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Posts Tagged ‘property’

How long does an insurance adjuster have to pay insured for there damaged personal property?

19 May

I had a house fire, and filed a claim for structure and personal property. It has been one month sense adjuster has received my personal property info, and yet no check. Just a bunch of lies that the check is in the mail or supervisor needs to sign off. I was under the assumption Insurance companies had 14 days after agreed settlement to pay. Is this correct? I live in California.

 
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Family property investment???

08 May

All takers welcomed on this one – My mother owns her home in South Mass. and it is worth about 300K (roughly). She owes about 60K on her existing loan. She plans on leaving it to my brother and I in the future but is having some problems making the payments now. Here is my question: How can my brother and I best serve her (and ourselves) finiacially in this situation? The three of us have talked about having my brother and I purchase the home from her on a 30 year loan, title it in our names (the brothers) and then make the payments for her. She would live in the home without a payment and we, the boys , would be making payments on a property that we own and would eventually sell. I am unsure of how we would generate a mortgage loan based on the fact that my mother wants to sell us the home for 0 and we (the brothers) want to minimize our monthly costs while allowing mom to live without a payment. Thanks in advance!!

 
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I signed a year lease beginning in March ‘09 and landlord is selling property via short sale. What should I do?

04 May

I found out from the first broker here in Florida handling the property that owner hasn’t paid mortgage since Oct. 08, among many other shady things. The manager (friend of owner) of the property is who introduced us to the property/signed/witnessed the lease. Since moving in we loved the place however we never received a gate code nor did we receive pool passes and were given excuses. Come to find out the HOA, according to the broker, is suing him for back payments…the owner claims to have less than $50 in bank account in the notes obtained by the broker from the lender???And the owner is back and forth out of the country and the manager up and left on contract work in another state.
My gf and I are full time professionals/students and do not have the time to simply up and move out on a moment’s notice. The manager contacted me in April, not even 6 weeks after moving in mind you, stating she was out of town and needed me to fax a copy of the lease to the owner b/c he was away and needed it for accounting purposes. They didn’t have the balls to tell me then in April that I had in fact faxed the lease to the broker who initially told me all these facts in order to start the selling process. We work and go to school and do not have the time to move until August. We Pre-paid 5 months’ rent upfront and paid a security deposit for the last month’s rent in order to receive a “free” month.

Basically I see it as the owner has my money or spent my money, hasn’t made a mortgage payment, is in trouble with HOA and is acting as if I should cooperate completely to sell the property…strangers in my house, constantly keeping the place up 100%, making arrangements for our dog to be elsewhere during showings, and not knowing what the future holds.
What burns me up the most is that I feel the owner and manager knew their intentions from the beginning and should have said they wish to go on a month to month basis due to the fact that the owner may sell the property at any time…at which point I would have said no thank you and walked away.
I signed a year lease, negotiating 5 months’ rent + security deposit upfront with monthly rent payments to begin in August. If the place sells, I don’t want to pay for moving expenses…I’ve only been here 2 months. I don’t want to sign another year lease from the date of sale here or elsewhere…it will keep me here longer than expected. I don’t want to sign a six month lease elsewhere b/c it cost more monthly.
The broker I originally spoke with stated he is unhappy with all the facts that he has in front of him and does not wish to do business with the owner. Broker stated he will only do business with the owner after he has a signed paper stating that I am happy with an agreement b/w the owner and I. The broker then stated the owner signed a contract with the broker’s agency and cannot do anything with the property for a year???(Is that true?)
I was just contacted yesterday by another broker from another agency wishing to put a lockbox on my door, take pictures and schedule showing dates…haven’t called back yet…don’t know what to say.
I have contacted and am waiting to hear from an attorney but I don’t think I could afford nor have the time for that and is it really worth it? I would love to have some leverage so when I am ready to leave I can negotiate financially, being compensated for the severe inconvenience/moving expenses and receive our deposit back without thinking this guy would try and take me to court for breaking a lease….OR do I have nothing to worry about in the state of Florida and the new owner HAS to uphold the lease OR if the property goes into foreclosure WILL the bank uphold the lease? I don’t want to start paying this grease ball monthly rent in August if it’s going directly into his pocket and has been a pain since day 1.

-Confused and Frustrated

 
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What happens if i cant afford to pay my property taxes?

01 May

I owe about 12,000 on property taxes since 2006 and my lender has notified me that they have be paid by them. Now they want me to pay the balance or they we divide in my mortgage payment. I am current on payments but this will create a problem in future payments. I have asked them to add to my loan balance so i could afford to re-pay and they said no. Is there other options, or should i take no for answer and loose my home.

 
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We want to move but owe a current mortgage balance for a property that is not selling…are we stuck?

05 Apr

We have already begun a new home search and think we have found some viable options. However, there may be one hinderence to our future plans. We have no down payment money and currently own a condo that has an outstanding balance of $72 thousand with a market value of $85 thousand if lucky. We are desperate to get out because the building is turning for the worse, primarily because of a shift property management. This is no longer a place that we want to live and that feeling is shared by my most other property owners. There is more than 20 units for sale in the building I live and they are simply not selling. Are we stuck? Is there a way for us to free ourselves of this current situation that would still allow for us to move into a better suited property? Any professional expertise or similiarily survived scenarios are greatly appreciated and thank you in advance!

 
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Can we apply payments made to property mgt., for yard work that was not done, toward future rent?

31 Mar

We are still paying for yard service along with our monthly rent but, at least now we there is someone dong the work. Can landlords collect for services that are not rendered?
Actually the landlord signed a contract with a maintenance company and we pay for the service to the Prop. Mgmt. We paid for 3 months of service before the landlord hired a yard service. We would like to apply those 3 months of payments we made for yard service toward our rent.

 
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Sell or rent my property?

29 Mar

I purchased a 2 bdrm/2bath in late 2005 in DC. I put 10% down on the property and currently paying interest only on a 7 year ARM. Everyone knows the market is in a free fall and I will probably lose money if I sell right now. I have a 2 yr. old with another child on the way this year and the place is getting too small. My wife and I want to move to a bigger place. Should I continue paying interest only payments on a place that is losing money or wait out the real estate strorm and rent the unit? I will rent a bigger place for myself and family however, risk paying rent and mortgage if I have issues with a future tenant.
My ARM is fixed for 7 years. So my rate is locked until 2012.

 
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Can I write off an inherited IRA disbursement that is used for downpayment and upgrades to an invest. property?

18 Mar

Can I write off an inherited IRA disbursement that is used for a downpayment and upgrades to an investment property?

 
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