I want to get the PMI off my mortgage in February of next year, which will be two years from the time of my refinancing. All my payments have been on time. I have communicated with my current mortgage company that I wish to have the PMI canceled, and they informed me in writing that I have to wait for two years and that I have to get an appraisal, which I have to pay for, in order to make sure I will have 20 percent equity of the new appraised value.
My sisters and I "own" some Tennessee properties inherited from my late father, who died in 1984. In his will, he wanted to provide for his current wife, "B,” so she was given a "life estate" for her use of both properties during her lifetime.
My sisters and I are the owners on the deeds. One of the properties is a residence, and the other is an income-producing commercial property.
We bought a property at a lakeside community. Our property has deeded access to a lakeside community park, which is for use of the local property owners. There are number of floating docks that people have placed there for their use to dock boats easily and/or picnic.
Dear BENNY: My house is paid in full, and I want to add my sister’s name to the title/deed. Please advise what I need to do. —Daisy
This question is related to our home equity line of credit. In 2001, we obtained this loan for $150,000, which we withdrew in its entirety to remodel the kitchen, bath, etc. This is an adjustable 25-year loan. As of 2011, we owe $122,000.
I recently heard that the portion of one's monthly condo fees that go into a reserve fund for capital improvements to the overall property can be added to an individual condo unit's tax basis. Is this true?
My husband and I are in our 60s and have been married for five years. We both own homes that are fully paid for. Both homes, before the market downturn, most likely would have sold for around $200,000 each. In today's market, we're not so sure.
I am currently trying to purchase a home from my daughter. The loan was approved, but the lender told me there is a law that if you purchase a home from a family member, they can finance only 85 percent of the sales price.
I lost my home to foreclosure in August 2011. I had a second mortgage on the home that was secured by a deed of trust for $99,000. This was a home equity line of credit that I used to pay off a pool loan, used for home improvements and later tapped each month to make the mortgage payment.
DEAR BENNY: My wife and I are purchasing a two-bedroom condo. We are paying cash and intend to have her parents live there for a year, and then we will likely turn it into a rental. Our current single-family home is in the name of my wife’s and my revocable living trust. We are trying [...]