ArcaMax

Dear Monty: My wife and I live in our motor home while traveling the country. Though we enjoy this lifestyle, the constant setup and takedown at RV parks is becoming challenging. We're considering buying a home in a 55-plus Florida community where friends we met during our travels purchased recently. We own a rental property in Minnesota, ...Read more

Dear Monty: Is it legal to double your taxes on a mobile home where you don't own the land? Doesn't the park pay taxes on the land? The assessor values my mobile home at $69,700, but I only paid $9,500 for it!

Monty's Answer: Property tax assessments on mobile homes can increase like a standard frame home with a full basement, even when you don...Read more

Dear Monty: We're under contract on the house, and it's been a NIGHTMARE. Our inspection revealed illegal and dangerous gas venting in the basement, but we didn't get the report for two weeks. The delay puts us close to the end of our due diligence. We put down $3,000 in earnest money plus $5,000 in contingency money. The seller doesn't return...Read more

Dear Monty: My wife and I own two homes: one in Florida in her name and my house in Indiana in my name. We are residents of Florida. We live in Florida for six months and a couple of weeks each year and live in my Indiana house at other times. I do not rent my Indiana house at any time. It is my/our principal residence when we are not in ...Read more

Dear Monty: I read your recent column regarding capital gains exemptions. I'm aware that there is a bill in Congress to raise the exemption to $1 million (for joint): H.R. 1321 -- "More Homes on the Market Act." I've asked my congressman for a status update but have received no reply. Do you have any insight? It will affect my timing on ...Read more

Dear Monty: We have an issue with a home seller on a home we recently purchased and have been researching three different methods to engage. Please describe each method and then share its advantages and disadvantages. The methods are litigation, arbitration and mediation.

Monty's Answer: When we are at the point of moving forward in the process...Read more

Dear Monty: We own some vacant land a nonprofit wants to purchase. Their agent has told us that he can structure the contract to survey the land and divide it in half. They would pay us double the fair market value (FMV) for one half, and we would then donate the other half for $1. He called it a "bargain sale." We would then have a tax ...Read more

Dear Monty: My daughter has been looking for a house through an agent. Whenever she finds "the right house" for her and her future husband and bids on the house, someone has paid the full price. She is just starting off and cannot compete with people who can pay in full for a house. Do you have any suggestions on what she can do?

Monty's ...Read more

Dear Monty: My question is about selling my home to purchase a home with my husband. Can the check (cash proceeds) from my home be endorsed at settlement (both settlements will be on the same day) and turned over toward our new house at settlement? I'd like to avoid a trip to the bank to get a cashier's check.

Monty's Answer: While the desire...Read more

Dear Monty: If I sell my home at a loss, do I have to repay the mortgage company?

Monty's Answer: When selling a home for less than you owe on the mortgage (being "underwater"), you generally remain responsible for the entire mortgage amount. However, today's market offers several vital options and protections.

First, verify your home's true...Read more

Dear Monty: I am a widow. Our home is mortgaged in my deceased husband's name only. Can I sell the home? I have tried to get the mortgage in my name; I pay the mortgage every month. But I have had no success. I am told they are working on it, but I believe there have been enough time to provide a response. Do I have any legal obligations as I ...Read more