Q: We bought a home that was sold 'as is' by the lender. The house sits on a 20-acre parcel of land. The home had been foreclosed upon.We understand that the "as is" referred to the structural parts of the house. We accepted the condition and had a plumber come in to check things out. After we closed, our new neighbor came over and informed us of two easements he had on the property.One easement ... [full story]

Bankrate Releases National Mortgage Poll Bankrate, Inc. this week released a new poll which found that more than three in ten homeowners (34%) do not know what type of mortgage they own. Furthermore, 28% of those surveyed worry about how they will afford their payments. The national poll reveals the confusion and anxiety that homeowners are experiencing today. Click here to view the complete results.  Another notable finding is that 34% of homeowners with adjustable ... [full story]

Matt and Paula recently moved out of their house so they could start their renovation project. They're adding on a three-story addition and renovating some of the existing space in the house.When they found a house across the street to rent, they were ecstatic. Their neighbor had bought a new house several months earlier and was willing to rent them his house for $2,400 per month, for anywhere from six to 12 months.The terms were ... [full story]

How can you find and buy a home to enjoy for years to come? The first step is to answer this simple question honestly: Is it the right time for you to buy? You need to consider the tax deduction, building equity, monthly mortgage payments and maintenance expenses, funding for a down payment and closing costs, and staying in the home long enough for its appreciation to cover your transaction costs. If you can afford and ... [full story]

Fixed mortgage rates posted a slight decrease in a wild up-and-down week, with the average conforming 30- year fixed mortgage rate now 6.32 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing dipped to 5.79 percent, while the average jumbo 30-year fixed rate held at 7.43 percent. Adjustable mortgage rates were ... [full story]

Until this May, the last time I had visited the Los Angeles metropolitan area was about 16 months ago. During that trip, I spent a night in Sherman Oaks and another night in Agoura Hills before heading back home to Chicago.Recently, I arrived for a conference and spent time again wandering around these two communities.The only things that seem to have changed are the home prices (which appear to be dropping slightly) and the amount ... [full story]

Q: We purchased a 5 1/2-year-old home in January. Our Realtor was told that the home was not being lived in regularly because the owner was caring for an elderly family member.About six weeks after we closed on the purchase, the septic system drain field began leaching liquid into the back yard. After having a reputable firm pump the tanks, it was determined that the septic system was in proper working order, but the soil ... [full story]

Q: I belong to a homeowners' association. The association, representing 18 owners, was formed about 20 years ago. The developer turned the association over to the owners about 16 years ago. The Articles of Incorporation and Covenants for the association state that the "Developer shall not be obligated for assessments on Lots owned by the Developer." The developer is long gone but his son is a homeowner here and was a partner with his father ... [full story]

Q: In 1986, my husband and I bought a home. Now, after 32 years of marriage, we have separated. My husband wanted to refinance the property last year before our separation, but I opposed this. I told him I would only refinance if he quitclaimed the property to me. Mind you, he was having some financial problems and really needed to refinance the loan to get a lower interest rate. Months later, he moved out and ... [full story]

Q: When I purchased my property in 1990, I found out there was an easement on the property allowing the neighbor to share a gravel driveway. The agreement provided that the other property owner was to share the cost of maintaining the driveway. My neighbor rents his property and refused to reimburse me for the cost of maintaining the driveway. About five years ago, I demanded payment but was never paid. I informed the other ... [full story]

Q: My sister and her husband purchased land from a contractor. The contractor informed them how much the land, plus the house, would cost and they secured a loan accordingly. After working side-by-side with the contractor for months and using their own tools and materials, they finally moved in last weekend. The following day, the contractor informed them the house would cost $35,000 more than they initially agreed on. Unable to afford this increase, they're ... [full story]

Q: We just sold my wife’s deceased mother’s house and we got a 1099-S form that says gross proceeds were $525,000. What amount do we pay taxes on? The money went directly into my wife’s living trust. We got a check from the closing in the amount of $434,000. A: I’m sorry for your loss. If you sold the house within a year of your wife’s mother’s death, it’s possible that you will owe no ... [full story]

Q: My client has an existing $434,000 mortgage and wants to keep it. But she needs money for her renovation and wants to get a second mortgage of $300,000 to knock down the mortgaged property.She insists that this can be done, even though her first mortgage has a "due clause" should this happen. Do banks give this kind of permission? What secures the existing first mortgage?My client does not want to refinance and include the ... [full story]