Category: Home Finances

  • Refinancing homeowner hobbled by appraisal issues

    Reader Question: I have appraisal issues. I applied to an online lender a year ago to refinance my mortgage. The loan was approved. The only remaining step being the appraisal. The appraisal came in with a value that was woefully inadequate. The appraiser did not use fair comparables and neglected to perform due diligence in…

  • Four ways to attain relief from Private Mortgage Insurance (PMI)

      Reader Question: We want to pay down our mortgage loan to eliminate Private Mortgage Insurance. We have the funds to get under the 80% threshold. We have heard some lenders are very uncooperative. Is the lender required to remove it under these circumstances? Chris and Kate D. Monty’s Answer: There is confusion in the…

  • Four simple tax considerations for new homeowners

      Reader Question: Having bought our first home last year we are getting all our home documents in order. What are the home ownership tax considerations we should know? Jared and Annie C. Monty’s Answer: One of the most appealing advantages of being a homeowner is the tax incentive offered by the tax code. Here…

  • Five tips for companies to reduce relocation costs

     Reader Question:  I work in finance with a mid-size publicly traded company. We outsource our relocation policy to a third-party relocation company. Our relocation company says that short of reducing benefits, there is not much we can do to reduce relocation costs. What is your answer to the question, “Is there anything we can do?”   Bill…

  • Siblings dispute inherited real estate

    Reader Question: Our mother left my brother and me a house. He is living in the house on the east coast. I live on the west coast. He changed the locks, and I do not have access to the house. What can I do if he refuses to give me a key or let me into…

  • When a lawyer’s fee is four times higher than quoted

    Reader Question: Monty, recently you advised readers how to choose a real estate lawyer. It came too late for me. My attorney initially said his fee to settle a property dispute was $15,000. Three years, $75,000 and many mishandled opportunities later, he acts like he is doing me a favor by advising me to settle…

  • When a condominium is not a condominium

    Reader Question: My mother owns (or owned) one unit of a two-unit duplex condominium. The two units shared one lot but never created a condominium ownership agreement. My mother was the original owner; the other unit has sold four times. During the recent sale, the buyer requested the single lot be broken into two separate…

  • Is homeownership right for us?

    Reader Question: We want to ask about homeownership. After witnessing the run-up in real estate values in the not-to-distant past and the aftermath of the financial meltdown, we read conflicting information about where real estate values, and the economy are going, and whether or not a home is a good investment. Is owning a home…

  • Get the facts before deeding your house to the bank

    Reader Question: I am 83. We bought a property in Maryland in 2006 for $225,000. My husband died in 2012. The agent felt it would take $99,900 for a short sale to sell it. Got a full-price offer the first day but the bank denied the short sale and appeal. I had a break-in and…

  • Get foreclosure facts before going ahead.

    Reader Question: Hi Monty, I have two homes and two mortgages. Home “A” is underwater, and I am unable to sell it for the remaining amount owing on its mortgage. Home “B” is fine, gaining in value and is my residence. Both “A” and “B” are within the same city. I fear home “A” will go…

  • Challenging real estate tax assessment can be risky.

    Reader Question: I live in an over 55 community. We do not receive full services from the city. Example, in the winter no street plowing, no regular police patrols. Can I successfully challenge the real estate taxing rate from the city because of reduced services? John T. Monty’s Answer: Hello John, and thanks for your…

  • Reaffirming A Mortgage After Bankruptcy

    Reader Question: My daughter and son-in-law (the kids) went through bankruptcy a couple of years ago, but did not include their home in bankruptcy. The judge approved their decision to do so. Now they are trying to refinance their home to get a better interest rate, but they were informed they did not do the paperwork…

  • The Respectable Outcome For Homeowners In The Real Estate Meltdown

    Reader Question: I purchased my home 8 years ago expecting some appreciation in the value before I retire within the next year. However, now my home is worth 35-50 thousand less than I owe. What choices do I have, since at retirement I am not sure if I will any longer be able to afford…

  • Checking Out Private Mortgage Insurance Fraud

    Reader Question: Monty, my daughter and son-in-law are trying to refinance their home to lower their interest rate. After my daughter contacted their mortgage company, the mortgage advisor said there would be no problem, and they could do it for eleven dollars. This is not their original mortgage company. After further checking, he informed my…

  • Dumping Private Mortgage Insurance In This Market

    Reader Question: We are about to refinance and are seventy eight hundred dollars away from eighty percent of our home’s assessed value. The PMI balloon payment thing is about sixty five hundred dollars. Should not we (because we can afford it) pay the seventy eight hundred dollars then not pay the PMI?  But the real question…