Most home sale contracts include a financing contingency, in case the buyer's financing falls through. Financing contingency sets a time frame for the buyer to find another lender. What options do the listing agent and the seller have when a buyer does not meet a financing contingency deadline?
If you're considering lending money to someone for help with home financing, is a lien on the property the best choice? By placing a lien on the home, or obtaining a mortgage from the home buyer, you can protect your loan during times of uncertainty. When the loan is repaid in full, the lien will be released.
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It was all about the economy on the Ilyce Glink Show today. With the stock market declining about 5 percent for the week (after a 1,000 point swing on Thursday), and the news that Treasury Secretary Hank Paulson had decided not to buy distressed mortgage-backed securities with TARP, Ilyce discussed the ramifications to the credit crisis of taking different action. She answered questions about short sales, refinancing your loan, raising money-savvy kids, and the rise in bankruptcies. To find out more, tune into the show. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
Home values continue to decline and home owners are losing income. These factors affect home owners' ability to sell homes and make mortgage payments. Some home owners may be considering giving their homes to the bank through foreclosure and moving on. Those who can afford to keep their homes have negative equity -- they may owe more than the current home value. The credit crisis continues to impact home values, mortgages and the housing market as a whole.
In a poor economy, banks and mortgage companies shut down home equity lines of credit or HELOCs. What if you need to use your HELOC to cover every day expenses when your income declines? Ilyce suggests keeping your HELOC active by paying fees and drawing on it before the bank decides the HELOC is inactive.
A condo owner recently installed replacement windows and his homeowners association notified him that he broke the homeowners association covenant. The replacement windows are similar to his neighbors' windows. Ilyce says he may have to pay a fine or contact a real estate attorney.
When you own rental property and the neighbor to your property sets up a fence that runs over your property line you may decide to ask the neighbor to move the fence. When the neighbor chooses to ignore your request you may have to hire an attorney and take the neighbor to court. Another option is to tear down the fence but you need to fully understand local regulations before doing that.
The owner of a manufactured home asks whether to pay off the mortgage loan or invest extra money. Since the manufactured home is a second home or investment property, the home owner should consider how his taxes will be affected. Tax software or a tax preparer before can help sort this out before deciding to refinance this manufactured home.
