HUD-approved agencies give homeowners help with repairs, credit issues
Q: I recently noticed that a reader asked what to do about his house that needed repairs, credit issues, etc. You may want to suggest that he check on hud.gov for the HUD-approved housing counseling agency in his area. A housing counselor could review and give recommendations on his credit as well as help him figure out what his goals and options are in regard to his housing situation. They generally provide these services at no cost.
-- B.G.
A: Thanks for a valuable reminder. You're not the only one who wrote in with that advice.
Failed to file
Q: I am trying to close on a home. However, because I failed to file in 2008 and 2009, I have to wait for the IRS to put my returns into its system. It's going to go beyond my closing date, and the listing agent is unwilling to give an extension. Is there anything I can do? I still want that house.
-- D.
A: I haven't seen your sales contract, so I don't know if the closing date listed is legally set in stone or only a target date. In any event, it would be the seller's decision, not the agent's, about an extension.
Take your documents to a lawyer for advice.
Getting out of it
Q: I have a mortgage in Florida with someone else paying it. It was a favor that is now going wrong. I bought it for them, but I think it's now worth much less.
Is there any way that I can get this out of my name and put it in their names? Or if I just sell it for whatever I can, how does this affect me if they still owe?
A: You don't say who actually owns the property, but it sounds as if you do. You may be able to transfer title to their names, along with the mortgage, assuming they now have good credit and enough income to qualify. Sometimes the lender will let them take over the mortgage, and you'd be free of any further obligation.
Otherwise, though, nobody else is going to buy the place unless the mortgage is paid off. I don't see how you could sell, unless you did some successful negotiating with the lender.
Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope). Or readers may contact her at www.askedith.com or edithlank@aol.com.
