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Credit Crisis: Low Home Values Lead to Foreclosure

By | November 14th, 2008|

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.

HELOC: Keep It Active To Stop Termination

By | November 14th, 2008|

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.

Real Estate Market: Improvement Through Employment, Refinancing, And Avoiding Foreclosure

By | November 12th, 2008|

What steps can we take with the economy to improve the real estate market? Keeping people employed, changing refinancing rules and encouraging people to stay in their homes and avoid foreclosure are some possibilities to improve the real estate market. If you have suggestions for how to improve the real estate market, send Ilyce an email.

Missing Second Mortgage Payments Could Lead To Foreclosure

By | November 12th, 2008|

Because a second mortgage is a lien, missing second mortgage payments could lead to foreclosure. When the home sells, the owner will not get any proceeds until the lenders for both loans have been paid off. If you cannot afford your second mortgage, you can try to work with your lender or a credit counseling agency to maintain your credit and keep your home.

Earnest Money: Home Buyer Must Follow Home Contract

By | November 12th, 2008|

Can you as a home buyer get your earnest money back on the purchase of a home if the financial markets prevent you from getting a loan to buy the home? When you as a home buyer put earnest money down on a home you're bound by whatever the home purchase contract states. You can lose your earnest money if the contract allows the builder to keep it, regardless of whether the credit crisis affects the your ability to qualify for a mortgage loan.

Quit Claim Deed May Determine Inheritance

By | November 12th, 2008|

How does the recording of a quit claim deed affect an inheritance? An Ohio family may own a West Virginia property received by an unrecorded quit claim deed. If the quit claim deed is valid, title of the inherited property may have transferred when the deed was delivered. If the quit claim deed is invalid, the probate court for the former owner of the property would decide who the new rightful owner of the property is.

Pay Estate Tax with Mortgage Loan

By | October 31st, 2008|

In settling an estate, the administrators have to pay any taxes due, if the estate has a large enough monetary value per the IRS requirements. In some cases, the estate will have enough cash on hand to pay the taxes due. An estate administrator asks about paying taxes on a $5 million estate. The estate lacks the money to pay the taxes but the administrator wants to take out a mortgage on a $2 million property that's part of the estate.Chances are good that a bank would grant a mortgage loan on such a property and that the administrator should look for a bank with an interest in the property's location.

Home Value Depends On Location, Acreage

By | October 31st, 2008|

A prospective home buyer is wondering if an older for-sale home with plumbing problems is a good deal. The value of the home depends heavily on the location. The best way to know a home's value is to look at what comparable home in the area have sold for in the last three months.

Home Warranty Unenforceable When Builder Disappears

By | October 31st, 2008|

A home buyer says he recently bought a home and the builder has not followed through on a home inspection or repair requests. The buyer is experiencing buyer's remorse because of the builder's bad behavior. The builder may be going under due to the economic climate and unable to provide the warranty that was in the contracts.

Real Estate Taxes: Can You Deduct Them From Inherited Property

By | October 30th, 2008|

The U.S. Internal Revenue Service allows tax payers to deduct some real estate taxes when they file. Can an owner of multiple properties deduct the property taxes from a recently inherited property? A Think Glink reader asks about deducting the property taxes from a property he inherited with his brother from their mother. Sam and Ilyce say it's pretty unlikely that the real estate or property taxes may be deducted because the property is neither a primary residence nor an investment property.

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