Daily Archives: June 5, 2008
Latinos Face Financial Risk
The National Foundation for Credit Counseling and Money just released their 2008 Financial Literacy Survey. Here are some stats about Latino Americans…
Numbers of Foreclosures and Delinquent Loans Increase
Home owners missed payments on almost 6.5 percent of home loans on one to four unit residential properties during the first quarter of 2008. Almost 2….
Good Morning America Weekend Edition
I’m supposed to be taped on Saturday for Good Morning America’s weekend edition. It’s a real estate-related piece, and I’ll let you know if they turn …
Evander Holyfield’s Foreclosed Home Set To Be Auctioned Off
Evander Holyfield has something in common with some less affluent homeowners: his home is in foreclosure. His $10-million estate in Fayette County, Ge…
Quit Claim Deed Means Giving Up Ownership Rights
When you sign a quit claim deed you’re giving up your ownership rights to that property. If the person who has the remaining ownership rights dies, his or her heirs will inherit the property. Former spouses who sign quit claim deeds give up all rights to those properties. Learn about some possible inheritance scenarios after quit claim deed has been signed.
Prepaying Mortgage Loan
A homeowner asks about prepaying her mortgage loan. She says she has paid extra on her mortgage loan every month and has reduced her loan. Her goal is to pay off her 15-year mortgage loan in five years. What will it take to do that?
Parts Of Your Credit History
What is included in your credit history? First, your credit history also includes personal factual information, such as your name, Social Security number, current address, how long you’ve lived at your current address, and past addresses. Your credit history is primarily a list of all of the financial activity in your life. It lists all of the credit accounts you have ever opened, and how long they’ve been opened, including credit cards, a mortgage, home equity loan, student loans, car loans, personal loans (provided that those were reported to the credit reporting bureaus), lay-aways, and any other type of credit or lending account you might have.
Homeowner Finds Home Foundation Issues, Seller Liable?
A home owner asks about who should pay for repairing his home’s foundation. He discovers his home needs foundation repair five years after buying it. Whether to sue the seller depends on the cost of the foundation repair and the extent of the foundation’s damage.
Estate Planning Includes Transferring Title To Real Estate
As parents, you may decide you want to pass on your real estate holdings to your children. To figure out the right way to pass along property, without incurring excessive taxes or mortgage liabilities, you should do some estate planning with the help of an estate attorney and accountant. When you change the title of a property to the name of your children without proper planning the cost basis becomes the property’s original value as opposed to that on the day of your death.
Down Payment For Buying A Home As A Gift
When you’re selling a home and a buyer wants to buy the property as a gift is there anything you need to watch out for? Should the earnest money, which may become a down payment, be handled in a special fashion? It’s critical that the transaction be handled with care to ensure estate planning and gift tax considerations are taken into account.
