Foreclosure is scary. Before the bubble burst and the housing crisis hit, it was taboo to go through foreclosure. Now it’s almost common. And, unfortunately, despite the rosier outlook for the real estate market, too many homeowners are still facing foreclosure. The most important thing for any homeowner in this situation to know is that [...]
2012 is coming to a close, thank goodness. It’s been a turbulent year. Perhaps, like me, you’ve gotten so absorbed in everyday trivia that you’ve lost track of time. Well, it’s time to look up and do some last-minute things to clear our heads, homes, and tax issues. 1) Do winter house-clearing. Empty out closets [...]
Have you moved and decided to rent out your old house rather than sell it at today’s depressed prices? Are you renting out your vacation property? Did you buy a foreclosure or short sale with a residential mortgage and—after you fixed it up—begin renting it out while waiting until you can sell it and make [...]
You'll often hear people ask whether they should prepay their mortgages, and for many it makes sense to prepay. Q: I hear and see so many financial advisors and experts recommending that people pay off their mortgages by making an extra mortgage payment each year. The reality is that it would be easier for the [...]
When you pay off your mortgage loan in full, your lender is required to return any tax and insurance mortgage escrow money back to you. Q: I hope you can help me with this question. I have been searching the Internet and reading as much as I can on The Dodd-Frank Act and cannot find [...]
As we start fresh every year, I try to share my list of resolutions to get your finances in order and help you buy a house. The real estate market hasn’t had much good news for the past few years, and mortgage lenders have gotten even tighter with their lending regulations. This isn’t a particularly [...]
It's better to inherit property from your parents or family members rather than receiving it through a quit claim deed. The tax implications of receiving a property through a quit claim deed are much greater than inheriting a property. When estate planning, it's better to put the property in a will or trust, rather than transfer the property through a quit claim deed.
Beware of paying subordination fees in a mortgage refinance. Refinance your mortgage twice and you might be paying subordination fees during the mortgage refinance. If you refinance your home mortgage with two lenders, you may be responsible for paying subordination fees. Paying subordination fees in mortgage refinance marks one lender as the primary mortgage lender and one as the secondary mortgage lender. Paying subordination fees in mortgage refinance allows the primary mortgage lender to grant your mortgage refinance. Make sure you understand paying subordination fees in mortgage refinance when refinancing your home mortgage a second time.
Last year, I found myself shopping at a major retailer. The store was having a great sale, and I found a fair number of clothes that fit me, all at an excellent price. When I was checking out, the cashier offered me a big discount if I opened up a major credit card co-branded with [...]
Decide to payoff an investment property or pay down the mortgage. Don't pay off an investment property and pay down the mortgage at the same time. Consider interest rates on loans before paying off mortgage loans on an investment property or primary home mortgage. Refinance mortgage loans before you pay down a primary home mortgage or investment property mortgage loan.
