Show Standard-Examine- Sundav Nov 19 1989 r 3F BusinessReal Estate Spouses have rights as ‘tenants by the entirety’ DEAR EDITH: My husband 89 and I have a joint deed to our home that reads “tenants by the entirety” recorded in 1949 My question to you is can his sons sell and take one-ha- lf the house in 'case their father dies before I do? I am so frightened I can’t sleep over this threat to me We have no wills I will be waiting for your reply and your bill for this service — NKB A Relax As a tenant by the entirety you would automatically become complete owner if your husband died And if anything happened to you he would own the whole property Relax again: no fee for the service As Alan Sherman used to say “Free advice costs nothing and it’s worth the price” Tenancy by the entirety is widely used in certain states by married couples A similar metlfod of ownership joint House Calls Edith Lank Los Angeles Times Synlicate ancy with right of survivorship is available in most states for owners who are not married to each other but want the same arrangement DEAR EDITH: Can you give me information on buying a home with little or no down payment? — DKD A One way is to find a seller who is willing to hold the mortgage — turn over the house and let you pay for it month by month borrowing the money directly from the seller instead of from a bank This is most likely to work with ten- - Real estate glut from S&L bailout called ‘time bomb’ Orlando Sentinel DALLAS — The Resolution Trust Corp’s assurances aside - the hundreds of millions of dollars in real estate left over from the savings and loan industry bailout has some people nervous In fact much of the real es- tate industry “is waiting for a time bomb to explode” said Donald M Furbush president of the Institute of Real Estate Management an affiliate of the National Association of Realtors Furbush speaking at the trade group’s annual convention in Dallas this week said the fear exists even though the government has repeatedly said it won’t “bomb” real es- tate markets with fire sales of real estate “Obviously sales of properties at close to their market values are not going to hurt the real estate market” he said The RTC has said its policy will be to sell no properties for less than 95 percent of market value And although Congress has given the RTC five years to dispose of the property few people in the real estate industry believe the task can be accomplished within that time frame ‘ ? ’ William Seidman chairman of the Federal Deposit Insurance Corp who oversees the RTC has said he believes the RTC will be a factor in real es- tate markets across the country for at least a decade The longer the time span in which the properties are dis- posed of the less effect there will be on real estate markets Furbush said Furbush and his group have an intense interest in the RTC and its properties The group is composed of property managers and other real estate managers who specialize in managing and improving real estate assets In the spirit that one man’s disaster is another’s opportunity the group sees plenty of opportunity for businesses in managing and analyzing RTC properties The RTC — created under the Financial Institutions Reform Recovery and Enforcement Act of 1989 the legislation passed by Congress to clean up the savings and loan mess — has plenty of property Estimates are that the RTC could end up with between $100 billion and $300 billion in real estate Furbush said the RTC’s options in poor S&L investments will be few: improve properties and make them economically viable or sell them Neither option will be easy he warned “Not every troubled property can be turned around or its value increased” Furbush said “Sometimes a location is so bad a design so poorly conceived or a use so inappropriate for its market that nothing short of demolition will do” Like the S&Ls that in many cases squandered depositors’ money on poor properties and developments the RTC will find that “bad investments are bad investments" Furbush said “What is mandated at this critical juncture in the future of the nation’s economy is an effective coordinated cooperative effort by the private sector to address the problem" he said I — Advertisement Cliff but cism rather feel a compassion for the accuser whom I fear has no real memories or doesn't under- stand their Memories are the gladness in this grandfather s heart when the suddenness of a cricket in the stillness of a summer eve evokes the lazy day dream of a young boy half asleep beneath the rustly leaves of a cottonwood in the Texans sandhills A melancholy song fading like the last gay song of summer prompts the memory of a spring day shared by two young lovers in a peaceful glade in Yellowstone Park The patter of autumn rain is like little cat’s feet rustling through a cover of leaves shed by trees preparing for the ritual of death with the ipproaching winter And my whole being revels in the remembrance of family trips through the valleys and canyons to marvel at the changing fall colors ? A sudden squall marching across my path as I drive through Montana's beautiful Elk Park awakens the memo -- st areas Farmers Home Mortgages allow for purchase of very modest homes in rural areas by people with modest incomes WASHINGTON — Although most home buyers take out a mortgage for 30 years and live in their homes an average of seven years before moving it is rare these days for their mortgages to stay put so long A fluid secondary market has developed in the 1980s making it possible to buy and sell home loans like securities increasing the chances that a mortgage will wind up in the hands of someone other than the original lender That trend is beginning to spill over into the arena of loan servicing meaning that more will be mailing their payments and doling out tax and insurance money to companies they never have heard of And even mortgage lenders admit that the experience is not always going to be pleasant “Loan administration is getting a lot of attention in today’s envi- I’ve repaid the monetary debt but there’s another debt that’s more difficult to repay Thanks Goldenwest for those memories cabuy this spring They said fine and gave my neighbor VO days to remove the mess from my land The neighbor objects contending he had an implied easement to my property for his sewage disposal at the time of his purchase I want to build a house where this mess is Can I remove this from my land? If so how? I prav speak to me Help!!! What should I do'1 — SHL A Get thee to a lawyer — as quicklv as possible There’s a possibility your neighbor could claim an easement though one requirement is that his use of your property must be “open” and it sounds as if that's only been the ease since the overflow last spring I try to hold down the “see a lawyer” answer to once per column — and this week vou’re it in- with as little as 5 percent down on conventional loans if you carry private mortgage insurance book “Home Buying” My contains all my best advice and I think it will answer many of your questions It’s available postpaid for $3 to the address at the end of this column 44-pa- DEAR EDITH: About 10 years ago I bought a piece of property out in the country Unbeknown to me the seller who lived next door had his septic tank and leach field on my property Since then he sold and I have a new neighbor I called the health department to get this off my property because the leach field was surfacing due to great rainfall home-owne- rs ronment” said Jeffrey Briggs senior vice president with ‘Timing is 80 percent of a successful transfer There are good times and there are real bad times to transfer groups of loans’ — Jeffrey Briggs loans” One lender picked a very bad time last year to transfer the mortgage servicing of Rep John After the transLaFalce fer LaFalce’s escrow payment was increased because of different accounting methods used by the new servicer to calculate the necessary payments LaFalce fought back by introducing legislation in the House to tighten controls on the transfer of servicing but no action was takD-N- Y en He reintroduced a bill this year that would force mortgage lenders to disclose to borrowers that their servicing can be transferred and inform them when the servicing is transferred The bill also would set performance standards for the servicing Northeast Savings in Hartford Conn addressing the recent Mortgage Bankers Association of America convention in Washing- ton “Servicing transfer is a complex operation” Briggs said “There are lots of pitfalls and lots of op- transfer most notably requiring the prompt payment of taxes and insurance from a borrower’s escrow account Those two areas draw the most frequent consumer portunity for mistakes “Timing is 80 percent of a successful transfer There are good times and there are real bad times to transfer groups of lection of the mortgage payment each month the establishment and operation of escrow accounts for tax and insurance payments and the production and processing of other documents such as annual statements of interest and principal payments needed for gripes “We’re motivated to maintain the hazard insurance on a property and we’re motivated to pay the taxes on time because we have an interest in that property” Briggs said “But it’s difficult if we can’t get the bills if the entity we’re dealing with is three transfers behind already Bills can be received at the wrong place and tax collec- tax filing A small part of the interest paid each month on a mortgage about one-thir- d of percent is devoted to paying for this servicing In simpler times a mortgage lender such as a local savings and loan association wouid make a 1 tors can refuse to provide duplicate bills But we’ve got to do better than that” Although action was headed off on LaFalce’s original proposal the Mortgage Bankers Association believes that the new bill has a good chance of passing because consumer dissatisfaction is rising along with the number of transfers Even Warren Lasko executive director of the MBA is not immune He said his servicing was transferred this year but he reported no troubles with the pro- mortgage to a neighborhood home buyer keep the loan in its investment portfolio and collect the payments over the life of the loan loan-servici- In today's world a mortgage lender is often just a for the home buyer and anonymous investors w ho supply capital to the mortgage markets If a lender does put up its own funds for a loan more than likely it later will bundle that mortgage with many others for sale in the secondary market where packages of mortgages are traded like stocks and bonds Sometimes the original lender will continue to service the loan and the borrower will be unaffected other times the servicing will transfer with the loan and a home owner suddenly may be asked to send monthly checks across the countrv cess Servicing was transferred on of government insured mortgages in 1988 more than double the $25 billion in 1986 and five times the $12 billion in 1984 according to the Government National Mortgage $62 billion Association About $100 billion of conventional mortgages had their servic- ing transferred MBA estimated the last year Loan servicing includes the col SPECIAL PURCHASE Diskette Storage Boxes 3V2" Holds 35 95 5Va” Holds 55 k Each Your Radio Shack Computer Center offers a complete line of PCs and office electronics plus leasing and service plans and carry-iLet our professionals recommend a 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Dot Matrix Printer 200 Low A S25 Per Month Reg 69900 DWP 440 Print customized type styles for letters memos and reports exult in those memories which can be both joyous and melancholic I am of another time I cannot rewrite my history nor do I care to discard my memories But I also can have empathy with a new time and its promise of memories for the new generation Perhaps it is because of many of my memories that I’m so fond of Goldenwest Credit Union When the doctor after examining Elaine brought me face to face with the truth that life isn’t eternal I went to Monte Call and Shelley Clarke and said I wanted to make the rest of Elaine’s life as happy for her as possible even if I had to work the rest of my life to for it ley said “sure we’ll work with you" Some of my sweetest memories are from those last three summers come And in most areas you Chicago Tribune — from a seeking ry sudden downpour in the Indiana State Park Some of the most beautiful sunsets are seen from this side of great Salt Lake Yet they remind me of sunsets on a Southern California beach and later gazing into a moon bathed campfire with the girl of my dreams snuggled in my arms I do not dwell in morbid sadness in the past Rather I high-co- and with interest rates adjusted to Mortgages moving to new market Notebook Goldenwest of shelter By I’m some- times accused of looking too fondly at the past I do not resent that criti- owners who don’t need the money to buy another home: investors landlords elderly sellers who are going into apartments Ifthey have any sense they’ll want proof of your good credit record and dependable income As for mortgage loans from regular lending institutions: Qualified veterans can place VA mortgages for as much as $144000 with nothing down provided of course that they have sufficient income to carry the payments FHA mortgages which are open to anyone allow for very small down payments though the top limits on the amount that can be borrowed make them impractical in Sale! 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