Michael Petruccelli asks; Are you doing all you can to protect your identity? (part 3)

Michael Petruccelli says; Triple-bureau credit reports and scores. When is the last time you reviewed your credit file? Credit Card & Social Security Number Monitoring - monitor cyberspace for stolen information.

Michael Petruccelli asks; Are you doing all you can to protect your identity? (part 2)

Michael Petruccelli says; 24-hour daily credit monitoring & notification when there are changes posted to your credit file.

Michael Petruccelli asks; Are you doing all you can to protect your identity?

Michael Petruccelli says; Did you know that every 60 seconds, more than 28 people become victims of identity theft? Plus, many of these people don't know they're victims until a collection agency starts calling them or they're denied credit.

Michael Petruccelli asks; What is a Realtor®?

Michael Petruccelli says; A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.

Michael Petruccelli asks; What is real property?

Michael Petruccelli says; Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

Michael Petruccelli asks; What is the Real Estate Settlement Procedures Act (RESPA)?

Michael Petruccelli says; A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Michael Petruccelli asks; What is a refinance transaction?

Michael Petruccelli says; The process of paying off one loan with the proceeds from a new loan using the same property as security.

Michael Petruccelli asks; What is recording?

Michael Petruccelli says; The noting in the registrar's office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.

Michael Petruccelli asks; What is the recorder?

Michael Petruccelli says; The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."

Michael Petruccelli asks; What is rent loss insurance?

Michael Petruccelli says; Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.

Michael Petruccelli asks; What is a remaining term?

Michael Petruccelli says; The original amortization term minus the number of payments that have been applied.

Michael Petruccelli asks; What is a remaining balance?

Michael Petruccelli says; The amount of principal that has not yet been repaid.

Michael petruccelli asks; What is a revolving debt?

Michael Petruccelli says; A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.

Michael petruccelli asks; What is a replacement reserve fund?

Michael Petruccelli says; A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.

Michael petruccelli asks; What is a repayment plan?

Michael Petruccelli says; An arrangement made to repay delinquent installments or advances.

Michael Petruccelli asks; What is right of survivorship?

Michael Petruccelli says; In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.

Michael Petruccelli asks; What is right of ingress or egress?

Michael Petruccelli says; The right to enter or leave designated premises.

Michael Petruccelli asks; What is right of first refusal?

Michael Petruccelli says; A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

Michael Petruccelli asks; What is a secondary market?

Michael Petruccelli says; The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.

Michael Petruccelli asks; What is a second mortgage?

Michael Petruccelli says; A mortgage that has a lien position subordinate to the first mortgage.

Michael Petruccelli asks; What is a sale-leaseback?

Michael Petruccelli says; A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.

Michael Petruccelli asks; What is a secured loan?

Michael Petruccelli says; A loan that is backed by collateral.

Michael Petruccelli asks; What is security?

Michael Petruccelli says;The property that will be pledged as collateral for a loan.

Michael Petruccelli asks; What is seller carry-back?

Michael Petruccelli says; An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.

Michael Petruccelli asks; Why are Vacation Home Sales Surge Higher?

Michael Petruccelli says; Across Florida, sales jumped 29 percent on condos and 13 percent for single family homes as historically low mortgage rates and lower prices brought buyers back to the marketplace. Seven out of 10 sales were of either foreclosures or bank assisted short sales, and half of all sales were paid for in cash without bank financing.

Michael Petruccelli asks; What is a secured loan?

Michael Petruccelli says; A loan that is backed by collateral.

Michael Petruccelli asks; What is security?

Michael Petruccelli says; The property that will be pledged as collateral for a loan.

Michael Petruccelli asks; What is seller carry-back?

Michael Petruccelli says; An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.