“Hi Gary. My wife and I are way upside down on our home and behind on our payment. Our bank has suggested we apply for a loan modification. Do you think this is a good idea?” Answer: If you love your home and you’re not that far upside down and can make the lower payment,

“I don’t know what to do. We were supposed to close on a short sale this week, but I just found out the bank foreclosed on the home. We had a contract. How is this possible? I even called the sellers agent and they say they can’t help me. What should I do?” Answer: Many

“I’m going to be buying a home soon and I’m a member of the XXXXXX Credit Union. Should I go there to get my home loan or to my bank?” Answer: Credit unions are funny. Because they’re non-profit, you get some curious results… Occasionally, credit unions have slightly more favorable rates than other lenders. And

“I want to sell a house I own that’s currently tenant occupied. What rules do I need to follow on giving my tenant notice to move?” Answer: If the tenant has been in for under a year, you can give 30 days notice to vacate IN WRITING and correctly delivered. However, if they’ve been in

“I love your newsletter, thanks for sending it. A CNNMoney.com article said the smart way to buy foreclosures is to contact banks and get to know asset managers. I’ve tried without any luck. Am I wasting my time?” Answer: Yes. Except for tiny community banks, 99% of banks are huge institutions with set processes for

“My bank has contacted me about doing a loan modification. My home is worth about $350,000, but my loan is over $500,000. Do you think I should do it or just let the house go?” Answer: This is a tough call. The moral argument is that you agreed to the mortgage, so you should keep

“Hi Gary. We’re selling our home and my wife wants to use her friend, who just got her license and only works part-time as an agent. The friend even said she’d give us a break on the fee, but I know there’s way too much involved to use a rookie and I want to use

“Hello Gary. My wife and I see your name everywhere. Question- We’re looking for a home for our daughter. Do you recommend buying a home at a probate sale?” Answer: First, some info… A probate sale occurs when someone passes away without a living trust naming a willing, ready, and able party to handle the

“I’d like to buy a home, but have some credit issues. Do you know where I can find out how to improve my credit?” Answer: Here’s a tip from San Diego credit repair expert Derrick Evens of Perfect Credentials (858-571-0271, derrickevens@yahoo.com): Credit repair/improvement tip: PAY YOUR PARKING TICKETS Pay your Parking Tickets: The City of

“I’m behind on my payments and considering just letting my home go. Can you tell me why I should do a short sale?” Answer: There are several reasons a short sale is better for you than a foreclosure: 1. You often can stay in the home payment-free as long or longer 2. Significantly less credit