Comments for Home, Property, and Real Estate

Comment on Home Refinancing – When Should You Do It? by BUBBLES

BUBBLES — Tue, 04 May 2010 16:26:25 +0000

There are only two cases where refinancing works in your favor:

1) You have an ARM and want to get out of it.

2) You can save two full points on your new mortgage.

Two full points is the cutoff, because you'll have to pay closing costs of a couple thousand dollars to do it. $3,000 which can be invested for a 9% return in the stock market.

Comment on Home Refinancing – When Should You Do It? by tilucas

tilucas — Tue, 04 May 2010 16:04:09 +0000

You really shouldn't refinance when you owe more than your home is worth. It won't do you any good because there is no equity.

Plus, no one will make you a loan for what you owe if the price of the property has dropped.

It is true that every time your credit report is run your score does down…but it isn't really a problem unless you have five or sex reports in a short time period. One or two refi reports won't kill you.

Comment on Get A Luxury Home Refinance by lalala

lalala — Sat, 01 May 2010 07:37:31 +0000

I had a mortgage and a car loan in my name, then my oldest daughter needed a car so I got the loan in my name (she made the payment), my other daughter needed a car that I co-signed for, then both of them got loans (a quad and a motorcycle) that I co-signed for. It is possible.

Comment on 6 Good Reasons for a Home Refinance by Rodney G

Rodney G — Thu, 29 Apr 2010 15:41:27 +0000

Comment on How Property Assessment Really Works by Louiegirl_Chicago

Louiegirl_Chicago — Thu, 29 Apr 2010 09:59:36 +0000

Ronald Reagan once said "The 9 scariest words in the English language are 'I'm from the government and I'm here to help.'" …apparently our country is about to learn that the hard way. :-/
good thoughts

Comment on 6 Good Reasons for a Home Refinance by billman343

billman343 — Thu, 29 Apr 2010 03:12:28 +0000

The numbers are a bit confusing, but here's the principle:

You won't be able to refinance and pull cash out unless the maximum loan to value is 75% (or possibly 80%). If that works for you, then refinance.

Comment on Get A Luxury Home Refinance by arcaneview

arcaneview — Thu, 29 Apr 2010 02:53:56 +0000

First, Countrywide will not likely forgive you your debt. If they did, the $70,000 in debt that would need to be forgiven will be considered taxable income by the IRS.

If your mortgage was for $147,000 at 6% your monthly payment excluding taxes and insurance is less than $900 per month. I know times are tough, particularly where you live, but I suggest you try to get a second job and your wife a first job. A minimum wage job will cover your entire mortgage.

Good Luck.

Comment on 6 Good Reasons for a Home Refinance by billman343

billman343 — Thu, 29 Apr 2010 02:42:55 +0000

Honestly…refinance with Primerica. You'll never get a better deal. If you're skeptical, just have an appointment with a representative…but at the same time look around.

Comment on How Property Assessment Really Works by JJ'72

JJ'72 — Thu, 29 Apr 2010 02:23:56 +0000

It is time for you to become disentangled from your brother and you need to do it now. Your brother has been enabled by your parents and has never grown up. It's time to let your brother start being a grownup adult. While I understand and applaud your wish to keep peace in the family, you have no peace now! Tell your brother ( or have the attorney tell him) the estate is going to be divided NOW. Your "doctor" (me- LOL) has told you that the stress of all of this upset is not healthy for you. Take a car and whatever personal property from the house that you want (as long as it's not more than half).
He has lived in the house rent free so all of the expenses of the house are his responsibility. If brother wants the house, he can:

1. Get a mortgage and buy you out now! or
2. Use his 401(k) proceeds to buy you out now!

If he doesn't want the house, he can:

1. Move out within 30 days and
2. The house goes on the market.

Either way, he needs to give you $40K for your half. He has 30 days to complete the buy out or the house is going on the market and he moves out. Then you can quit claim the deed but not before you get your money. If you quit claim it now, you will never get a cent.

Do not give up anything in return for his "promises", you already know what those are worth. In the meantime, speak with the attorney for the estate or get your own attorney, if necessary, and ask about filing an "Action of Partition" on the property. A Partition, which is granted by the Judge in Court, will force the sale of the property or force your brother to pay you the value of your portion. It is a judgment which will force him to get up off his lazy butt and get you the money that you are owed for the house. If he ignores the judgment, the Sheriffs will come and put him out and the property goes up for sale. If brother gets really persnickety, he may wind up in jail for contempt. Which would be fitting because he is treating you with contempt right now and has been since this ordeal began.
Do not share title with your brother and do not give him full title until you have a certified check (although in this cash, I would rather have real cash) in your hand. I agree with your husband that you do not want ANYTHING of value tied to your brother. If he gets sued and you share property with him, they will come after you also.

Comment on Get A Luxury Home Refinance by Nelson

Nelson — Thu, 29 Apr 2010 02:20:39 +0000

Because Bush is such a "compassionate conservative" he can't stand to see people strugling, so he is willing to make the entire country responsible for the debts incurred by the multi-millionaires who run those organizations. We shoud all share the pain. It's socialism in reverse!
That's Bush!