowners with an FHA loan by allowing them to refinance with minimal documentation and underwriting compared to traditional refinancing options.
FHA Streamline Refinance Eligibility
The following requirements must be met to qualify for this type of refinance:
Current FHA Loan:
The Federal Housing Administration (FHA) must have insured the original loan being refinanced.
On-Time Mortgage Payments:
Borrowers need to have made all of their mortgage payments on time. They should not have been late with any payment within six months before applying and no more than one payment late within 12 months.
Tangible Net Benefit:
Refinancing has to benefit homeowners substantially, such as lowering their monthly payments or interest rates or switching from adjustable-rate mortgage (ARM) loans to fixed-rate ones.
Seasoning Period:
At least six monthly payments must have been made on the existing FHA loan, which should be at least 210 days old.
Eligibility Guidelines
Credit Score:
HUD, the parent of FHA, requires no minimum credit score, but lenders may set their minimums.
Income Verification & Employment History:
Lenders typically do not require income or employment verification, making streamlined refinance accessible even for borrowers without regular jobs.
Appraisal Waiver:
Some lenders still require appraisals, which are generally unnecessary during a streamlined refinance application process.
Difficulty in Approval
Easier Requirements: Because less paperwork is needed due to reduced underwriting standards and documentation requirements, getting approved for an FHA Streamline Refinance tends to be easier than other refinance.
Lender Overlays: Lenders may add extra qualifications, which can make things slightly harder depending on where you go—these are called “lender overlays.”
Steps Involved in Streamline Refinancing
Application:
Fill out the FHA Streamline Refinance application with your chosen lender.
Documentation:
Fewer documents are required than other refinance types, but some paperwork will still be necessary.
Approval:
The lender examines the application and ensures all guidelines set by FHA have been followed.
Closing:
Sign the closing documents and pay any fees or costs that may be due.
Upfront Costs of an FHA Streamline Refinance
UFMIP (Upfront Mortgage Insurance Premium):
Usually, 1.75% of the loan amount.
Closing Costs:
These vary by location and lender but may include appraisal fees, title insurance, etc.
Removing Co-Borrowers
Co-Borrower Removal: One benefit of the FHA Streamline Refinance is that it allows borrowers to remove co-borrowers from their loans; however, remaining borrowers must demonstrate their ability to repay independently, which may require credit checks or income verification.
Summary
The FHA Streamline Refinance presents a viable opportunity for homeowners with existing FHA loans who want lower interest rates or monthly payments without hassle. It is easy to qualify, there are less stringent process requirements, and upfront costs tend towards UFMIP plus standard closings. Taking off a co-borrower can be achieved, but only when the remaining borrower proves the financial capability to handle the loan alone.
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The relocation of Californians to Arizona in the past years has been quite pronounced. Arizona’s housing market has changed since people began moving there. Below is an overview of the housing prices in Arizona compared to other parts of America and a comparison with California.
Housing Prices In Arizona
Compared to national averages:
As of April 2024, the cost of houses in Arizona is generally higher than the average across America but still cheaper than in many states located on or near coastlines.
This exact comparison may differ from one city or region within AZ to another.
Major cities:
While there have been huge price increments in recent years, Phoenix remains one of the cheapest states in the United States despite its massive growth. Tucson and Flagstaff’s pricing trends usually go lower than those found in Phoenix, but they still experience some growth at times.
Recent trends:
Arizona has witnessed a high appreciation rate over the past few years because more people are buying properties from out-of-state. However, compared to how rapidly things changed between 2021 and 2022, what we see now can be described as slow growth if looked at against any standard.
Average House Prices (as of April 2024):
Arizona:
The median home price is around $450K-$500K statewide.
However, there Is significant variation across different places, such that metropolitan areas like Phoenix have higher prices than this average.
California:
On average, homes here are much more expensive, with the median price being about $850k—$980k per unit.
Costs vary greatly depending on the property’s location. For example, along coastlines or major urban centers, they are always pricier than in other areas.
Comparison:
Generally, you would need only about 60-65% less money to buy a house in AZ than in CA.
But let’s consider certain specific areas within California where things can get really costly, like San Francisco or Los Angeles. There is an even greater difference between the prices charged for houses in those parts of California and various cities across AZ.
Please note that these numbers are rough estimates which change rapidly due to market forces. Property type, neighborhood, and location within each state may also be greatly affected.
Low-cost housing in Arizona and other factors such as low taxes and the cost of living have been a major attraction for those who migrate from California to Arizona. However, this has also increased demand and prices, especially in popular relocation points.
For the latest information, it would be best to consult local real estate resources or professionals since housing markets can be quite dynamic.