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When mortgage is sold, payment confusion begins
Q: We refinanced our home loan in March with an online mortgage lender. Within a couple of weeks, we received a letter from another mortgage company advising us that our May payment was to be made to them. A May payment invoice was included. I contacted the original lender and was told that the loan was not sold. They said if and when that happens, we would receive a "goodbye letter," which has not arrived. We now have May payment invoices from both lenders, and only two weeks to go until the first payment is due. We contacted the second lender and they still insist they now own the loan. What should we do? We do not want this to impact on our good credit rating.
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Credit crisis delaying home purchases
Changes in the housing market can change the nature of home-sale transactions. For instance, before the boom in the home-sale market that began in the second half of the 1990s, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) purchase agreement used by most California REALTORS® included a clause in which the seller warranted the condition of the property.
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Will plan to avoid capital gains tax work?
DEAR BENNY: My 42-year-old son will move home next month. I am 65 and thinking of downsizing. I would like to place him on the deed when he moves in and after two years, sell my home. Since he is on the deed, will up to $500,000 be tax exempt? I know that there could be problems with this arrangement. Is this possible and what are the drawbacks with this arrangement? –Richard
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Buyers, get into negotiating position
Bridging the price gap between home buyers and sellers can be a challenge in today's market. Sellers, many of whom have a hard time accepting that their home has lost value, often expect to sell for more than buyers are willing to pay.
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Coming Soon! Southern California Home Buyer's Fair
With interest rates at historic lows, declining home prices and a wide range of homes from which to choose, this may be an ideal time to buy a home. Chances are you have many questions, ranging from how to qualify for a mortgage loan, to what steps are required to get from finding a home to closing escrow and moving in.
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Lender can't nix loan on inherited home
DEAR BENNY: My father passed away in January 2008 and I have inherited his townhouse. He had an existing mortgage, and I am continuing to make the mortgage payments. I have not notified the mortgage company. I am unable to obtain financing for the home in my name at this time. I have already been turned down twice. Does state law allow me to assume this loan, or if the finance company finds out, can it pull the loan? I don't want to lose the house. There was a will (I was the personal representative and sole beneficiary) and I had an attorney prepare the deed, which has been recorded in my name. It was my father's wish that the house be mine upon his death. --R.N.
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Whole new ballgame for refis
Mortgage interest rates have declined to all-time lows, resulting in a pickup in mortgage refinance applications. How many of these applications result in successful refinances remains to be seen. Lenders' qualifying criteria have tightened. The lowest interest rates are reserved for homeowners who have sufficient equity in their homes and who have high credit scores -- usually above 720. Lenders also are stricter on the borrower's overall debt-to-income ratio, but this varies from lender to lender.
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Don't pay off entire mortgage with extra cash
DEAR BENNY: I am confused about paying off our mortgage on our primary home or on a secondary home/rental. My husband is totally against paying off either loan, even though we could pay off at least one of the mortgages. Our home mortgage has 10 years left at 5.25 percent interest and the other is a 30-year at 5.75 percent interest.
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