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

I started out with a terrible credit score, but in the past month I have paid all my debts off with the exceptions of my school loans which are deferred because I am pursuing another degree. I have put out nearly $3000 to pay off all the medical bills and an old credit card that was listed on my report. There are quite a few “charge off’s” listed on the report and a couple of entries for companies that no longer exist to determine what the balance was for……GRRR (I don’t know what they are) I am currently in good standings with my car payment.

I really want to apply for a pre-approval for a mortgage, but I am unsure if paying all of this debt off will have affected my scores any. I would like to apply for that mortgage in February or March, so I am applying for a secured credit card that is willing to report to a credit agency that I stay in good standings. I really do not wish to renew my lease at my current apartment come May and I am hoping to find a mortgage for a house in the low 90’s, but I really fear not being pre-approved and getting stuck having to sign again for another year in an unsafe neighborhood.

Can anyone help me with this dilemma. This is trying and stressful to say the least. Thanks for not sending rude answers or things that make no sense. I appreciate all of you out there that answer with the intentions of really helping someone in need. Thank you all!

Sell House Quick

I am a 27 year old man, and throughout my life my father told me one thing and one thing only. “whatever you do, Do Not Go into debt.”
Well, this was one fine and good life lesson, I thought. But upon second glance now, it may not have been.
My current situation is that my wife and I have lived on our own in an apartment for about 10 months now, and we know the next logical step to start a family and become more secure is to own a home. Well, without a down payment for this, we looked into alternate methods of owning a home and land. This is where my main issue came from. Turns out through always paying for all I get without much obligation and sticking to the advice given to me, I have no lines of credit. I have a washer and a dryer payed off like 7 years ago under my name, but besides that, I have nothing.
After consulting someone who knows credit fairly well they suggested going to a credit union and borrowing a small loan and after several times paying these off it should rise significantly.
One tiny little problem. I found out today I can not get a loan at any of them without credit. WTF? I thought. I need to build credit, and one of the resources to build it, calls for decent credit to afford. Pointless to argue though. So basically I started a checking and savings account with them, while I already have a bank account, and this serves no purpose. My wife and I have been feeling the pressures especially lately since our apartment building is not the safest, and the stimulus package Obama has initiated. Since this is only for the rest of this year, I’m giving up the hope for that, but despite that fact I still want to own our own home some time in the next year or so.
So I am stuck with the opposite of bad credit, which is NO credit. I always thought not having debts was a great thing, but as I say now, that is evidently mistaken.
My question is this. Where do I start, and how is the easiest way to go about this without going in over my head here? Any help is much appreciated.

Passive Income

Where do I start if I’m thinking about buying a first flat? How do I know how much I can afford? What does that relate to mortgage repayments? How much will i need every month to cover everything? Any good calculators online for this or any good book s for first time buyers with no idea where to start?

Quick Property Sale

I am a poor college student who just signed a lease for next school year for a check for $600 (for an apartment), it may seem like a lot, but EVERY MONTH i pay $900 for the dorms…yea, expensive!

Anyhow, I have a check coming in for 1500 dollars from extra loan money, but it wont be in my bank account until after I need the 600 bucks to secure my apartment. As of right now, I need $250 bucks within two weeks.

Therefore…I cannot get a job in that time, and I cannot borrow money from anyone. Do you have any ideas of where I can get that money??

Thanks!

Sell and Rent Back

John Doe has a credit bad credit score. John Doe is sick of being an immature lame-o and/or victim of predatory lending,hewants to get out from under his financial woes. and wants to grow up find a girlfriend, settle down and have a family some day.

So he spiffs up his resume and goes to job interviews, to start his career. He gets turned down everytime because they do a credit check, see a bad 3 digit number.

Meanwhile John Doe puts in apartment applications (with deposit and first months rent loaned from family) He can’t get an apartment either on 2 accounts: he hasn’t secured employment yet, and he has bad credit.

But he can’t fix his bad credit because he doesn’t have a job!

How does John Doe turn over a new leaf? It seems like a viscious circle.

After about 20 interviews should he just be up front and say, “I’m paying back old debts and starting over anew?” Would this break the cycle.

Passive Income

I have tried it all and can’t qualify to buy. I have ongoing medical bills, unpaid medical bills, charge offs, apartment judgements (2), old repossessions, a secured card that stays maxed out. I am caring for my family of 6 on my income only which is around $45K a year. I usually have trouble just paying rent, food, car note, fuel, insurance, electricity, water and cell phone and internet (I use it for work).

I don’t even pay for gas service in my house until winter b/c it is only used to power my heater. My student loan debt from my bachelors and masters programs is huge but I have it consolidated. I don’t have a home phone, cable or any of that frivolous stuff. Yet in all honesty, I cannot see myself raising my credit score enough to buy because everything I try I can’t keep up (like the secured card). I max it out on food or gas every month.

Now you know my financial story, would bankruptcy help me? Someone told me not to file because I won’t be able to buy a house for 10 years, but at the rate I’m going I won’t be able to anyway unless I have a rich uncle or a genie.

Quick Property Sale

I have a residential mortgage and have been told that if I have had a mortgage for longer than a year then letting is permitted. Is this true?

Repossession