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The homebuying process is full of surprises. Some homebuyers will find out that a home they are looking to buy has title defects, construction defects or, as in the case of this reader, the home to be purchased belongs to a homeowner's association. When a buyer is faced with these surprises, the buyer may see if a cancellation of the contract is possible. In some cases cancelling the contract is specifically permitted under the contract but in other cases the attempt to cancel the contract may lead to litigation.

If you are 62 years or older, you may qualify for a reverse mortgage. Reverse mortgages can come in different forms and give you different choices. You can take a lump sum payment when you obtain a reverse mortgage or you can choose to receive a monthly payment. Reverse mortgage fees can be high and are not for everyone. Reverse mortgage are also known as a home equity conversion mortgage or HECM.

Once you have started construction on a home and you have obtained a construction loan, the time comes when you must focus on obtaining permanent financing. Construction loans are short term loans. You'll need to refinance the construction loan with a standard loan. US Veterans have an additional choice when obtaining financing. They can obtain a Veteran's Administration loan or VA loan. While VA loans can be more expensive, VA loans can also be a great deal for those that may have lower credit scores or certain credit problems or want to obtain a larger mortgage on their home.

Can you refinance to combine a first mortgage with a home equity line of credit if you owe more than your house is worth? Borrowers across the country are finding that if they are underwater with their mortgage (that is, their house is worth less than the mortgage amount), lenders will not combine their loans into one mortgage with a lower interest rate. What are a borrower's options? Samuel J. Tamkin explores the situation in this column.

It appears that only those borrowers who are late with their mortgage payments are getting help with a loan modification. Why is that? The Obama administration has made it clear that borrowers who are in financial difficulty but who are current on their payments should be able to qualify for a loan modification. If you have a mortgage and are on the verge of going delinquent, you should be able to get help with a loan modification. Contact a HUD-certified housing counselor at 888-995-HOPE for assistance with a loan modification.

How long do you owe a credit card debt? If you haven't paid on a credit card debt for the past five years can a credit card company still sell the debt to a collection agency? What is the statute of limitations for collecting on a debt?

Two real estate investors own an investment property together. Both names are on the deed, but the mortgage is in one partner's name only. The partner listed on the mortgage now wants out of the deal and has agreed to sell his interest in the property to the co-investor for $30,000 that is left on the mortgage. But the lender won't allow the loan to be paid off, and has told the real estate investor that he must get the property appraised and then get a new loan for the amount of the appraisal. None of this makes sense to the real estate investor. Why can't he pay off the mortgage?

In this economic crisis, there are many different viewpoints over what caused the mortgage situation and what should be done to solve the economic problems. Real estate attorney Sam Tamkin talks about a program he is participating in to work with lenders and borrowers to work through their mortgage problems. In many cases lenders will take a big hit. But the hit they will take through a mortgage workout will probably save them money.

The IRS has published the following following tax law changes for 2009 affecting individuals.

How did Sam Tamkin become interested in real estate law? And how old is too old to consider getting a law degree? Sam explains how he got his start in real estate law and how it’s not too late to pursue it.