Selling your home when the property value is less than what you owe on the mortgage can be difficult. Here’s what I suggest. Q: We have a mortgage that has been sold several times over the years. We have recently obtained a copy of the mortgage from our lender. I’m trying to find a reasonable [...]
When it comes to money, Millennials are doing better than many people think. And yet the vast majority are still fretting about their money, even as the oldest part of the cohort has begun applying for mortgages. Let’s start with money. Millennials (age 23 to 37) are saving money. There’s no doubt about it. Nearly [...]
Is your mortgage loan forgiven when you outlive the lender? Certain legal loopholes may make it a possibility, but don’t bet on it. Q: I have paid $30,000 of a $60,000 mortgage on vacant land but then got behind on payments. The owner has failed to foreclose. I have continued to pay the real estate [...]
I pay my parents' mortgage. Do I have to tell the mortgage company? This reader may have issues down the line if they wait to inform the loan servicer. Q: The home I live in was owned by my parents who both passed away several years ago. I have always made the payments and continue [...]
Refinancing a mortgage late in the life of the loan could cost you more than it’s worth. Here are a few options if you’re looking to lower your financial burden. Q: Is it wise to refinance my mortgage if it has a balance of just $26,000? The loan was for 30 years at a fixed [...]
Do you have rights to your parents home if you paid their mortgage? You have to consider all of the details of the arrangement before you can claim rights. Q: My husband and his brother paid for a vacation home that was titled in the name of their parents. My mother transferred money out of [...]
Are you the victim of wire fraud? There are other financing options available that will still allow you to buy a home. Q: My wife and I recently moved and my son would like to buy our previous home (at a discount from the current market price). The home’s price and our capital gains are [...]
After a homeowner dies, the large remaining mortgage balance may entice you to call the lender and negotiate new terms. Unfortunately, it’s not that easy. Q: My father died of cancer in January 2017. He is the only one on the mortgage with a big box lender. I was a joint tenant with rights of [...]
There are friendly and not-so-friendly divorces. But if your ex-spouse can't pay the mortgage because he lost his job, should you step forward and offer to pay off the remaining amount and give him the house just to be completely done? What's the price of being done? What would you do? Q: I have been [...]
Many factors have to be considered when your lender backs out of a mortgage before you can take action against them. Here are a few that this reader and I want you to remember. Q: I’m writing in regards to your response to a reader’s question that was published in my local paper several [...]
