Legal Articles

How Does Escrow Work?



When someone is going through the home loan process, homebuyers typically ask many questions, and one of the most common questions is regarding an escrow account. What is it? What is the process, and who can have one? In this article, we will go in-depth and discuss the question how does escrow work?  What is […]

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What is a Credit Freeze?



Are you concerned about freezing your credit or even identity theft? Some consumers have chosen to make that decision for their safety because many people have fallen victim to identity theft due to data breaches. So, in this article, we will answer the question what is a credit freeze, as well as discuss the benefits […]

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Five Tips To Help You Write An Effective Hardship Letter



There are many homeowners in the United States who are struggling to make their mortgage payments. One option available to people is a government program that offers borrowers the opportunity to modify their current mortgages to reduce their interest rates and, in some cases, forgive part of the outstanding principal balance. Another option is to […]

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Mortgage Law: Judicial vs. Non-Judicial Foreclosure



Foreclosure is one of the most frightening and stressful experiences you can go through as a homeowner. If you fall behind on your mortgage payments then your lender may have the right to foreclose on your home. However, the process for foreclosure differs substantially depending on which state you live in. While some states have […]

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3 Common Misconceptions People Have About Mortgage Law



Even though most people who own a home financed it through a bank, credit union or mortgage lender, few people really understand how mortgage law works. After reading this article, you will not fall prey to any of the three common misconceptions that people have about mortgages. “I pay my mortgage each month” If you […]

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Know These 3 Things Before Agreeing To A Lease Takeover



There are many reasons why a business or an individual might need to find someone to agree to a lease takeover. If you rent an apartment, the once-in-a-lifetime job opportunity across the country might not allow you to wait until your lease expires to move. As a business owner, the commercial space on which you […]

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Two Important Differences Between A Mortgage and Deed of Trust



Whether you are borrowing money from a friend, bank or mortgage lender, you might be required to pledge your home as security. Depending upon the laws in the state in which the transaction is taking place, you will be required to sign a promissory note and either a mortgage or deed of trust. A promissory […]

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Can a Mortgage Company Add an Escrow Account to My Mortgage Without My Consent?



If you're like most American homeowners, your mortgage is the single largest obligation that you'll ever carry. Unless you purchase a private plane or yacht, it's unlikely that you'll ever own something as expensive as a piece of residential property. Of course, you could own a more expensive home after choosing to expand into a […]

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Can I Legally Quitclaim Deed My Home to Another Person While I’m Still Paying Off My Mortgage?



Quitclaim deeds are among the most misunderstood legal tools in existence. In essence, quitclaim deeds permit property owners to sign the "rights and interests" in the property over to a "grantee." This grantee receives all of the benefits of property ownership without some of the financial drawbacks. However, a quitclaim deed may not hold up […]

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How Can I Find Out If My Landlord Has Been Paying the Mortgage On My House?



For individual homeowners, the foreclosure process can be jarring and traumatic. Once the bank seizes an owner-occupied property and puts it up for auction, its owner must move out and find another place to live. In most cases, this is extremely disruptive for everyone who lives in the house. For renters, the foreclosure process can […]

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Do I Have to Itemize Deductions to Deduct Mortgage Interest on a House?



As a new homeowner, you've probably already heard about the Mortgage Interest Tax Deduction. One of the IRS's most popular and lucrative tax deductions, the Mortgage Interest Tax Deduction allows certain homeowners to deduct the interest that they pay on their mortgages from their "top-line" tax calculations. In other words, the deduction permits them to […]

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How Do I Mortgage Multiple Properties?



Although it's possible to invest in more than one property at a time, it's difficult to do so without an ample income or signed lease contracts. During the mid-2000s, most mortgage lenders relaxed their lending standards and issued inexpensive mortgages to low-income workers. As the economy soured, many of these low-income folks became unable to […]

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How Do I Calculate My State Income Tax Refund in Colorado?



Regardless of where you live, filing income taxes can be tricky. In addition to the federal return that virtually every American worker must file, you'll probably be responsible for filing a tax return in your home state as well. There are only seven states that don't currently impose income taxes on their citizens. These are […]

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Can I Deduct Mortgage Interest on a Home Outside of the U.S.?



The Mortgage Interest Tax Deduction permits qualifying U.S. taxpayers to claim a large share of the interest that they pay to their mortgage lenders as a taxable-income deduction. Although this deduction costs the IRS billions of dollars each year and contributes to the widening U.S. budget deficit, it also permits thousands of first-time home buyers […]

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What Happens When You Marry Someone with Extensive Student Loan Debt?



For the past several decades, the cost of attending college in the United States has risen relentlessly. Even more worryingly, workplace demand for holders of four-year degrees and graduate-level certifications has grown at a rapid rate as well. Most employers now require their skilled workers to have some form of post-secondary educational credentials. High school […]

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What Percentage of Mortgage Interest and Property Tax Can I Deduct on My Tax Return?



Although the cost of home ownership has fallen considerably in recent years, it remains quite high by historical standards. However, rents remain even higher and show no signs of falling in the near future. As such, more and more Americans are choosing to purchase affordable starter homes near their places of employment. Many of these […]

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How Is Mortgage Interest Calculated for Your 1098 Statement?



If you own your own home and prepare your own taxes, you're probably aware of the existence of the Mortgage Interest Tax Deduction. As one of the most popular tax deductions, the Mortgage Interest Tax Deduction has provided millions of cash-strapped homeowners with a path towards financial solvency. Many mortgage lenders rely on the continued […]

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If I Have an Investment Property That Will Go into Foreclosure, Can the Bank Take My Primary Residence?



Although the foreclosure crisis that swept the nation during the late 2000s has begun to abate, millions of homeowners remain unable to afford the payments on their mortgages. These hard-working individuals must either refinance their home loans or accept the possibility that their lenders will initiate foreclosure proceedings against them. Since there are currently hundreds […]

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Do I Have to Pay the Mortgage While My Wife and I Are Separated?



Unless you purchase a business, boat or other big-ticket item during the course of your life, your mortgage will be the largest discrete obligation for which you're likely to be responsible. As such, it's important that you treat it with the respect that it deserves. Failure to make your mortgage payments in a timely fashion […]

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What Happens to Your Home Mortgage When You Die?



Since most people purchase their homes when they're in their 20s and 30s, it should be no surprise that the majority of mortgage holders are relatively young and healthy. After all, most mortgages are designed to be paid off within 15 to 30 years of their issuance. Nevertheless, each passing year sees many thousands of […]

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