Michele K McNeill's Answers

How much earnest money is typical when buying a house?

You should check with a real estate agent in your area as they will know best what is standard for the type of property you are seeking to purchase. The deposit is designed to protect the seller in the event of a breach by the buyer, so the seller will have some say over the deposit amount (i.e., you can offer a $2,500 deposit and the seller could counter with something higher). Typically the deposit will not exceed 5% of the purchase price since by law the seller cannot keep more than this...

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Do I need a real estate attorney? Am I being correctly sued?

An experienced foreclosure and debtor/creditor attorney can help you settle out this debt. You can try and do it on your own, but unless you have been negotiating with Wells Fargo and their legal counsel for at least a year, you take a huge risk of having a judgment entered against you. Once a judgment is entered, WF can garnish your wages, have a lien against other real estate you own, and execute against other personal assets. Naming a John Doe spouse is common to reach community property...

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Neighbor's dead trees falling on our property

In general, a land owner is not responsible for damage caused by a tree falling on a neighbor's property. The injured party is expected to have insurance to cover this type of risk. The exception is if the neighbor is notified of the danger that a particular tree or trees pose to adjoining properties. When it comes time to develop the property, consider sending a certified letter to your neighbor explaining your intent to develop your land and demand that he remove the trees that...

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Mortgage debt forgiveness act and ordering rule

Take a look at IRS Form 982. It provides the formula for figuring out how much of the diischarge debt is subject to taxation. Basically, you take the amount dishcarged and subtract the amount of disqualified debt to arrive at the amount that is excluded from taxation. For example, if $150,000 of the loan debt is discharged and there is $50,000 of nonqualified debt, then only $100,000 of the discharged debt is excluded from taxation. For more on what is considered nonqualified debt see IRS...

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Am I responsible for the investigation fes to locate the cause of water drips to the common area (our condo garage water pipe)?

If the pressure valve is located inside the wall (common area) then the Association in most cases is responsible for the expenses related to the repair. If the valve is inside the unit, then the unit owner is typically responsible regardless of how many units use the common pipes. The Declaration and/or Association Bylaws should discuss repairs as they relate to common areas and have a definition for what is a "common" area versus a "unit", so it is always good to review these documents....

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Foreclosure for property in WA that is seller financed and not owner-occupied

If you are referring to Washington's Foreclosure Fairness Act, it only applies to owner-occupied properties, but all foreclosures must follow specific notice procedures regardless of the whether the property is owner-occupied. If the property is upside down your lender could foreclose judicially by filing a lawsuit against you for breach of the Note. If this happens, consult with a foreclosure attorney right away. If the lender decides to foreclose non-judicially (using a Trustee to sell the...

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Working fulltime without benefits

If an employee is hired PT for a set number of hours and exceeds those hours without authorization from the employer, they may not be eligible for FT status. Also, even if you are eligible for FT status going back 2 years, you may have waited too long to get back benefits (the laches defense). But, if the employer required the additional hours and you fit the definition of a FT employee per the handbook because of it, then you could have a valid breach of contract claim. Because your...

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Who can place a credit bid at auction? Only the Original Lender, right?

Typically it is the lender that is foreclosing on the property that purchases the property at auction with a "credit bid" when no other buyer is willing to pay the opening bid price. The idea is that since the lender is the one who is owed the money, they do not have to make a cash bid, but rather can bid up to the full amount that is owed on the note plus interest, attorney's fees and foreclosure costs. This is a legal method for the lender to take title to the collateral where no one else...

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I lost in an unlawful detainer, if I give my Landlord a partial payment can they still have the Sheriff physically remove?

Most landlords will not take a partial payment once a Writ has been issued out of fear that it will reinstate your lease. If the lease is reinstated, they have to cancel the Writ and then if you fail to move out as agreed they have to start the unlawful detainer process all over again. Since you have already failed to move out once (thus the need to evict you), your landlord has no reason to believe that you will move out at a later date regardless of what you offer them. Tenants should...

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1. Can I get a home loan approval after doing a short sale on current property? 2. Extenuating Cirmcumstances?

According to the FICO Banking Analytics Blog, the average drop is between 105 - 125 points if you settle out the deficiency debts during the short sale (i.e., the lender waives the right to pursue the balance of the note following the sale). The average time it takes to recover the reduction in points is 7 years. Also, Fannie Mae and Freddie Mac will typically not back a new mortgage until 2 years after a short sale. Since most mortgages are insured by FM or FM, you should anticipate waiting...

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