Tenants In Common Content Index - Page 1

Tenants in common is a type of ownership in which two or more parties have an undivided interest in the property. With tenants in common, the owners may or may not have equal shares of ownership, and there are no rights of survivorship. However, each owner retains the right to sell his or her share in the property as he or she sees fit with tenants in common ownership.

Ilyce Glink Show Notes - November 15, 2009. Today on the show, we discussed the new Fannie Mae Deed For Lease Program in Detail; the new CreditKarma Survey on credit card debt; The October 2009 Realty Trac Foreclosure survey; Divorce and Mortgages; Mike Rose, a senior loan officer with Bank of America, came on to talk about some of the new mortgage rules with regard to divorce and FHA; Peggy Abkemeier, President of Rent.com discussed a new survey of investment property owners. NEW EBOOKS ON INVESTING IN REAL ESTATE; EBOOK SPECIAL.

Ilyce Glink Show Notes - November 8, 2009. Big news week: $8,000 first time home buyer tax credit was expanded to include trade-up buyers, and extended until June 30, 2010; Unemployment numbers are out and awful: Nationally, unemployment rose to 10.2 percent, 17.5 percent if you include a broader measure of unemployment; Fannie Mae introduced its Deed For Lease program; Five more banks closed, bringing the total for the year to 120; the House passed health care reform. NEW EBOOKS ON INVESTING IN REAL ESTATE ARE AVAILABLE; Get your FREE books and Ebook deal.

In its 2008 survey of mortgage fraud, the FBI concluded there is a strong correlation between mortgage fraud and distressed real estate markets. Indeed, some of the states with the highest levels of mortgage fraud also had the highest levels of foreclosures. But new mortgage fraud scams emerged in 2008 that tested the abilities of the FBI to contain them. Here is a look at the newest mortgage fraud scams.

What are the true costs of owning and maintaining a home. If you're preparing a budget, you need to factor in these cost of ownership. Not only will you have to replace fixtures, appliances, and carpet, but you'll need to change filters, batteries and smoke detectors regularly as well. Landscaping, snow removal and other costs of owning and maintaining your home and rental property can expand if you're not careful. Before you buy, be sure to calculate the home ownership costs for a home or rental property.

A quit claim deed is a great document to use when you just want to get rid of a property and don't care about the consequences. When people own a valuable home, using a quit claim deed isn't usually the right thing to do. In this question, a reader wants to know whether a quit claim deed is the right way to transfer her partner's ownership interest in a property.

Transferring home ownership between family members can be problematic. Often, family members help each other out with a signature or by putting their name on the mortgage. However, you need to consider more than just a quit claim deed to transfer a title. Who is responsible for mortgage payments? Whose credit score will be affected by thy home loan? What happens if someone passes away? Who will inherit the property?

Becoming tenants in common with a family member is an arduous process, and a real estate attorney can ensure you haven’t missed anything. Most real estate attorneys will help you with a tenants in common contract for a flat fee.

Deciding to own property with another family can be stressful, because of credit and finance implications if one family doesn't make mortgage payments. Ilyce suggests buying in a multi-family building, or buying as joint tenants or tenants in common, or having a real estate attorney help subdivide the property and turn it into a condominium. The most important thing when owning property with friends is to protect yourselves and make sure whether you're joint tenants, co-owners of a building that's turned into a condo, your finances won't be compromised.

When you're a real estate investor you may decide you want to create a limited liability company to hold your real estate assets and to protect you. When you use an LLC to hold your properties, you're limited in what kind of mortgage lender you can work with to get a mortgage. Mortgage lenders have to specialize in either residential or commercial real estate loans.

A homeowner can only get a reverse mortgage if the house is the owner's primary residence, but a home equity loan can be obtained even if the home is not the primary residence. Also, a home equity loan is available to a home owner of any age, where the homeowner must be at least 62 to qualify for a reverse mortgage.