Monthly Archives: March 2008
Reverse Mortgage Helps Seniors Pay Bills
Should seniors pay heating bill and their mortgage using a credit card? Ilyce suggests they either sell their home or get a reverse mortgage to stop paying the heating bill with the credit card. The reverse mortgage would allow seniors to stop charging their home heating bill on the credit card.
Picking Up The Pieces After Mortgage Loan Fraud
A homeowner wonders about mortgage loan fraud alleging her husband applied for loans without his name on the home’s deed. How was he able to possibly commit mortgage loan fraud?
New Construction Condo Change Could Affect Earnest Money
When you buy a condo or a home as part of a new construction development the developer will provide you with a contract outlining the specifications of the property you’re buying. What if your condo then does not meet those specifications? Can you break the contract and let the bank keep the earnest money? Does the lender have a right to sue the buyer in this case?
Mortgage Fraud For Housing Versus Mortgage Fraud For Profit
The mortgage industry divides mortgage fraud into two categories: fraud for housing and fraud for profit. Florida had the most mortgage fraud in the U.S. in 2007.
How Do Tax Sale Properties Work
How can someone buy properties through tax sales? If a homeowner has failed to pay real estate taxes that may be due on his or her property, the local jurisdiction that collects the taxes has the right to sell off the property for the amount of unpaid taxes. Generally, there is a time period by which the homeowner can come up with the money to pay the tax bill even after the property has been “sold” for unpaid taxes.
Avoid Moving Company Scams
How can you pick the right moving company? It’s not all about finding the lowest price. Some movers are scam artists that will hold your belongings hostage until you pay up. Do your research and check out your movers with the Better Business Bureau and other professional organizations to help you select a moving company.
Warranty Deed To Remove Name From Deed
In simple terms, a quitclaim deed transfers any interest a person may have in the property without making any representations as to whether that person owns the home or not. A warranty deed performs the same task but gives the buyer (or person receiving the title) a representation that the person signing the deed and conveying a property has an interest in that property to convey. Most people use quitclaim deeds to transfer title between themselves. Sometimes, and for obscure title insurance purposes, it may be better to use a warranty deed.
Rental Property As Tax Liability
Homes used as rental property are considered investment property by the IRS. As an investment property, you can either pay the taxes owed upon sale of the property, or defer the payment of real estate taxes due upon the sale. If you choose to defer the taxes you owe, you’d utilize Section 1031 of the Internal Revenue Code.
Real Estate Agent Job Advice
A real estate instructor writes in to give would-be real estate agents job advice. The instructor’s job advice says that a real estate agent’s career has lots of costs. According to the instructor’s job advice, most real estate agents earn about $40,000 a year. The instructor’s job advice reminds potential real estate agents that a real estate career can be lucrative but it’s not an instant path to riches.
Moving Household Goods Not Stuff
A mover wants to correct some terminology. Movers say they move household goods, not “stuff.” A good mover will take care of your household goods during a move.
