When a home equity line of credit (HELOC) stops a person from refinancing, they should pay off or pay down the HELOC so they can refinance. Q: I recently attempted to do a FHA streamline refinance and was denied because I have a home equity line of credit (HELOC) that is maxed out. The lender [...]
The percentage of American homeowners is the lowest it has been in nearly 50 years. Home prices are rising due to investors buying homes. How many Americans own their own homes? It depends on how you count. The officially tally is about 65.5 percent. But according to Sean Fergus, a manager with John Burns Real [...]
We're into year six of the Great Recession years. Money and real estate have never been more entwined, and for some, more frustrating. Homeowners in the housing market have been challenged in historical ways. Investment and the credit crisis have made an impact as well. And as usual, providing personal finance advice, real estate advice [...]
It's Labor Day and I am here to help you find ways to spend less, save more and take advantage of investment. Plus the Federal Reserve and Chairman Ben Bernanke meet in Wyoming and the outcomes should concern all of us. And as usual, providing personal finance advice, real estate advice and consumer advice with [...]
If the situation suits you, consider refinancing your mortgage, but continue to pay the same amount as before and pay down the principal. Q: The question in your "Real Estate Matters" article in the paper was of interest to me. You advised a reader that asked about refinancing her $87,000 loan from 5.25 percent to [...]
In the current market, there are no good solutions for homeowners that are in a financial crisis, need to sell or need to refinance. We routinely get emails from our readers that are typical of the following letter: My mortgage is past due by 2 months because of medical problems that prevent me from working. [...]
Look at your investment goals and future plans when considering how to invest $50,000. You may choose to place some money in index funds. Q: Hi, if you had $50,000 in a bank savings account I was wondering how would you invest it. A: That’s not a fair question. Your question implies that I would [...]
If you have a tax lien, you will have to either pay it off or work with the IRS to have them release it before you can complete a short sale. Q: If my bank approves a short sell for my house but I have a federal tax lien for underpayment of taxes in '08 [...]
Real estate team building may be the key for realtors coming out of the housing market's Great Recession. I just finished working with the FMLS at Showcase 2012 where we discussed this. But whether you're looking for an investment or are a property seller, real estate team building will be critical for everyone. And as [...]
If you close on your underwater mortgage before 12/31/12 and your lender forgives your debt, you don't have to pay a phantom income tax. We've received quite a number of letters recently from readers that are trying to determine their best options given their status as underwater homeowners. Some of these letters clearly indicate that [...]
