When readers ask Monty about home finances, they are not asking about the household budget. Readers ask Monty when they are contemplating refinancing, or taking out a second mortgage to buy a vacation home. They ask about what to do because they are behind on their payments or are considering walking away from their home because it is “underwater.” There are hundreds of different financial situations involving mortgages, loan denials, appraisals gone sour and lost documents, just to name a few.
What will Monty advise? Every family’s circumstances are unique and, therefore, some seemingly small detail may affect Monty’s suggestions.
While it is helpful to read what others have dealt with, being certain your situation does not contain some small detail that differentiates your issue with another reader’s issue is paramount. If you have a question, just Ask Monty.
Reader Question: Is America in a housing bubble? We think today’s out-of-control real estate market is crazy. We are attempting to downsize our lifestyle with a smaller home. In two instances, we made an offer, and someone outbid us. Our home is free and clear, so we are cash buyers. We don’t want to […]
Our reader is frustrated that the town assessor is not cooperating with his argument for reducing property taxes. It can be difficult to win these battles, but here are a few thoughts that may help.
Annexation is common as our country’s population grows. If you are moving to avoid the high taxes and city hall, check this article out first.
Reader Question: I am pursuing a business startup that compliments my family’s existing construction business. I have a little funding myself and some customers. I need to raise additional capital to grow and deliver the best service possible. My family business has shown interest in investing/loaning me some funds for developing this startup. […]
Reader Question: My grandparents chose to die with no will. All their children passed except three sisters. My mother and several siblings passed. One of the grandchildren has been paying taxes for years, and another has been paying electricity. Do these three sisters have the right to sell timber and leave the grandchildren out? […]
Reader Question: My real estate taxes went up over 100% this year. Is it legal to raise taxes so high in one year? Monty’s Answer: For real estate taxes to double in one year would be extremely rare. One has to wonder if any community in the United States has ever experienced such a […]
Reader Question: My name is not on the deed of our home. My spouse put the house up for sale after 22 years. Am I entitled to half the profits of the deal? Monty’s Answer: Ten states embrace marital property law. During a marriage in these states, all assets and debts acquired are “community property.” […]
Reader Question: What happens if a tree falls on my neighbor’s 18th century home and destroys it? Who determines the cost of rebuilding an “antique” like that? Monty’s Answer: Let us assume the tree in question is on your property. If the tree were alive and healthy and fell onto your neighbors home the neighbor’s […]
Reader Question: Do you have a list of things that homeowners tend to forget in caring for their home where they could save money? Monty’s Answer: Your question inspired the production of a list based upon my experiences of owning a home. Full disclosure: You asked someone whose wife rolled her eyes when she caught […]
Reader Question: My wife and her three siblings inherited the family home when their mother died. My wife was 20 years old at that time, the eldest, and invested 10k in keeping the house. It is now 39 years later, and the siblings want their share. My wife is the only one who has […]
Reader Question: We have a chance to take a six-month trip to Australia. We have always cared for our home ourselves. We have several pets, yard work, maintenance items and other responsibilities. Is a full-time house sitter a good idea? Monty’s Answer: The internet has allowed the advance of this business model which has fueled […]
Reader Question: We are considering aging in place. We are in our late seventies and both in pretty good health. Our children keep hinting to us that we should sell our house and move into some age-based community. We have checked out some different options, of which there are many, and it seems they all have […]
Reader Question: I am trying to negotiate a contract with a new HOA property management company for our condominium homeowners association. They not only want a monthly fee for their services but they want a fee for anything extra. Also, any maintenance that they do they want to charge 10% over the cost of the […]
Reader Question: I am retired, and our Social Security is all we have coming in. We recently applied for refinancing, and we did not qualify because of our neighborhood (no houses around worth enough according to our online lender). Our interest rate is 7.795 percent. What can we do? Monty’s Answer: With the information you […]
Reader Question: Reverse mortgages, good or bad. What to look for and avoid. I’m 81; it’s our primary residence, no mortgage – free and clear. We have a $1,000,000 second home that will go to our kids who all are well off. We just want to use some of our equity for travel. Your thoughts? […]