Real Estate Q&a

By Lank, Edith | The Washington Times (Washington, DC), February 23, 1996 | Go to article overview

Real Estate Q&a


Lank, Edith, The Washington Times (Washington, DC)


FACING FINANCIAL TROUBLE

Dear Edith: In 11 years I have never missed a payment on my mortgage. (I have been late about three times by only a week or two.)

Now I have very little income because of a job loss. Although I am actively seeking employment, prospects are slim in the near future.

In the meantime, would it be feasible to contact my mortgage company and arrange to make partial payments on my mortgage? A friend's financial consultant told me this would alert the mortgage company that I am a poor risk. The alternative is to wait until I have exhausted my savings and then contact the mortgage company.

- N.D.

Don't wait that long.

By all means call the mortgage company. As long as you're making payments, it can't take any steps against you, so such contact won't hurt. In fact, you'll look better than if you wait till the last minute.

Occasionally the mortgage company can arrange something - recasting your mortgage to lengthen the time remaining, for example, thus reducing monthly payments. If yours is a Federal Housing Administration mortgage, you may qualify for substantial help from the Department of Housing and Urban Development.

Sometimes the mortgage company doesn't have anything to suggest. But lenders don't want to foreclose if they can help it. Letting them know you're facing trouble does you much more good than just ignoring the problem.

CAN'T DEDUCT INTEREST

Dear Edith: I have a reverse mortgage. The savings-and-loan gave me the money three years ago, but it never furnished me with an annual statement similar to the one it gave when I had my regular mortgage with it (now paid off).

I want to deduct the interest on my income taxes. I called the Internal Revenue Service, and it said I could, but how do I find out what the interest is?

- I.K.

Someone at the IRS told you wrong. Although interest piles up on your reverse-mortgage debt, you can't deduct it on your income tax because you're not paying it. It won't be deductible until the house eventually is sold and the debt paid off.

Nevertheless, I certainly wish the lender would send you an annual statement. Keep calling until you get one.

FOUNDATION PROBLEMS

Dear Edith: I live in a home that has foundation problems. It supposedly was fixed six years ago, but it's worse than ever. Doors that won't open, cracks in the drywall, etc. I plan to sell the house in six to eight years.

I would like to get the foundation done again - right, by a different company. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Real Estate Q&a
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.