Sometimes people say inheritance tax and they mean estate tax. They should check inheritance and estate tax exemptions in their state.Read More »
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Looking at the FHA/HUD website it states that a refund of some of the premium money is available if the following three criteria are met. As I see it, we met all these criteria, yet when I contacted the FHA by phone I was told that there would be no refund.Read More »
DEAR BENNY: We moved to Jacksonville, Fla., in 2010, but still own a home in Pensacola that we are renting to some friends. We got a check in the mail for an alleged overpayment from escrow. I remember telling my wife they had the home insurance wrong on the HUD-1 form, so we figured it was discovered and they reimbursed us. So we used the money to pay bills.Read More »
DEAR BENNY: We live in California and own a second home within five miles of our primary residence. This second home has been used as a rental, initially to persons we were not connected with in any way. For the past 10 years, two different sets of relatives who were in need of a new start in life lived in the home.Read More »
DEAR BENNY: I own two homes. In my will and my trust, I have assigned a beneficiary for each of the properties. However, I would like for the properties to cede to a nonprofit once the designated beneficiary dies, rather than the properties being successively willed to beneficiaries of their choosing. Is there any means to make this happen? – JerryRead More »
Dear Benny: I had two properties foreclosed on this year. Although we had short-sale offers on both properties, for some reason the banks would not accept the offers. One of them was my primary residence, which had a first loan of $417,000, and a second in the amount of $180,000. The second home was an investment property, for which the first loan was $290,000 and the second loan was $60,000.
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