Search found 812 matches

by giacolet
Mon Nov 15, 2010 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Do you use an escrow account for your mortgage?
Replies: 68
Views: 18476

Escrow on Mortgage

I have a mortgage held by a private party. There is no esrow. I have homestead exemption and the taxes are minimal. I live in a condo and the insurance is paid as a part of the monthly maintenance.

Escrow requirements benefit the lender; they do no benefit the owner.
by giacolet
Mon Oct 11, 2010 9:27 am
Forum: Personal Investments
Topic: A Vineyard? Give me a break.
Replies: 28
Views: 6843

A Vineyard? Give me a break.

Charles Schwab has been advertising his firm's services heavily on sports channels. Go Rays. He's looking for commonsense, practical advise for retirement planning. He decries those who seek to attain a certain numer, a vacation house, or a vineyard. He picks out the vineyard as being particularly r...
by giacolet
Fri Oct 01, 2010 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Book on buying a house?
Replies: 10
Views: 2935

Finding a good book that would apply to all areas of the diverse real estate market is a challenge. Not only is location everything, timing is crucial. Finding current information in book form on such issues as buying at foreclosure and short sales is a stretch. The data on appraisals, loan to value...
by giacolet
Wed Sep 29, 2010 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Should I sell my houses now or wait for "recovery"
Replies: 11
Views: 3756

Zoning Enforcement

The law is one issue. Enforcement is another. If the law is not enforced equally in all situations, not only ones in which a citizen has complained, you may be free of the problem. We live in a constitutional democracy and laws have to be enforced so that all citizens have equal protection under the...
by giacolet
Fri Sep 24, 2010 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Purchase a Foreclosed House
Replies: 21
Views: 3802

Buying a foreclosed house

The problem is that you a buying the house from an entity who likely has no knowledge of the history of the house or situation of the prior owner. They will deed the house to use using a Special Warranty Deed by which the entity warrants only those matters of title that have occured since they took ...
by giacolet
Wed Sep 15, 2010 10:10 am
Forum: Personal Finance (Not Investing)
Topic: I'm sued? What to do?
Replies: 66
Views: 9271

Write and call the law firm which sent the summons to you. Ask them to send you a Not One and the Same Name Affidavit and a copy of the document which names the person who has the same or similar name as you do. You will have to ID yourself and provide the Attorney with your address and SS and have ...
by giacolet
Wed Sep 01, 2010 10:43 am
Forum: Personal Finance (Not Investing)
Topic: lowest interest mortgage if not employed?
Replies: 13
Views: 2324

You may find a considerable difference in what a local bank will do for you vs. a mortgage lender. A local bank or credit union generates loans for its own portfolio while a mortgage lender typically plans to sell the loan on the secondary mortgage market. A bank understands monatary assets; mortgag...
by giacolet
Tue Aug 24, 2010 10:42 am
Forum: Personal Consumer Issues
Topic: Songbird Hearing Aids
Replies: 14
Views: 3034

Songbird Hearing Aids

Are the inexpensive Songbird Hearing Aids a good value? I understand they are inespensive because the ear piece portion is disposible and can be replaced.
by giacolet
Tue Aug 24, 2010 10:33 am
Forum: Personal Finance (Not Investing)
Topic: My Daughter /Divorced/Forclosure/ Rebuild Credit
Replies: 38
Views: 6912

Deficiency Judgment on a Foreclosure

I believe that in several states including Florida that a lender cannot get a deficiency foreclosure judgement on residential, homestead property but only on non-homestead investment or commercial property.
by giacolet
Mon Aug 23, 2010 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Condo Fees
Replies: 49
Views: 7136

Lets see. I pay $211.00 monthly. That covers external bulding maintenance, insurance on the structure but not owner's personal insurance on contents and liability, lawn mowing, edging etc., a dedicated parking space, water, and use of social hall facilities. If you have a dog you have to walk it you...
by giacolet
Wed Aug 18, 2010 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Commercial Mortgage questions
Replies: 4
Views: 990

Mortgage Life Insurance

The recourse for not paying the mortgage is foreclosure. I know of no financial istitutions that require borrowers to provide a mortgage life insurance policy to the lender.
by giacolet
Mon Aug 16, 2010 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Commercial Mortgage questions
Replies: 4
Views: 990

Private Commercial Mortgage

The Mortgage and Promissory Note are the legally binding contract. There is not a separate instrument. The Mortgage and Note constitute the full agreement. In a private purchase money mortgage there is typically not any mortgage insurance. In addition to a legally sound mortgage drawn by your attorn...
by giacolet
Thu Aug 12, 2010 7:59 am
Forum: Personal Finance (Not Investing)
Topic: FHA Mortgage Refinance Questions
Replies: 4
Views: 1250

The mortgage insurance for an FHA loan is called MIP, Mortgage Insurance Premium and not PMI, Privite Mortgage Insurance. MIP is considered a prepaid loan reqirement and is not typically a closing cost such as an origination fee or discount paid to the lender. MIP is paid to the Secretary of HUD. Yo...
by giacolet
Tue Aug 10, 2010 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Over 55 Retirement Community or Screaming Babies?
Replies: 63
Views: 14857

Adult community

20% of our population is allowed to be under age 55. In each household, at least one resident must be 55 or older. The term "household" allows for four (4) persons. No person under the age of 17 can be a permanent resident. There are numerous "exceptions." The 37 year old single man who resided with...
by giacolet
Thu Aug 05, 2010 9:37 am
Forum: Personal Consumer Issues
Topic: What Is Your Favorite Soup?
Replies: 107
Views: 12622

Orzo soup

My northern Italian grandmother prepared an orzo pasta chicken boullion based soup to which was added tomato paste for flavor and color and generous portions of Italian spices. It can also be flavored with a lamb shank.
by giacolet
Wed Aug 04, 2010 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Power of Attorney vs Living Trust, which is right?
Replies: 48
Views: 8619

Attorneys are only as good as their experience. Don't hire a litigator for transactional purposes. Don't hire a general practitioner who isn't experienced in probate, trust or real estate specialist. A family law specialist might be a wonderful asset in a custody matter but not much help in establis...
by giacolet
Tue Aug 03, 2010 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Power of Attorney vs Living Trust, which is right?
Replies: 48
Views: 8619

The Living Trust is typically used to shelter your residence from the claims of creditors and thus pass to your heirs outside of the delays of a probate of your estate. Often, individuals and their attorneys fail to fund the Trust once it is formed. You have to actually transfer the property via a d...
by giacolet
Wed Jul 28, 2010 10:09 am
Forum: Personal Finance (Not Investing)
Topic: AARP Membership.. is it worth?
Replies: 76
Views: 14279

I stopped my membership 2 years ago and I am still inundated with insurance offers. The Hartford Group was not competative for auto insurance. Now AARP is pushing Medigap coverage. I am pleased with BCBS. I wish AARP would stop mailing to me. I am no longer a member and I am tired of being buried wi...
by giacolet
Tue Jul 27, 2010 10:06 am
Forum: Personal Finance (Not Investing)
Topic: My mortgage was sold to Freddie Mac, what does that mean?
Replies: 10
Views: 12208

There's an off chance of some differences if Freddie Mac owns the loan instead of BOA even though BOA is still the servicing agent. If you had PMI there may be a difference in the process of having the appraisal accepted by Freddie Mac when you want to have the PMI discontinued. If you should have a...
by giacolet
Tue Jul 27, 2010 9:40 am
Forum: Personal Finance (Not Investing)
Topic: What to Do With Extra Refinance Loan Procedes?
Replies: 8
Views: 1272

NateW wrote: About half of this cash coming back was due to the payment by the closing agent of the first half a year of property taxes that I paid two days earlier, but could not be verified as paid (I never even considered the fact the closing company had anything to do with paying property taxes,...
by giacolet
Thu Jul 22, 2010 11:50 am
Forum: Personal Consumer Issues
Topic: What Book Are YOU Currently Reading? Part IV. (07/04/2010)
Replies: 1507
Views: 383286

Rick Warren, The Purpose Driven Life and The Purpose Driven Life Journal.

Stephen Covey, re-read of 7 Habits of Highly Effective People.

Dave Ramsey, Financial Makeover.
by giacolet
Thu Jul 22, 2010 9:57 am
Forum: Personal Consumer Issues
Topic: Physics Question - Singing Bowls
Replies: 7
Views: 2154

Singing Bowls

One can also use the bowl as a gong, and strike the side with the soft cloth mallet on the end of a short stick. I've also noted that one can use the stick to make the bowl sing, rubbing the stick along the circular rim of the bowl. Once you get the angle right the bowl will sing. Adjust the length ...
by giacolet
Mon Jul 19, 2010 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Can I Obtain a Mortgage?
Replies: 2
Views: 682

Should I be able to get a Mortgage?

If you have substantiated income to meet the mortgage payments and your house appraises at the loan amount or above, you should have no trouble qualifying for a loan.

The key consideration will be your income from SS, pension and/or investments.
by giacolet
Thu Jul 15, 2010 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Choice of Settlement Agent for Refinance
Replies: 2
Views: 1432

Selection of Title Company

NateW wrote: it will take the mortgage company (them) 45 - 90 days to verify and research my selected settlement agent and by that time my lock will have long expired. This is preposterous and irregular. Every lender has a list of approved title agent underwriters. It dshould take a minute or less t...
by giacolet
Thu Jul 08, 2010 6:49 am
Forum: Personal Finance (Not Investing)
Topic: How long do you save parent's docs?
Replies: 10
Views: 2213

parent's docs

Scrap the mortgages. The originals are filed amoung the public records in the county in which the property is located. In addition, the Satisfactions of the mortgages will be of record.

Keep the Settlement Statements for seven years.
by giacolet
Thu Jul 01, 2010 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Anyone with experience buying at foreclosure auction?
Replies: 23
Views: 4431

The lender typically makes the 1st bid in the amount of $100.00. The bid is small to save documentary tax and filing fees. The lender may bid in credit amounts up to the amount of the mortgage. You do not know at what point the lender may stop bidding and allow your bid to go through. You may get a ...
by giacolet
Thu Jul 01, 2010 9:10 am
Forum: Personal Finance (Not Investing)
Topic: title company
Replies: 16
Views: 1760

The prudent choice in selecting a title agent, either an attorney or a title company, is to select the representative which is located in the county where the property is located. An out of state source adds an unnecessary middleman. The preliminary search and the updates prior to closing have to co...
by giacolet
Tue Jun 29, 2010 9:20 am
Forum: Personal Finance (Not Investing)
Topic: house title question
Replies: 20
Views: 3672

Property transferred by Trust passes outside of probate by operation of law. Property granted in a will is subject to the 90 days notice to creditors required by the probate court, examination and testing of the Will and legal fees. How much are the probate costs and how much are the capital gains t...
by giacolet
Mon Jun 28, 2010 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: house title question
Replies: 20
Views: 3672

A judgment against one of three joint tenants would not attach to the property. For a judgment to attach the judgment would have to be against the three joint tenants. A judgment against one of three tenants in common would attach to that individual's interest in the property, that is, in this case,...
by giacolet
Mon Jun 28, 2010 10:44 am
Forum: Personal Finance (Not Investing)
Topic: house title question
Replies: 20
Views: 3672

In my state, if you deed the property to yourself and to your two sons as joint tenants with right of survivorship and not as tenants in common, and if the property is your constitutional homestead, the title to the property passes to the two sons outside of probate by operation of law immediately u...
by giacolet
Wed Jun 23, 2010 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Foreclosure/Bankruptcy - tenant caught in middle
Replies: 13
Views: 2893

Bogleheads take note. The op has iterated one more reason why a party should not rent a house. If the owner lied and claimed he occupied the premises he would not have signed an assignment of rents. Is the lender licensed to do business in your state? Does the lender have the original note and mortg...
by giacolet
Thu Jun 17, 2010 11:51 am
Forum: Personal Finance (Not Investing)
Topic: How Do We Make A Short Term Loan To Son Sans Gift Tax?
Replies: 37
Views: 3952

Loaning Your Son Money

According to Dave Ramsey a loan to a son is ill advised and puts the relationship at risk.

Give him the money, then there are no problems.
by giacolet
Thu Jun 17, 2010 6:53 am
Forum: Personal Finance (Not Investing)
Topic: closing cost
Replies: 22
Views: 2743

Closing Costs

It's an old story. You don't know what items are closing costs and which are upfront prepayments. Your $600.00 hazard insurance fee is a prepayment of a years insurance. That's not a closing cost. The deposits to escrow are also prepayments to pay taxes when they next become due. Deduct another $2,2...
by giacolet
Thu Jun 03, 2010 9:05 am
Forum: Personal Finance (Not Investing)
Topic: looking for a good book on mortgages
Replies: 5
Views: 971

Is there a mortgage where the principal adjusts to the current value of the property?
by giacolet
Thu Jun 03, 2010 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Which books to read next??
Replies: 30
Views: 3676

Books to Read

Most Bogleheads avoid the financial suggestions for investment but applaud this man's get out of debt, no nonsense take responsibility methods of changing your life.

Dave Ramsey, Financial Makeover.
by giacolet
Fri May 28, 2010 9:37 am
Forum: Personal Finance (Not Investing)
Topic: re: Poor people spend 9% of income on lottery tickets
Replies: 143
Views: 17178

It's Biblical:

The poor will always be with you.

So with compassion, you donate to charity and pay your taxes.
by giacolet
Fri May 28, 2010 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Landlord bankrupt/foreclosing - what are my options/rights?
Replies: 22
Views: 3439

If BOA handled the loan correctly for an investment property, there would be an assignment of leases and rents to the lender. This is sometimes a separate document in a commercial transaction or it may be included as part of the mortgage. If you look as the recorded mortgage document you may find it...
by giacolet
Thu May 27, 2010 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Landlord bankrupt/foreclosing - what are my options/rights?
Replies: 22
Views: 3439

deleted as a duplicate
by giacolet
Thu May 27, 2010 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Landlord bankrupt/foreclosing - what are my options/rights?
Replies: 22
Views: 3439

If you have a lease it has to be honored. You did not execute the mortgage or sign the Note. Your interest in the property cannot be foreclosed on if you have not been served. Check the county records and see if Bank of America has filed a Lis Pendens on your unit. It may be a year or more befoe any...
by giacolet
Thu May 27, 2010 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Landlord bankrupt/foreclosing - what are my options/rights?
Replies: 22
Views: 3439

If you have a lease it has to be honored. You did not execute the mortgage or sign the Note. Your interest in the property cannot be foreclosed on if you have not been served. Check the county records and see if Bank of America has filed a Lis Pendens on your unit. It may be a year or more befoe any...
by giacolet
Thu May 27, 2010 9:36 am
Forum: Personal Finance (Not Investing)
Topic: re: Poor people spend 9% of income on lottery tickets
Replies: 143
Views: 17178

I live in a condominium. I' ve seen the neighbor above me once in three years. He won 34 million in the Florida lottery. He keeps the condo for his son. He purchased a new home in Clearwater in walking distance to a Wal-Mart and his new favorite watering hole. He enjoyed winning. He enjoys his money...
by giacolet
Tue May 25, 2010 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Frugal Prices on Boglehead Books
Replies: 11
Views: 2001

I wouldn't pay full price for a David Ramsey "Financial Makeover" but buying a used-like new copy from a resale vendor allowed me to get it at about 1/2 price. Library copies don't work for me. I can't read a non-fiction work without my hi-liter in hand. If I can't hi-lite the structure, main points...
by giacolet
Mon May 24, 2010 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Frugal Prices on Boglehead Books
Replies: 11
Views: 2001

Frugal Prices on Boglehead Books

Many readers may not know that Amazon does not only sell new books and Kindle editions, they also support resale vendors who offer new and used books for less, even less than Amazon. Examples: The Little Book of Commonsense Investing. Amazon sells new @ $13.57. Resale vendors have 60 copies availabl...
by giacolet
Thu May 13, 2010 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Buying a home in TX. Seller won't give up mineral rights...
Replies: 30
Views: 9314

On the Florida gulf coast most of the off-shore petroleum rights are owned by the Trustees of the Internal Improvement Fund or are leased to oil companies. Waterfront property is sold subject to the state's ownership or the oil company lease. However, the oil and gas rights do not allow for a right ...
by giacolet
Tue May 11, 2010 10:16 am
Forum: Personal Finance (Not Investing)
Topic: 9K total closing costs on a 100K loan? Is that right???
Replies: 22
Views: 4979

TRC wrote: Title insurance - do you already have a title insurance policy from your first mortgage? If yes, you don't need to buy this a second time. This isn't quite the way it works. On the initial closing, the lender received a title policy for the amount of the loan and the buyer received an own...
by giacolet
Mon May 10, 2010 10:46 am
Forum: Personal Finance (Not Investing)
Topic: 9K total closing costs on a 100K loan? Is that right???
Replies: 22
Views: 4979

Business is slow. The Loan Officer needs the money.
by giacolet
Sat May 01, 2010 6:28 am
Forum: Personal Finance (Not Investing)
Topic: Who do you use for Emergency Road Service?
Replies: 22
Views: 3998

Loyal member of AAA since 1976. Need a jump every now and then. Once every couple of years I manage to lock my keys in the car.

No problem towing to my mechanic. Dependable and lots of service agents. Still, the wait can be an hour.
by giacolet
Fri Apr 16, 2010 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Can stay at home wife be on mortgage
Replies: 9
Views: 8216

The mortgage has nothing to do with financial responsibility to make payments. If she has financial responsibility the lender will require her to execute the Note. The Note is the promise to pay. If she does not sign the Mortgage the lender cannot foreclose on her. If she does sign the Mortgage the ...
by giacolet
Fri Apr 16, 2010 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Can stay at home wife be on mortgage
Replies: 9
Views: 8216

How was the loan underwritten? Was your wife's income used to qualify for the mortgage? If she is no longer employed she cannot have financial responsibility for the Note. Do you still qualify on your income alone? If she does not sign the Note she is not responsible for making payments. If she does...