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Lewes, Delaware
Jim's Towing Service
March 11, 2005     Cape Gazette
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March 11, 2005
 

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40 - CAPE GAZETTE, Friday, March 11 - March 14, 2005 Lenders often help during times of financial stress HOUSE CALLS Edith Lank ty, anywhere from one day of ownership to 10 years and a day. Where can I get that? - D., via entail Dear D.: From your own ac- countant. I'm not quite sure what a pipeline of properties is, but if you're going to be a real estate in- vestor, yott need your own lawyer, CPA and real estate broker on board before you even start buy- ing. When it comes to books, the best one I know is "The Real Es- tate Investor's Tax Guide" by Vern Hoven (Dearborn Publish- ing). Getting a divorce Dear Edith: My wife and I arc getting a divorce. Our house and Dear Edith: Last month, I wrote you regarding how I was currently looking for work, and whether or not in your experience you were aware of banks helping borrowers to work out payment plans. You advised me to talk to the lender about forbearance, re- casting and workouts. Well, I contacted my lenders, and they were very willing to work with us. They are deferring payments on an auto loan and al- lowing us to pay interest only on our mortgage and forego the es- crow for taxes, which will need to be caught up. At this time, it is for the next two months. The bank was understanding of the situa- tion, and they were glad we brought it to their attention before we got into an arrears or missed payments situation. As you said, it never hurts to ask, and be up- front with the lender. Thank you for your advice. - via email Answer: Glad to hear things are working out. Of course lenders are more open to such arrange- ments with someone who looks like a good risk, as shown by prompt payments in the past. Pipeline of properties Dear Edith: I'm creating a pipeline of properties. I want in- formation on capital gains/losses taxes from the sale of real proper- mortgage are in both names. She will keep the house. I am sup- posed to get half the equity. How is that calculated? How do I get my name removed from the mort- gage? Any other tips or things I should watch for? I know I'll need to get a lawyer involved eventually, but I'm trying to learn in advance. - via email Answer: Sometimes in a di- vorce, each party pays for a sim- ple appraisal of market value. You don't need a complicated de- tailed report. Then they average the two esti- mates and use that to determine the equity, which is, of course, probable sale price minus the amount owed on your mortgage, other liens and any unpaid proper- ty taxes. Even after signing over owner- ship, you'd still be responsible for the debt. To be relieved, you'd need the cooperation of the lender. Sometimes they'll do that if payments have been made on time and your wife can prove she's fi- nancially capable of carrying the payments on her own. If she isn't, she'd better think twice about keeping the place; you could both end up in trouble. Father bought the house Dear Ms. Lank: Years ago, my good way for him to transfer the house and the remaining mort- gage to me without lots of tax.dis- advantages, -R.S., Macedon, N. Y Dear R.S.: I see no problem with your father transferring the house to your name. The existing mortgage might need to be paid off, though if it's an FHA of VA, it should be assumable. Ask the lender in any event, you have nothing to lose. I don't see what tax disadvan- tages that accountant is talking about. Your father-might have to file a gift tax return, but no actual tax would be due. Talk with a lawyer about this; you'll want an attorney's help vith the transfer paperwork any- how. Tenants have a lease Dear Ms. Lank: Say someone is selling a rental property, and a potential buyer is possibly look- ing to purchase the property to live in but the current occupants have six months left on their lease with the seller. Would the new owner of that property have to honor the previ- ous lease agreement? - via email Answer: Yes. As the lawyers put it, a lease survives the sale. It's just as binding on the next owners. Editor's note: Edith Lank is a past director of the National Asso- ciation of Real Estate Editors and the Real Estate Educators Associ- ation. She will personally re- spond to any questions sent to her at 240 Hemingway Dr., Rochester, N. Y 14620. Include a stamped re- turn envelope. She also accepts email at ehlank@aol.com. CIVIL, CRIMINAL LAW & ZONING Accidents & Personal Injury Home Owners Associations Misdemeanor & Felony Offenses Zoning & Variances Corporate & Business Law DUI & Traffic Offenses Wills & Estates Commercial Litigation 120 South Bedford Street 420 Rehoboth Ave. Georgetown, DE 19947 Rehoboth Beach, DE 19971 8 5 5- 012 0 By Appointment Listing of areas of practice does not represent specialization in those areas. Wino l[',lt|nalt o ..... a- & .,2"| O a father bought a house for me to n,. ,,.,,o.-.. 8 ,.XllO 00let April o-y live in and hopefully someday Route 24 The Bellmoor Inn will host its third annual Wine Expo and Benefit own. R.D. 11 Box 83 Weekend Friday and Saturday, April 8-9. The wine tasting is from 1-4 The house is in his name only. p.m., Saturday, April 9. Arranged and managed by Teller Wines, the From day one, I have made every Long Neck, DE 19966 : (Nut to Nantlcoke Crouing Shopping Center) expo features tastings of more than 125 wines in a variety of price house payment' Ive now paid the (302) 945-5100 ranges from around the world, live music and gourmet cuisine from six house down, so there is less than of the area's finest restaurants. "All wines purchased at the expo will be $70,000 owing. (800) 321-591 4 discounted 20 percent. All profits and proceeds from ticket sales and a I d like to have the house in my S/MI. silent auction will benefit the American Cancer Society and Rehoboth name, and so would he. I do qual- ! lIES lq"ll BeachMainStreet. ForinformationaboutTheBellmoorlnn, visitthe ifyforfinancingnow, butmyfa- - website www.thebellmoor.com, ther s accountant says there is no L,ke new Wilhamson .thBAboYnSsHOrooRE, S L Like new townhouse in Bay Shores off GREAT PROPERTIES FOR SALE morning room and upgraded master bath. THE LEARY/CUNNINGHAM TEAM "YOUR MORTGAGE SOLUTION PROVIDERS" Split BR floor plan. Private backyard. Walk to the pool. $369,000. MLS#520554 FAIRFIELD AT LONG NECK New unit for sale, priced to sell. 3 BR, 2 1/2 BA, vacant. Buy now so you are in by late spring! $224,900. Call Mike. MLS#520571 Long Neck Rd. Lots of upgrades. This unit includes a loft above the dining room. Priced to sell. $254,900. MLS#517134 POT NETS SEASIDE Waterfront home. Must see. Price includes sail boat & paddle boat. Being sold furnished. Attached garage suitable for golf rt. $168,000. MLS#519559 NEW LISTINGS RESTRICTED ACREAGE FOR SALE 7-9 acre wooded parcels between Millsboro & Laurel. Priced from $149,900 Wooded & Cleared. Restricted acres close to Georgetown & Long Neck lots, 10-21 acres. Priced from $259,000 2- 1.25 acre parcels. Indian Town Farms.