Home Property

permission to search home issue/ search warrant?

admin — Sun, 05 Feb 2012 08:24:11 +0000

police came to my parents home when i was being held on suspicion on receiving stolen property.. my parents not knowing what to do granted the search.. the police took 5 laptops.. is their any way i may get those back .. they have nothing to do with the charges they have against me, just a possible connection to the case overall because they linked 1 laptop to me that was stolen, but i buy and refurbish laptops .. i own a website its all legit.. and want my purchased items back.. is that possible???

The ones that aren’t stolen should be returned once the case closes

If the police search a home and break stuff, do they have to pay to have it fixed?

admin — Tue, 31 Jan 2012 06:12:29 +0000

If the police search a home and it is later determined that they did not have probable cause and the case gets thrown out, do they have to pay for the items/property that they broke during the initial search?

of course but if not and its your foult in the first place then no

What do I need to change my investment property to Owner occupied home?

admin — Tue, 24 Jan 2012 03:12:38 +0000

I have an owner occupied home (high priced appx. 400k) and investment property (low priced appx. 170k). I stayed in my current home for 5 years and the loan is 30 year fixed at 4% now. My stay in the present home is mainly for school district and all my kids completed schooling(Jun 2011) and ready to go out putting this property into rental.There is an appreciation 5% so far in years. Hence, I may not be interested in tax free capital gain, but prefer to rent and take advantage of depreciation and rental income for my retirement coming soon in 5 years.

If move to my rental property and it becomes owner occupied. I am going to move in physically and live in further as I do not need good school district. When can I eligible to state – for loan purpose – that I am owner occupied? When can I get it refinance for 30 year fixed and what is the proof that I need to furnish bank or lender. This property was in rental on my tax statement for the past 3 years.

Thank you all in advance.
Jovovich, Just wanted to inform you. I do not pretend for the sake of refinancing.I am 55 years old and very likely to plan for retirement at 65. Having that age, my pay may come down soon when I reach 60. I really think that I landed up in such situation with my limited knowledge of real estate.

When I purchased the home, it was a foreclosed property 25 miles away from current home, with same lot size and 200 sqft less home area and the idea is to move it after my second kid moves to college so that my current home will provide rental – for ever – after retirement.

I know lender will not trust me immediately. If I stayed in the home for 6 months, 1 year or 2 year, they will see the fact.

This is a complex issue involving both tax and financing issues. Long story short, if you have been taking depreciation and other deductions for your rental home and now want to make it your regular home, you will have to convert it from income property to personal property. You will also need to understand your adjusted cost basis of both properties because eventually you will want to sell one or both, and the cost basis will have a huge impact on potentially paying taxes on the eventual sale of your home.

You should talk to your tax adviser before doing this – there are lots of things at play here. You may want to set up a limited liability partnership and sell your $400k rental property to this partnership to both limit any liability from having renters in a property you own as well as pass through income to yourself.

As far as financing goes, you could simply take a loan against your $170k home (a regular or refinanced mortgage or a home equity line of credit) while you are still living in your current house as long as you plan to live in the $170k home. It’s no different than someone renting to take a mortgage out in anticipation of buying a home and moving.

proper Standard prosegers in collecting of Evidence of stolen property?

admin — Tue, 17 Jan 2012 01:41:36 +0000

I had police come in my home and say I had stolden property in my home but in collecting it they allowed two none officers in my home when searching my home then allowed then to remove ideas and take with them home they got in to my home because I was on mesdemener propation and My po came but after getting the police in he then left there for it was a po search don’t they have to be preasent for serach ?

You obviously have a criminal history and you need to change your ways. Stop Stealing stuff, get a real job and be productive in society. Nobody cares who removed the stuff that was in your house.

When can I apply for a new home loan after completing a short sale on my property?

admin — Thu, 12 Jan 2012 04:12:58 +0000

Because of significantly reduced income as a result of unemployment, we’re closing on our house as a short sale on Dec 15 after 4 months of missed payments. Fortunately, we have a loving family that we will be living with until we stabilize. My credit score is now 709, 703, and 660. Should I expect it to drop much further? What is the wait time on approval for a conventional home loan after a short sale?

Your credit scores are already lower then that with the missed payments.

They shoudl drop another 200 points.

Is it legal in California for the bank to enter your home and take your property after trustee sale but withou?

admin — Sat, 07 Jan 2012 05:01:04 +0000

On Monday there was a trustee sale – I was in the process of moving but without notice, on Friday someone came, changed the locks and took the remainder of my property. The company (Safeguard Properties) said they had an order from Citibank to clear and secure the property. They took my property to the dump. I had not abandoned the property. What is my recource.

The trustee sale was your notice.

But, Citibank may have still acted improperly. Talk to a lawyer. There are a lot of lawyers suing banks these days.

Does a vacation home qualify you as a first time homeowner?

admin — Sat, 31 Dec 2011 06:37:40 +0000

I purchased my first home in 2009 and I would like to purchase an investment property. I was told that if you purchase a "vacation home" within 50 miles from your home, you are still considered a first time home buyer. I desperately want to purchase an investment property while the market is low, but I don’t have 20% to put down.

ask the seller to lend you the 20%, since he is getting 100% of the
asking price anyway!

Tax rules on turning your rental property into your main home.?

admin — Tue, 20 Dec 2011 03:54:40 +0000

Hi,
I am trying to find the answer to this question every where and am having no luck.
We sold our main home in July 2009 and moved into our previous rental home which was vacant in June 2009. My question is how do I determine what portion of mortgage interest and property taxes to claim as my main home and what portion to claim as my rental propery?

you rented the house 6 months? that would be half

Occupy protestors move into foreclosed property to liberate the homes and give it to the homeless?

admin — Sun, 11 Dec 2011 00:07:14 +0000

Bless their little hearts and souls. Is this not an excellent strategy. Waste is a terrible thing when homeless people are in need of housing. Do you agree with their new strategy?

SEATTLE (AP) — The Occupy Wall Street protests are moving into the neighborhood. Finding it increasingly difficult to camp in public spaces, Occupy protesters across the country are reclaiming foreclosed homes and boarded-up properties, signaling a tactical shift for the movement against wealth inequality.

Just because someone doesn’t have what everyone else has doesn’t mean they deserve it.

How much would i have to pay in taxes if I sold a vacation home in New York.?

admin — Sun, 04 Dec 2011 06:22:50 +0000

I am 60 years old btw. Would i have to roll over to another property?

You could potentially consider a 1031 exchange to avoid taxation, but there is no standard "vacation home tax." It would depend on all of the rest of your income, the cost of the home, improvements, depreciation amount, etc…. You’d have to "do" your taxes to figure out how much you’d pay in taxes. But, your account, who does them regularly should be able to at least ballpark it for you.