Estate planning is the way a person should go when thinking about transferring a piece of property from a parent to a child. If the transfer is not done properly, a gift tax may result being billed by the IRS to the parent. When in doubt, it's better to obtain good advice, do some estate planning and get it right the first time.
Quit claim deeds are a popular tool used by many, but in some cases a warranty deed is a better option. When a relative owns a home, should you quit claim that home to a child? Usually, you shouldn't use a quit claim deed to avoid estate planning issues. The better option is to work with an estate planner to determine whether you should keep the property, set up a trust or another mechanism to transfer property from a parent to a child. But usually it's not going to be a quit claim deed.
Easement issues between neighbors can lead to problems. Big problems. the end result of these problems can be rotten neighbors. People who live near each other should avoid situations that could result in neighbor issues and neighbor problems. Don't people realize that they will end up living next door to these people for years to come?
On August 5, 2009, Taylor Bean Whitaker Mortgage Company was shut down. Since then, hundreds of thousands of Taylor Bean Whitaker Mortgage Company customers have been overwhelmed by the lack of information. We've tried to answer some of these questions.
Home prices decline while existing home sales rise slightly in the second quarter. Median home prices fell 15 percent from a year ago, thanks to home prices going down due to foreclosures and short sales. According to the latest survey out from the National Association of Realtors, existing home sales are up 3.8 percent from the first quarter. Home sales rose due to lower median home prices, the first time home buyer tax credit and lower interest rates.
Loan modifications are hard for homeowners to figure out. Many get mixed signals about whether they qualify for a loan modification from their mortgage loan servicers. You might be told you do qualify for a loan modification one day, and then in the next letter told that you do not qualify for a loan modification - even though your financial situation has gotten worse. Find out whether you qualify for a loan modification by contacting a HUD housing counselor. And, call back your own mortgage lender frequently to check on the status of your loan modification.
Renovation costs have soared out of control - even in the current recession. You'd think that renovation costs would be less because fewer home improvement contractors are employed. But that doesn't seem to be the case. Consumers, mindful of renovation costs are staging their home improvement projects. Doing home improvement projects in phases lowers renovation costs.
NEW UPDATE 9/10/09: Today's update is an edited, condensed transcript of my conversation with BOA spokesperson Rick Simon. Cenlar is a legitimate loan servicing company and Roundpoint is NOT A SCAM. The situation is confusing, but not fake. 9/01/09 Yesterday, we reported that Bank of America taking over servicing rights for FHA loans and Ginnie Mae loans previously held by Taylor Bean and Whitaker Mortgage Company.Earlier this month, Taylor Bean and Whitaker Mortgage Company, which is owned by Colonial BancGroup shut its doors. Dozens of Taylor Bean and Whitaker Mortgage Company borrowers called the Clark Howard Show and Ilyce Glink Show to ask what they should do. Should they pay their old loans or new loans? How could they find out if their loans funded? The FDIC and Federal Reserve Bank have set up customer hotlines you can call to get information.
Today on the Ilyce Glink Show, we're talking about how the end of the recession may not make life on Main Street feel like life on Wall Street. There is a new $2 billion Ponzi scheme to watch out for, and New York Times columnist Ben Stein lost his job after taking a job with one of those "free" credit report companies. Listen to the podcast here and check out the blog to find out the only real way to get your credit report for free and for more information and links from the show.
Ilyce Glink Show Note updates: We're talking about how the end of the recession may not make life on Main Street feel like life on Wall Street. There is a new $2 billion Ponzi scheme. Ben Stein, takes a job as pitchman for one of those yucky "free credit score" websites and gets fired from the New York Times. We open the ticket window for my new HOW TO PROFIT FROM FORECLOSURES event on October 24th. Get a very special 2 for 1 deal now off the EARLY BIRD SPECIAL. Limited time offer. Use the discount code: glink
