Renting & Real Estate - November 2007

Yesterday's Wall Street Journal had an article about Fannie May and Freddie Mac experiencing vulnerability due to the mortgage/housing market. The article quoted an analyst as saying, "We are seeing unprecedented foreclosures and declines in home prices not seen since the Great Depression."

For those who are blessed with great equity in their homes and the ability to pay their mortgages, should they be selling their homes? Do very prominent real estate experts expect a major depression that would affect not only the housing market as well as jobs? If so, it seems the only way to somewhat insulate oneself from a housing disaster would be to own your home outright, have virtually no equity (thereby no financial loss), or sell and rent.

What about those of us who don't have subprime loans, can pay our mortgages (in a relative stable economy) and don't want to sell? What are some of the well-known financial advisers like Suze Orman and others like "Wall Street" saying?

2007-11-20 02:34:55 · 8 answers · asked by Bella 2

I am doing a project and I need to know how much it will cost monthly to lease a place to put in a business.... Thanks

2007-11-20 02:29:33 · 3 answers · asked by catie boo 1

I want to start my own house flipping business how would i do that any advice? I know you have to have a good credit. How much money would you need to start?

2007-11-20 02:27:24 · 11 answers · asked by Anonymous

is the housing and credit markets crisis just another form of terrorism or is it cannibalism, and why is the government not responding to the needs of the people effected by the crisis meaning the familys that are loosing there homes? Why does the government alow these so called Preditorial mortgage companys to abuse the human race. Is there a cure for the problem and if so WHAT IS IT?

2007-11-20 02:16:07 · 7 answers · asked by clue2 1

2007-11-20 01:54:25 · 5 answers · asked by ddddd75 1

I'm about a year and a half into my first mortgage and I noticed my payment has been lowered...

2007-11-20 01:39:56 · 2 answers · asked by Anonymous

Ok I signed a lease to rent a home, and the next day went to the home to measure for furniture. We got there and saw a lot of unsafe things happening anyway we figure we could find a much nicer area. So apparently any contract you sign you can legally back out in 3 working days. The manager of the company who takes care of rental homes is out of town, they are trying to reach her. Here is the thing we found another place and are ready to run a credit report, will the recent property show up on our credit report? Thanks

2007-11-20 01:24:38 · 6 answers · asked by 3P.C.O. 2

How does homeowner's insurance work? Is it part of your monthly mortgage or is it something you pay separately?

2007-11-20 00:53:06 · 13 answers · asked by ♥CarolinaMommy♥ 3

My house mate is breaking a shared lease with about 9 months more on it. The main concern of mine is that the room doors for the place that we live don't have locks.

She wants to bring in a stranger to take over her lease and i just don't feel safe without locks.

Is there a way for me to force her to pay the remaining portion of her lease term? Because non of the people i know wish to move in with me (not that i'm not a nice person :P, it's just that their all very settled).

I'm very worried because she leaves the country in a week for a holiday and i don't she will be returning to this place. She has also told me that if she can't find anyone to replace her, she will leave and she just dosn't care about the bond money.

From a legal standpoint, what can i do? I'm really afraid that i will get slapped for this and she will run away leaving me with all the bills.

Thanks so much for helping.

2007-11-20 00:47:19 · 4 answers · asked by XiaoRulez 2

2007-11-20 00:39:49 · 3 answers · asked by Anonymous

What are the Steps for someone to file a Deficiency Judgment on somenone, and how do they do it? is there a legal process? Gidelines. for instance in illinois.

2007-11-20 00:39:13 · 5 answers · asked by Anonymous

2007-11-20 00:33:22 · 5 answers · asked by Anonymous

This is my first time renting an apartment and I'm just curious, when they say 1 year lease, does that mean I actually have to pay for rent for a year? Or if anything comes up(I cant pay my rent for example), then it's my responsibility to find another person to rent it? Just wondering what would happen if I decide to move out or something along those alones happened and it hasn't been a year yet since I moved in.

2007-11-20 00:17:00 · 9 answers · asked by Paul Smith 1

2007-11-20 00:12:59 · 2 answers · asked by tokings 1

A friend who is a real estate investor (she's new to the game) in Oregon tells me that Oregon law prohibits the auctioning of houses. I cannot imagine a reason for this and I'm wondering if perhaps she's misinformed.

Are any of you aware of such a law? She said it's reasonably new.

2007-11-19 15:27:52 · 2 answers · asked by Chuck Z 2

I am buying an older home and looking for ways to rule out black mold. The roof was replaced last year and the ceiling freshly painted. The crawl space is not accessable at this time. If there is a new roof, new paint, and no signs of new mold than is there still concerns? The owners say it was a rental....so they can not say if there was ever any black mold. The property disclosure indicates "surface mold"... Is there a differance?

2007-11-19 14:12:29 · 6 answers · asked by ilovealaskainthesummer 1

I moved out of an apartment I had a cosigner with. She smoked marijuana 4 days out of the week with several friends. It was a horrible living situation so when a friend wanted to move in I was all about moving out! Well, at that time he wasn't going to be 18 for a couple months so he couldn't take over the lease but I was too desperate to care. Well, now (3 months after the lease ended) we are getting billed for this guy staying for an extra 3 days. What are my options legally? Do I have to pay for the result of my ex-roommates mistakes? I don't mind paying for my share of the damages but I believe I shouldn't have to pay for his mistakes since she wanted him to move in and she didn't care that he was on the lease either. This is in Michigan by the way.

2007-11-19 14:07:40 · 10 answers · asked by msumel1985 1

2007-11-19 13:57:29 · 7 answers · asked by tom j 1

My builder will pay my 5K or so closing costs if I use their mortgage company. Well, come to find out (6th months ago is why I got my first quote) the company is charging a pretty high interest rate.

Since they are paying my closing costs if I use them, could I refinance the house, let say in 6 months to a year, to another better company?

2007-11-19 13:10:38 · 4 answers · asked by sooners83 4

I live in Oklahoma (if that matters). Does anyone know what the average closing costs would be to refinance a 109K Mortgage? Can you finance the closing costs into the loan?

2007-11-19 13:07:58 · 2 answers · asked by sooners83 4

please email me

2007-11-19 13:05:39 · 5 answers · asked by Anonymous

$20K per year earnings
$9000 saved
799 FICO
No debt

2007-11-19 12:27:23 · 5 answers · asked by G M L 4

I am asking on behalf of a friend who has lived in his Seattle, WA apartment for 7 years. Last year he went to sign his next 1 year lease and the manager suggested he sign a 2 year lease so his rent couldn't be raised during that time. He did so and since then a new manager has taken over. There should be one year left on this two year lease, but today (Nov 19) he received a letter stating that he has to be out by the end of this month. This is in 11 days! The letter states that the length of the lease is invalid but doesn't say why. It gives him until the end of the month to be out so that they can renovate the unit. Can they do that? There has been no claim that the lease was broken by the tenant, simply that "it is invalid" and they want to renovate. Do they need to provide him more time, or money to move? He would like to stay, at least for the year remaining on his lease, but doesn't want to live in a hostile environment either. Anyone have any advice? Washington State

2007-11-19 12:18:23 · 11 answers · asked by Karla 2

On 10/1/07 I signed my lease and paid deposit of $875. At the time I signed my lease my landlord & I went over the issues and repairs that needed to be done. All repairs were to be completed by 10/12/07, my move in date. On 10/12/07 I paid a partial rent of $500 and got the keys. Upon entering the home, none of the repairs had been made and I discovered the the main water shut off valve was broken and water was not getting to the house. I went 2 1/2 weeks without running water, after many attempts to contact him. It was not until i threaten to call the City on him that he repaired the water valve. On 10/25/07 the valve was repaired and i then noticed and informed him that something was wrong with the hot water heater and i have no pipe work under my kitchen sink, so my kitchen sink does not work. As of 11/19/07, i still dont have any hot water and my kitchen sink is still not functional. I think he has started the eviction process because I refuse to pay him the full rent of 875

2007-11-19 12:04:45 · 9 answers · asked by cierra_elmo 2

I recently saw a flyer from a builder in northern virginia who was willing to sell your old home if you opted to purchase a new home. How does this work? Is there any catch to this?

2007-11-19 11:22:38 · 1 answers · asked by Cookie07 2

I am really interested in buying a 2 bedroom condo/townhouse in ca pennisula. The problem is 2 bedroom condos in my area are listing at about $350K. My credit score is 718. I have aprox $30k to put as a down payment. My monthly income is $4505 and I have practically no debt. (about $300 on my credit cards).
I realize that my monthly payment would end being about 50% of my income. I am planning on getting a roomate to help with monthly payments but am single and would be applying for a loan by myself. Is there a way to qualify for a loan without a cosigner/coborrower.

2007-11-19 11:10:57 · 6 answers · asked by bloody betty 2

2007-11-19 10:32:06 · 2 answers · asked by Anonymous

My lease started in November of 2006. October 12, 2007 my place became condemed when the state inspector came out and inspected my mobile home. He found numerous things wrong with the place, some that was a safety issue between life and death. There was faulty wire on the outside that was used and was only was supposed to be used inside and not underground. The vent to the dryer was left directory under the mobilehome, it had nowhere to go except under the home which was building up on the wires under the home. It also had lots of water damage and the place was sinking. I didn't know all of this moving in as a single mother, I just thought that people were suppose to do the right thing. He has refused to give back any deposits and I had to get out and nowhere to go. I was told by the inspector that the landlord put my life and my daughters life in danger intengenally. I wasn't expected to get out as fast as I did, and w didin't have nowhere to go, so I had to go to my moms, it has be

2007-11-19 10:03:32 · 3 answers · asked by Anonymous

How long does it usually take to get a response for a bid you made on a short sale home? Also, can you get seller to pay closing costs for a short sale home?

2007-11-19 09:56:17 · 4 answers · asked by Pookie 1

2007-11-19 09:34:38 · 4 answers · asked by Anonymous