Articles Written by:    BENNY L. KASS     

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Lender blames escrow shortage for $400 increase in monthly mortgage payment

A. I seriously doubt that your lender will allow you to cancel the escrow portion of your mortgage payment. Although lenders claim that the escrow requirement is to make sure that all taxes and insurance payments will be made, in my opinion, the real ...

From BENNY L. KASS, The Washington Post,  12 Mar 2010
Related Topics: Federal Housing Administration,  Fannie Mae,  Freddie Mac

Condo board has two options on delinquent fees

A: I have long maintained that associations should adopt a zero-tolerance policy on condominium fees. You have to look at your association bylaws; they will spell out how much notice must be provided to owners before any legal action can be taken. In ...

From BENNY L. KASS, The Washington Post,  26 Feb 2010

When a lender is restricted from calling a mortgage due

Q: My wife and I are getting divorced. I am prepared to give her the family home so our children will not be disrupted. Our mortgage lender will not relieve me of our joint obligation to make the monthly payments, but I hope that will not be a problem. ...

From BENNY L. KASS, The Washington Post,  12 Feb 2010

Housing Counsel: The right way to trade property with a Starker exchange

Say you own property in Rehoboth Beach, Del., which calls itself "our nation's summer capital." It has appreciated greatly over the years, but now you want to sell it. You have heard that you can defer any capital-gains taxes by doing a ...

From BENNY L. KASS, The Washington Post,  6 Feb 2010

The right way to trade property with a Starker exchange

How do you go about this? In a valid Starker exchange, you may swap investment properties only with other investment properties. You cannot exchange your principal residence or a home used primarily for vacation. So the question of whether you can ...

From BENNY L. KASS, The Washington Post,  6 Feb 2010

Tax exclusions offer big benefit to home sellers

"The more you earn, the less you keep, And now I lay me down to sleep. I pray the Lord my soul to take, if the tax collector hasn't got it before I wake." -- Ogden Nash Many home sellers made little profit or sold at a loss last year. But ...

From BENNY L. KASS, The Washington Post,  29 Jan 2010
Related Topics: Ogden Nash,  Internal Revenue Service

Homeowners have more than interest to consider at tax time

Interest rates gain the most attention from mortgage borrowers, but two other expenses, points and mortgage insurance premiums, are significant, as well. And both may come into play as you fill out your tax returns this year. When you shop for a ...

From BENNY L. KASS, The Washington Post,  23 Jan 2010
Related Topics: Federal Housing Administration

To the taxman, your house may not count as your home

The concept of "principal residence" is critical in our tax laws. To qualify for the first-time-home-buyer tax credit, the house you buy must be your principal residence. If you want to claim the exclusion of up to $500,000 in capital gains ($250,000 ...

From BENNY L. KASS, The Washington Post,  16 Jan 2010
Related Topics: Internal Revenue Service

This tax season, know the available deductions for homeowners

Search for new homes, condos, and other real estate in Washington, D.C., Maryland and Virginia. Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that ...

From BENNY L. KASS, The Washington Post,  9 Jan 2010
Related Topics: Internal Revenue Service

What the new year and new decade will hold for housing market

It seems clear that foreclosures will continue, though not at the same magnitude of the past two years. The housing market is rebounding, but a growing crisis is on the horizon for commercial properties. If landlords, big and small, lose their ...

From BENNY L. KASS, The Washington Post,  2 Jan 2010
Related Topics: Federal Reserve,  United States Department of the Treasury,  FICO,  Internal Revenue Service

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