By Benny Kass
Published: April 9,2012
DEAR BENNY: My mother is 75, widowed and in reasonably good health with the attendant financial issues of living on a fixed income. She lives in Michigan and I am in North Carolina. My sister, age 54, lives with her and is disabled because of multiple sclerosis. She is still functional – able to drive [...]
By Benny Kass
Published: April 5,2012
DEAR BENNY: I am 57 years old and have a mortgage remaining on my house of $45,800 at 4.875 percent interest and a home equity loan of $41,000 with a variable rate. The assessed value of the home is $250,000. I am able to pay more than the minimum payments on both loans every month. [...]
By Benny Kass
Published: April 2,2012
DEAR BENNY: I used to own a time share in Kitty Hawk, N.C. Last year I decided to default on the maintenance fees, as we were no longer going to use it. In California, when one defaults, the trustee forecloses. I am not sure what the case in North Carolina is. I tried to find [...]
By Benny Kass
Published: March 29,2012
DEAR BENNY: In April 2001, a friend and I purchased a condo in California for $100,000. We are on title as tenants in common. My wife and I own 50 percent, and my friend owns 50 percent. The loan is in my wife’s and my name only. Because the property is now worth only about [...]
By Benny Kass
Published: March 26,2012
DEAR BENNY: I own two properties and would like to sell my current residence to my daughter and her husband and move into the other. Its assessed tax value is about $150,000, but I’d like to sell it to them for about $200,000 interest-free. Both my houses are paid off so I don’t need any [...]
By Benny Kass
Published: March 22,2012
DEAR BENNY: I read your article today regarding a management fee being charged on a security deposit. I agree with you that a fee should not be charged on a deposit that is used to repair damage on an apartment or house. However, I disagree that a fee should not be taken when the security [...]
By Benny Kass
Published: March 19,2012
DEAR BENNY: We entered into a contract to purchase a property for $350,000 from a speculator that was in the process of being foreclosed in late 2007. The negotiated price was just sufficient to cover the seller’s mortgage and closing costs, including broker fees, but upon receiving the preliminary settlement statement from the title company, [...]
By Benny Kass
Published: March 15,2012
DEAR BENNY: Often lease options require substantial deposits larger than an ordinary security deposit. They can also require the tenant/potential buyers to pay a higher monthly rent for which a portion will be a credit at the time they exercise their option. If I were the tenant, I would be quite upset under those circumstances. [...]
By Benny Kass
Published: March 12,2012
DEAR BENNY: In a recent column you mentioned a renter who has a lease with an option to purchase the property and who makes his rent payments as agreed, but the property owner has not been paying the mortgage and is heading toward foreclosure. Most appropriately executed lease-option contracts include a nonrefundable option amount, plus [...]
By Benny Kass
Published: March 8,2012
DEAR BENNY: My husband and I each have a trust, and our house is in my trust. We have lived in this house for 14 years. If we were to sell it, would we qualify for the $500,000 tax exemption? I understand each person is permitted $250,000 and a couple twice that amount. Does my [...]
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