Recently, I saw my friend’s bills for installing solar power systems into her home. It cost her about $20,000. Wow! That’s a big chunk of change. I had to wonder if this was really a cost-effective solution. First of all, her cost was reduced by tax credits from both the IRS and the state of [...]
You can refinance a rented house, but if you are almost done paying your mortgage, consider the refinance fees and pay off your mortgage. Q: My wife and I were listening to your Sunday show and tried for two hours to get through, unsuccessfully. Here’s our situation. We purchased a foreclosed home last summer making [...]
Changing the name on a title to a home is bad idea if you're stuck in a bad marriage. Think about divorce and financial independence. Q: Years ago, I bought my mother's house and then made the mistake of getting married for a second time. His name is second on the title to the property. [...]
What do real estate agents earn in commission? Negotiating a few thousand dollars on a home price won't bolster their commission much. Q: We are trying to buy a bank-owned house. The listing price was $115,000 and we offered $90,000 last week. The listing agent wrote back, "The bank said $96,000. All other terms the [...]
When selling a rental home, understand the tax implications of selling the rental home and the 1031 exchange rules if you buy a new home. Q: I was wondering if you would be so kind and clarify something for me. I have a rental home that I have rented out for the past 18 months. [...]
If your retirement strategy includes a 401(k), you need to understand the specifics of your plan’s vesting schedule. If you leave your current job to pursue new career opportunities, you still have the right to access your 401(k). However, the vesting schedule may sway your decision based on the potential for a reduction of or [...]
Refinancing small mortgages can be difficult, but you may be able to get a lower interest rate without refinancing through HELOC alternatives. Q: I have a house. The original mortgage I took out was for $110,000 at 7.5 percent, and I still owe $37,000. My problem is that no one will refinance the $37,000. They [...]
In strategic default, a homeowner walks away from a mortgage though they can make payments, prompting foreclosure. Q: Recently in my local paper, I saw an article you wrote on strategic foreclosure. I now cannot locate it. Would you be kind enough to forward it to me? Thanks so much. A: We don’t have anything [...]
