Closing protection coverage not a scam, protects homeowners against fraud

A: At least one state now requires that you be offered it along with your title insurance. It's not a scam.

His Mortgage, Her House

Q: My wife is buying a house, but she doesn't work, so she cannot get a mortgage. I do work, so we are thinking about getting a home loan on my name, but we want her name on the title only. Can I grant the deed to her and remove my name after the closing? - G.

A: Most mortgages these days can be called in when there's a change in title. Exceptions are usually made in cases of divorce or family inheritance.

If your wife doesn't work, how does she plan to make the payments? Is it with anything that might be offered as proof she could qualify after all? Or might you co-sign? Will she live there, or is this rental or vacation property? All of that might make a difference.

Mortgage brokers have expertise in bringing borrowers and lenders together. Consult a couple of them in the area where the property is located.

How to make Offer on dream Cottage?

Q: I'm in love with a lake property that is priced at $565,000. It's been on the market for almost four years. It was originally listed for $1 million. This is a true cottage built in 1914 on 1.2 acres. It has tons of romance, but it has been neglected for 60 years. It is owned by three elderly siblings. One recently died and left his share of the cottage to his five grown grandchildren. The property is assessed for $424,000. There have been lowball offers, but they didn't stick.

How do we go about making an offer that doesn't offend? Especially now that we have to please seven people instead of three? - Email

A: After four years, it's clear the property isn't worth what they're asking. Your best bet at this point is to hire the most experienced agent in town to act as your broker, someone who will put your interests first and advise you on handling negotiations. You need skilled professional help from someone who knows the local situation well.

Enlist a lawyer also, because there'll be plenty of legal documents involved before you're done.

And be prepared, if the condition is as you say, for possible complications in placing a mortgage.

Edith Lank will respond personally to any question sent to www.askedith.com.