 |
- Certified Specialist, Real Estate Law, The State Board of Florida Board of Legal Specialization
- Title Insurance Closings - residential and commercial
- Wills - Trusts - Estate Planning
- Probate Administration
- Incorporations - LLC Formations
- Condominium Law
Mortgages
as answered in The Breeze by Attorney Sylvia E. Heldreth
as answered in The Breeze by Attorney Sylvia E. Heldreth
Read Answer
My son declared bankruptcy last fall. He is really a good boy, age 47, but he got over his head in credit card debt again last year. He owns a home and has equity of $75,000 but he is paying mortgage interest of 10.5%. His credit rating wasn't very good when he bought the house. He has more than 20% equity in the house but his lender won't cancel his mortgage insurance. I don't know why. My son suggested that he quit claim the house to my husband and I and then we could get a new mortgage and quit claim the house back to him. We're both in our seventies. Seems simple. Are we missing something?
Read Answer
I intend to apply for a mortgage soon and my head is spinning with all the possible interest options and deals. Everyone seems to understand interest rate calculations except me. What's the difference between the interest rate and the annual percentage rate that I believe is called the APR?
Read Answer
I see offers all the time now about using the equity in my house to pay off credit card debt. Some say I can borrow 125% of the value of my home. Are there any potential problems with this? Does the IRS care?
Read Answer
My husband and I are just making ends meet and were aghast to discover that our mortgage payment of $822 is going up to $1,105 when I called the mortgage company they said that our taxes and insurance had gone up and that the escrow payments we were making had not covered the increases. How can they do that?
Read Answer
My son wants to buy his first home. He found a good buy but his banker says that his pity ratio is not good enough to buy the house he found. I don't understand what pity has to do with it.
Read Answer
I recently read about a law that requires a mortgage lender to terminate private insurance when 20% of the value of a house has been paid. What is this about? I have a VA mortgage, how does this apply to me?
Read Answer
It seems that refinancing home mortgages is all the rage today. This is new to my husband and me. We never refinanced the mortgage for our house up north, in fact, we paid off the original loan in twenty years. We have had the mortgage on our retirement home here in Florida for five years and the rate is 8.75%. Should we refinance? Is that expensive?
Read Answer
My daughter and her husband would like to purchase their first home. They have good credit but have not been able to save a 20% down payment. Do they have any options or should they wait another ten years to save what they need? I would love to be able to give them the down payment but I'm on a fixed income and just can't do it.
Read Answer
My sister and I have been trying to purchase a home together. Several people including our real estate agent and mortgage broker have used the word "escrow". I am embarrassed to admit now that I really don't know what escrow means.
Read Answer
My husband and I would like to buy our first home. We have pretty good credit, very little credit card debt but all our savings is in retirement accounts. We could probably come up with 10% of the price of the home we want to buy as a down payment. Would that be good enough? Is there anything we should know?
Read Answer
I don't want to refinance my home but I've heard there are ways of paying off my mortgage sooner to reduce interest expense. What are biweekly payments? Do I need the services of a special company to do this? Is there a way to get the benefits of a biweekly mortgage without biweekly payments?
Read Answer
My mortgage lender sent me a letter that offers, for a few hundred dollars in fees, to deduct half my regular mortgage payment from my checking account every two weeks. They say that this will shorten the life of my mortgage and save me interest. Seems like a good idea. Is there something I don't know?
Read Answer
I'm about to commit to a mortgage for my new house but I'm confused about discount points. My lender says I can get a cheaper mortgage by buying these points. I said that I am already paying origination fees. Isn't that the same thing?
Read Answer
My husband and I are thinking about buying a house. We have LOTS of questions about mortgages. What's the difference between a fixed and an adjustable rate mortgage? Which is better?
Read Answer
My husband and I have a $65,000 mortgage on our home that is probably worth more than $400,000. The interest rate is 8.25 percent. We would like to refinance at a lower rate but our mortgage company isn't interested in refinancing loans under $100,000. What should we do?
Read Answer
My brother has had major financial difficulties lately, mostly because of his wife's illness. He has fallen behind in his bills and mentioned that he has not paid his mortgage in several months. He believes his house is protected from foreclosure in Florida, even if he is in default on his loan. I think he is wrong but what exactly are default and foreclosure? If foreclosure occurs, will my brother lose all the equity in his home?
Read Answer
My husband lost his job a few months ago. We immediately put our house on the market. When I listed the house, I called the bank that holds our mortgage. The woman I spoke with indicated that our mortgage would be prorated to the date of closing. I was pleased that we would not have to make further payments until the house was sold. Cash is tight and I especially did not want late payments to blemish our good credit. Now I have received a letter demanding the back payments. The house has sold and the closing will be in three weeks. Do I have to make these back payments? Won't the bank get all its money at closing?
Read Answer
My husband and I won an argument with the County about the value of our house for tax purposes last year. Now our taxes have been reduced by $600 a year but despite several calls to our mortgage company, the incorrect amount is still being included in our monthly statement. We began deducting $50 from our monthly payment on our own six months ago. Our statements now say we are delinquent in our payments. Do we have any rights?
Read Answer
I have begun to dabble in real estate and a friend told me that I could find real deals in probate property. How is this different from a foreclosure sale?
Read Answer
I sold some property a couple of years ago and accepted a mortgage and a note from the Buyer, Mrs. Goodferit. Mrs. Goodferit wants to deed the property to her daughter, Ida, who will assume the mortgage payments. It this safe for me? Do I need to do anything?
Read Answer
|
This information is not intended
as specific legal advice to anyone and is based upon facts that change from time to time. Individuals should seek legal counsel before acting upon any matter involving the law. |
|
1215
Miramar St., Cape Coral, FL 33904
Telephone: 239-542-8899, Facsimile: 239-542-2923 |
Contact Us: Heldreth1@aol.com