The Facts on Reverse Mortgages

If you or your spouse recently turned 62 or older and own your home, you may be reciving offers from lenders about obtaining a Reverse Mortgage. A Reverse Mortgage is aptly named - it is the exact opposite of a traditional mortgage.

In a traditional mortgage, a lender offers you a loan in order for you to obtain your house and you, in turn, agree to pay that loan down in manageable monthly increments. Since the lender is putting himself as risk by allowing you to borrow such a large sum of money, interest is added on to every month's payment. When you pay your mortgage for the month, you are paying down on your mortgage loan and essentially becoming a step closer to owning your home.

In a reverse mortgage, you already own your home but are older, retired, and would like extra funds each month. When you enter a reverse mortgage, your lender will send you monthly checks. These funds are being taken out of the equity of the house, so the amount of you owe will grow over time. Interest will also be charged to the total balance of your loan. Additionally, most reverse mortgages have variable rates instead of fixed, which means the rate of interest you will be charged will change depending on market conditions. As with any mortgage, a reverse mortgage is a major financial agreement that should not be entered into without careful examination of all contracts and financial documents by an attorney.

Texting Someone You Know is Driving in New Jersey Can Now be a Crime!

Every day, millions of Americans fire off text messages to friends, family and business associates.

Now, as a result of a recent decision by the New Jersey Superior Court, Appellate Division, some of those texts could be used as evidence to charge them with Reckless Driving as an Accomplice. In Kubert v. Best, the Court ruled that a sender of a text message can be held liable if they knew that the recipient was driving during the time they sent the text and he or she gets into an accident.

Tips on How to Increase Your Credit Score

Having a good credit score is very important. Those with good credit scores are able to obtain more credit at lower rates so that they can easily finance a home, car, and other major purchases. Those with low scores often have trouble obtaining credit and may find it harder to qualify for loans, rent apartments, and even get hired for certain jobs. So what steps can you take to increase your credit score?

The first thing you should do is request a free copy of your credit report. If you don't accurately know your credit score, you won't know what you're working with and what you can do to correct it. Fortunately, due to the Fair Credit Reporting Act, all three credit reporting companies (Equifax, Experian and TransUnion) are required to provide you with a free copy of your credit report once a year. You can obtain your free copy by clicking here. You will have to pay extra to obtain your actual credit score, however, the report will include valuable information such as your existing lines of credit and their standing, a list of people who have requested your credit report (such as employers), records such as bankruptcies, foreclosures, judgments and other overdue debt to collection agencies.

Strategic Default, Short Sales and Loan Modification: What Choice is Best for Your Financial Future?

1.11 million Americans reported being "underwater" on their homes in 2011. Underwater is a commonly used financial term that is used when a homeowner owes more money on a property than it is worth. During the financial crisis, property values plummeted to rock bottom and millions of Americans suddenly experienced the unsettling feeling of owing hundreds of thousands of dollars more on their property than it was actually worth. If you are experiencing you should consider all of your options.

Homeowners who wish to get rid of an underwater or distressed property have several options.

Tips for Starting a Business

Starting a business can be an overwhelming process. Here's a guide to the different kinds of businesses you can establish to make the process easier for you.

There are several types of businesses and it is important to choose which one to use carefully. The type of business you choose to establish will affect how you pay taxes and the legal status of the business. The most common types of business are the corporation, S corporation, partnership, sole proprietorship, and LLC.

After the jump, I explain the types of businesses you can form and their pros and cons.

New Jersey Law Part 2: New Regulations!

On Thursday, June 27, 2013, New Jersey Governor Chris Christie signed a piece of legislation that will increase fines for texting or calling on your cell phone while driving. The legislation, called S-69, states that any use of a cell phone without a hands-free device will earn drivers a minimum fine of $200-400 fine for the first offense. This represents a significant increase from the prior fine amount, which was only $100. Those who incur a second offense will pay a fine of $400-600 and a fine of $600-800 for a third offense.

Not only will chatterbox motorists be faced with large fines as a result of S-69, but offending drivers will experience some serious consequences. For example, the legislation allows a judge to suspend the license of a driver for ninety (90) days. These drivers will also incur a penalty of three motor vehicle points on their record.

Click the link below to learn more about the consequences of the new regulations in New Jersey.

Increased Penalties for Gun Control and Trafficking Laws in New Jersey

On Thursday, August 8, 2013, New Jersey Governor Chris Christie signed ten gun control and trafficking bills into law.

A-3687 bans those on the federal Terrorist Watch list from obtaining firearms permits.
A-3717 requires the state to send relevant records, including mental health records, to the National Instant Criminal Background Check System in order to prevent the issuance of a firearm permit to anyone with a dangerous background.
A-3788 upturns previous regulation that firearms ownership records are private documents and requires them to be available pursuant to the New Jersey's Open Public Records Act.
A-3796 gives illegal firearm owners 180 days to dispose of all guns they may have.

                                              Picture by davescornertavern.blogspot.com

S-1279 increases the penalty for the unlawful transfer of a firearm to an underage person by making it a second degree crime.
S-2430 orders a "Study Commission on Violence."
S-2468 allows law enforcement to impound the cars of anyone found with an illegal firearm
S-2719 increased the penalty for gun trafficking by making it a second degree crime.
S-2720 declares that all information about handgun permits and the total number of "firearms purchaser identification cards" are public record.
S-2804 increases the penalty for the unlawful possession of firearms by making it a first degree crime and increasing the mandatory minimum sentences.

As you can clearly see from these new regulations, being convicted of a gun related crime in New Jersey can have a severe impact on your life. If you are convicted of a gun related crime, don't wait to call an attorney! An experienced attorney can explain your options and guide you through what can be an extremely stressful and arduous process. As always, feel free to call my office at 718-317-5007 if you are in need of an attorney.