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Avoiding Refinancing Fees
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DEAR BOB: I recently bought a home using a Federal Housing Administration rehabilitation loan. My question involves the private mortgage insurance required by my lender. I bought the house at a foreclosure sale. I know that PMI is supposed to be paid until there is 20 percent equity accumulated in the home, but in my case, I already have more than 20 percent equity. Yet my loan contract says I must pay PMI for the next 10 years. When can I stop making these extra payments? -- Dwight B.
DEAR DWIGHT: You have an FHA mortgage, but it is not a PMI mortgage.
The rules are different. Depending on the type of FHA mortgage, there may be mortgage insurance, which must be paid for a number of years. If you wish to get rid of the FHA insurance, consider refinancing with a non-FHA mortgage.
DEAR BOB: I have a buyer for my condo, but I do not have a real estate agent. How can I sell my property without an agent? -- George B.
DEAR GEORGE: You accomplished the hardest part of a residential sale, finding a buyer. After you have done that, you don't need a real estate agent to market your condo. But you do need a local real estate lawyer to prepare a written sales contract, which includes all the details of the sale, such as the price, down payment and financing. The closing can be handled either by that real estate lawyer or at a local title or escrow firm, depending on local custom.
DEAR BOB: My wife and I have been having marital problems for the past five years. We stay living together for the kids. About six months ago, she tricked me into signing a quitclaim deed for my half of the house. But she has not recorded it. Is there anything I can do to stop her from recording it? I thought there had to be two witnesses, and there were no witnesses to my signature. -- Jon R.
DEAR JON: The requirements to record a quitclaim deed vary by state. If you signed a quitclaim deed to your wife but there weren't any witness signatures or a notary public's acknowledgement stamp on the document, it probably is an unrecordable document.
Technically, that deed might be valid between you and your wife. But if it can't be recorded to give constructive notice, the document is virtually worthless. Also, if she really tricked you into signing, then the document would be unenforceable and voidable.
Readers with questions should write Robert J. Bruss at 251 Park Rd., Burlingame, Calif. 94010, or contact him via his Web page,http:/
Copyright 2007 Inman News Service
