Money Talk: Settle Home Ownership in Divorce Agreement

Question: Our daughter was divorced in 2012 from her husband of 20 years. He still lives in the house they shared and she lives elsewhere. He pays the mortgage. When she asks him to remove her name from the mortgage, he says she is harassing him. What are her legal options and steps to accomplish this? Answer: The couple’s divorce agreement should have addressed this issue. If he agreed to take sole responsibility for the mortgage,...

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Money Talk: Don’t Co-Sign for Son’s Car Loan

Question: Our son graduated from college last year and was recently hired as a permanent employee for a company he was contracted with for the past year. He wants to buy a new car but has limited credit history. He has a credit card he has had since starting college. He uses it lightly and pays the balance off every month. If we are asked to co-sign a loan, will paying for the car positively impact his credit scores? Answer: Yes, an...

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The Hot Spots for Home Improvement: Who’s Rebuilding?

After doing just enough to maintain their homes in the wake of the Great Recession, Americans are starting to ramp up spending on backyard decks, spa-like bathrooms and other vanity improvements. The amount people spend on home remodeling and repair is anticipated to hit $325 billion this year, a level that hasn’t been reached since 2007, according to the Harvard Joint Center for Housing Studies. Hanley Wood, a marketing services...

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Money Talk: How Installment Debt and Revolving Debt Differ

Question: I need to understand how credit reporting agencies treat personal unsecured loan debt versus credit card debt. I am considering getting a personal loan from a reputable lender to pay down my credit card debt. The amount of my overall debt will still be the same, just in a different category. How will my credit score be affected? Answer: What you need to understand is how credit scoring formulas treat installment debt (loans)...

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Reverse Mortgage Due When Borrowers Die

As more seniors turn to reverse mortgages, their adult children might be puzzled or concerned about what will happen to that debt when their parents die. Nearly all reverse mortgages are home equity conversion mortgages, or HECMs, which are insured by the Federal Housing Administration. HECMs are subject to some rules that might not apply to non-HECMs. The first thing adult children should know about HECMs is that these reverse...

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