Should A $1 Million Winning Lottery Ticket Be Forfeited?
In White City, Oregon, a judge ordered a woman to turn over a $1 million winning lottery ticket, after she was found guilty of using a credit card sto...
Ilyce Glink on WSB Radio – August 12, 2007
Today on the Ilyce Glink show, Ilyce recapped the week's stunning upset in the jumbo mortgage market. And, she talked about how a Portland, Oregon, woman won the $1 million lottery -- but a judge wants her to turn over the winning ticket because she used her ex-boyfriend's dead mother's credit card and is an ID thief. Should she have to forfeit her winnings? Tune in to hear what your fellow listeners had to say. All this and your questions on today's Ilyce Glink show.
Easement May Allow Access To Septic Field
A homeowner has lived in a house for 12 years, only to discover that her septic lines run into her neighbor's property. This home owner probably has no recourse against the people she bought the home from, because the statue of limitations has probably run out. But the homeowner should talk to a real estate attorney. Since she bought the property with the usage, she may be able to continue using the septic field.
Tax Hints For Selling Rental Property
Homeowners lived in a home for 2 years and then rented it out for the past two years. They want to continue renting it out, but they will sell now if that's the only way to avoid capital gains tax. The IRS website is a good place to check for the tax implications before making any real estate decisions.
Understanding Construction-To-Permanent Loans
Most large banks or major national lenders offer construction-to-permanent loans. Construction-to-permanent loans are desirable because you eliminate the need to have two closings (with all the commensurate fees) if you had a construction loan and then had to find a long-term loan once the property is completed. Construction-to-permanent financing can be costly, with a slightly higher interest rate.
Including Home Inspection Contingency In New Construction Contract
Make sure your new home still passes important inspections before closing. When purchasing a not-yet-built home, you should include a home inspection contingency as part of the contract. This way, if the home doesn't pass the home inspection, you as a buyer can delay closing until the problems are fixed.
Trust Beats Quit Claim Deed For Taxes
When your parent wants to put your name on the title to his or her home, what's the best option? Is a trust or a quit claim deed the better way to go? A living trust is better than a quit claim deed because of the cost basis of the home. Cost basis is the property value that's used to calculate capital gains taxes later on when you go to sell the home.
Get the Best Loan at the Best Rate on the Best Terms
When it comes time to buy a house, the biggest purchase that you will ever make, you need to make sure you have the right mortgage for your needs. It might not be the cheapest, but it might work if the interest rate, fees, and timeline are correct for your budget. The loan you choose needs to work for your personal finance situation not only on the day you close, or for the first year, but for the entire time you plan to live in the property and keep that loan.
Ilyce Glink on WSB Radio – August 5, 2007
Ilyce is on vacation this weekend so this is a replay of a previous show. Enjoy!
How To Transfer Interest In Property
It's fairly easy to transfer the title of a home to another person, but transferring complete interest in a property includes the mortgage. To switch names on a mortgage, the new owner will need to be approved by a lender and then pay off the old loan and transfer the title.