A renter asks about an owner-occupied requirement with regard to mortgage refinancing. The renter says his landlord has refinanced the property twice, each time claiming he lives there. The renter wonders if the landlord breaks the law by claiming the property is owner-occupied during a mortgage refinance. Ilyce asks how the renter knows how the landlord refinanced the property and explains that circumstances may change after the mortgage refinance occurs and that lenders don’t have time to follow up. 

A Think Glink reader asks about offering owner financing on a home he’s selling. He wants to know what’s involved in owner financing and who to involve in the transaction. Ilyce discusses how to assess whether a potential home buyer will make the home mortgage payments and what to do if the buyer later stops making payments. When a seller sells a home with owner financing it’s as if the seller becomes a mortgage lender or bank. That means the seller may have to be willing to foreclose in an owner financing situation. Learn more about owner financing in this Think Glink column. 

Buying real estate during the economic crisis has become more difficult. Ilyce describes the current economic crisis, including the drop in retirement savings and a rise in the unemployment rate. Ilyce explains how these factors affect the real estate market and home buyers. In this economic crisis, mortgage lenders have tightened lending requirements making it more challenging to obtain a home loan. But if you’re in a stable situation with a good credit score you may still be able to refinance your mortgage loan. You can also learn about a new Money Management International program for home buyers in this Think Glink column. 

A Think Glink reader asks about adding her daughter’s name to the deed of her home since the daughter has started to make mortgage payments for her parents. Ilyce discusses the implications of the daughter assuming the mortgage and how to protect both the parents and the daughter in the transaction. Ilyce mentions that there have been incidents where the children assuming the mortgage have evicted their parents. Another option is to add the daughter’s name to the house deed in addition to the names of the parents. 

A contractor writes that a mortgage company owes him payment for work on a fire-damaged home. The contractor nearly finished the work and then the mortgage company foreclosed on the home and halted payment to the contractor. What can the contractor do to get his money? Sam and Ilyce advise filing a mechanic’s lien against the property. 

A Think Glink reader writes that her father bought some property in Missouri and changed the ownership from joint tenants with right of survivorship to tenancy in common. The father later signed a quit claim deed giving his interest in the property to his daughter. What does tenancy in common mean for property ownership? Is the property ownership divided equally so everyone gets the same amount of land? Sam and Ilyce advise that state laws and how the father changed the joint tenancy will determine the answer to the property ownership. 

A ThinkGlink reader asks about splitting up the investment in a condo after it’s sold. Two friends contributed to the condo’s down payment but only one of their names is on the mortgage. How much of the proceeds are each of them entitled to after the sale? Can the friend who’s not responsible for the mortgage claim a significant amount of the sale proceeds? Sam and Ilyce advise contacting a real estate attorney to determine who gets what and to set up a partnership agreement the next time someone buys property with a friend. 

A ThinkGlink reader living in a community property state asks about removing a co-owner from a mortgage and property’s deed. The co-owner has not contributed to the maintenance or mortgage of the property. One option is to have the co-owner sign a quit claim deed. Sam and Ilyce advise trying to amicably separate first and if that does not work the property owners should contact a real estate attorney.  

A ThinkGlink reader worries about her real estate agent changing her approach to selling a home. The reader says the real estate agent first said the home “shows well” and is now asking her to declutter her house. Ilyce says the housing market likely changes the approach the real estate agent takes. She says a good agent may change tactics, such as including staging, as housing market conditions shift.  

A ThinkGlink reader writes that her mother wants to sell her house. The house deed has three names on it: the mother, the son and the daughter. The son won’t give up his interest in his mother’s property to enable the sale. The reader asks what legal recourse her mother has to remove the name of the son. Ilyce says the mother’s options are limited and this is a case that shows why parents should think carefully before executing a quit claim deed. The mother may have to share the proceeds of the home sale with her son.