I’m currently just over 1 year into a 3 year mortgage, I’m panicking as my job isn’t looking as secure as it did! what are the options with mortgages? is there such a thing as payment holidays for people made redundant? if there’s nothing anyone want a one bedroom flat? haha
I should have added that I’m staying in the UK! dunno if we’re different

Passive Income

I don’t buy the idea that we are in a financial crisis because people used their home equity to fund inappropriate spending. I think that people took out second mortgages to pay for their kids’ overpriced college education, to pay off credit card debt accumulated as a result of job losses or health problems, etc. Many of these people simply would have gone bankrupt if the run up in housing prices had not given them lots of paper equity.

In short, I think the middle class is being scapegoated. People I know aren’t trying to keep up with the Joneses, they’re just trying to survive in a poor jobs market brought on by globalization.

Please share your thoughts, not parroting what you hear in the media, but actually sharing stories from your own life or people you know. Thanks.

Sell and Rent Back

I own 50% of a one bedroom ground floor flat - the other half is owned by a housing association. I would like to to sell my half and buy a new home. Do i have to reapply for a mortgage like I did in the very beginning - what is the process.

p.s i was thinking of purchasing the other 50% and selling the flat as whole.

Real Estate Professionals

I am considering buying a quarter share in an Edinburgh (UK) flat. It has 3 bedrooms and I want to know if I can move into one and rent out the other two. This would help pay the mortgage and help me pay towards a bigger share in the property. I don’t know whether I should tell the housing association (who own the other 75%) about the tenants or should I just rent privately? Would they allow me to rent out rooms?

Quick House Sale

I am struggling financially and he earns earns twice as I do and clearly does not need my money. What shall I make of that? I would be more than happy to share all costs but paying 400 when he pays 150? Is that fair?

Rent Back

My partner and I have rented flats/houses for about 6 years now and have decided it is time to try and get onto the property ladder. We graduated 2 years ago, and after working for various temping jobs (whilst chasing the dream), have now spent about 6months in full-time permenant jobs. Our combined income is about £33000. I don’t really know much about mortgages - any advise ??
I forgot to say that we live in England

Rent Back

I have a tenant who is requesting 6% interest be included in her return of security deposit. She states that this is PA law. She only lived in the apartment for 1 year.
I looked it up on line, and found that this does not seem to be true, but I’m looking for clarification. This is what the site states:

Section 250.511b. Interest on escrow funds held more than two years
(a) Except as otherwise provided in this section, all funds over one hundred dollars ($100) deposited with a lessor to secure the execution of a rental agreement on residential property in accordance with section 511.18 and pursuant to any lease newly executed or reexecuted after the effective date of this act shall be deposited in an escrow account of an institution regulated by the Federal Reserve Board, the Federal Home Loan Bank Board, Comptroller of the Currency, or the Pennsylvania Department of Banking. When
any funds are deposited in any escrow account, interest-bearing or noninterest-bearing, the lessor shall thereupon notify in writing each of the tenants making any such deposit, giving the name and address of the banking institution in which such deposits are held, and the amount
of such deposits.

(b) Whenever any money is required to be deposited in an interest-bearing escrow savings account, in accordance with section 511.1, then the lessor shall be entitled to receive as administrative expenses, a sum equivalent to one per cent per annum upon the security money so deposited, which shall be in lieu of all other administrative and custodial expenses. The balance of the interest paid shall be the money of the tenant making the deposit and will be paid to said tenant annually upon the anniversary date of the commencement of his lease.
(c) The provisions of this section shall apply only after the second anniversary of the deposit of escrow funds.

I know it seems obvious, but am I interpreting this correctly? I want to be totally sure before I deny her this interest.

Thank you.

Rent Back

My grandmother has 8 acres of raw land (1.5 acres on frontage on one of the main streets in our city) that is paid for 100%. Her house is now on the land, but the zoning is going from residential to commercial, with strip malls, gas stations, apartment complexes and more. There are three lone holdout houses right next to one another. We have tried to sell the property a few times but the price is always too low because either the neighbor won’t sell, or someother mishap.
Since we carry no loan on the property, how can we develop it commercially and be able to get financing from a bank for doing so? Instead of selling it, we want to develop it into some sort of storefront, strip mall, or something. How can we secure the funding for this? I just heard in the same neighborhood that Starbucks pays $95,000 (and a profit %) per year for 20 years to the site owner - how can we score that?

Sell House Quick

Mt wife and I are separating, and I can’t afford to live where we stay now (apartment) , but I can afford to live somewhere else, I just don’t have the funds to actually move. The loan would be strictly for finalizing current utilities and start the process of moving (deposit, switching utilities, etc.). Note my credit is probably not great, but I have a secure job of 5 years and have a sufficient income. I greatly appreciate any advice. This is difficult enough as it is.
We are separating due to her admitting of adultery.

Rent Back Fast