Category: Home Owning
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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…
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Is your neighbor committing mortgage fraud?
Reader Question: I am pretty sure my neighbor has committed mortgage fraud. She is a Realtor with a company in my state. She recently changed the title of her house from her and her mom’s name to only her mom. Then about two months after, did a short sale on the house, which she sold in five…
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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…
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Pay attention when planning concrete driveways
Reader Question: Monty, I built my house back in 2001. I have a concrete driveway that is 250′ long. It started to lift (push up) in the center of the slabs within years 4-5. Over the last 3-4 years, it has drastically been lifting up. The base of the driveway is slag. The builder put…
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Tips To Make Finishing Your Basement Pay
Reader Question: I have seen estimates and rules of thumb regarding the value added to a home by finishing the basement. They vary widely, from $20.00 to $90.00 per square foot. An online website values my home for $150 per square foot. At a $20.00 per square foot return, finishing the basement isn’t worth my…
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The Mystery Of The Defective Dryer Vent
Reader Question: I just sold a home that I have been living in since 1996. The home inspector informs me that whoever built this home installed 40 feet of PVC pipe for the dryer vent. He says it is not up to the code now, and never was. I now have to replace the venting,…
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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…
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Strategies On Choosing A General Contractor
Reader Question: Monty, our company is expanding. We have an eye on a 10,000 square foot all-brick warehouse built in the 50’s. We want to gut it and turn it into an edgy-high tech office. We expect we can invest about 1.3M including 500T for improvements, based on the market rents in the neighborhood. What is the…
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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…
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New Home Buyer Frustrated With Sewer Problems
Reader Question: Monty, I am seeking a resource that might be able to help a client with a unique problem. They entered into a contract for the construction of a home near the local university. The initial contract was with a building contractor, who sold out to another building contractor that finished the home. They moved into the…
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Are Savings Possible Combining Adjoining Tax Parcels
Reader Question: Dear Monty, My wife and I recently purchased some lakefront property. The property contains two small, similar lots. We plan to keep both of them. One lot has a cabin, and the other is vacant. We currently pay property taxes of $800 (cabin parcel) and $550 (vacant parcel). At the time of purchase,…
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Homeowner Mulls Trading Part Of Lot With Neighbor
Reader Question: Monty, I have a neighbor wanting to buy a small piece of frontage on my lake property because a small slew on the waters edge on my easterly lot line places part of my lot on his side of the slew. I am trying to decide whether or not I should agree to this proposition. If I…
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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…
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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…