Steve Belt

Hi Eleni-

We moved our family from Phoenix to Scottsdale, for one primary reason: the schools. My wife has a Doctorate in Education, and so you can understand schools are a very important priority for us.

My wife now owns a tutoring company called Oxford Learning in North Scottsdale. We have partnered with Scottsdale school district for a number of programs. If you want some straight scoop about Scottsdale Schools, which specific schools are better/worse, for various reasons (some don't test as well, some have great PTA's, some have great administration, etc.), if you chat with Jan Belt or Erin Moore (our center director), I'm sure you'll be able to get all of the information you are looking for. - Thu Oct 9 2008, 12:08

Linda, my wife and I have many, many times purchased real estate in just one of our names. That name must have the appropriate credit scores and income to qualify for the purchase, and the other spouse must sign a quit claim deed as part of the escrow process, but it's completely legal, and not unusual at all. - Thu Oct 9 2008, 10:58

Hi Bernice-

You are definitely in a tenuous position. On one hand, the lease requires you to pay your rent, or the landlord can issue you a 5 day letter demanding rent. After which, the landlord can begin the legal process to force your eviction.

On the other hand, the lease clearly states that the landlord is required to pay the mortgage, and not let the home fall into foreclosure.

I primarily represent landlords, and though I don't trample on tenant rights, I really don't know the best way to handle your situation. For cases that require legal guidance for my landlords, I consult Andrew Hull, attorney in Phoenix. You'll notice that his website is focused on eviction, but he undoubtedly knows your side of the coin equally as well. And best of all, he's very reasonable, with regard to expense/price. I've link his website below.

Best of luck, Bernice. Your situation is extremely unfortunate, and in my opinion, one that you are being taken advantage of. It's very likely the landlord has just been pocketing your rent, and I too would be very distraught over the status of your security deposit. Certainly if the landlord wasn't paying the mortgage, trusting him to have kept your security deposit, is a big leap.

Moving forward, you might consider strongly, only renting a home that is managed by a professional property manager, in which your security deposit is held in trust by the management company, and NOT held by the owner. - Sun Oct 5 2008, 08:07

Pools range in cost/value tremendously. Your simple 75' perimeter plaster pool with creepy crawly cleaning system can start as low $12,000, if there's no hard dig to install, and 10' wide access to the back yard. The price goes up if you want Pebble Tec, in floor cleaning, boulders, extra cool decking around the pool, salt water system, water feature, larger size, etc. $18,000 to $20,000 will get you a pretty nice pool. Above $20,000 and you could also get a spa, though the operating costs of a spa need to be considered.

The advantage to doing the pool yourself, is you get it the way you want it, and you'll get a warranty for it. Purchasing now, if you get started relatively soon, you'll be all set by spring swim season.

The disadvantage, is that it may cost you a tad more to get it the way you want, versus potentially settling for a pool that's complete, but not quite perfect as well as you are buying something used, so the warranty is probably partially or fully gone. - Tue Sep 30 2008, 11:21

Mary-

With the recent changes to underwriting guidelines, it is very unlikely that you will be able to walk away from your current home AND buy a new home. The underwriting guidelines for that purchase are going to prevent you from successfully getting a new loan. FHA, Fannie, and Freddie are all in alignment now that you need to have a very high Loan to Value on your current home, as well as the income to support both homes, before they would underwrite the new loan. These underwriting guidelines are designed specifically to prevent exactly what you state you want to do.

With regard to your second loan w/ Wells Fargo, a HELOC is a personal line of credit, very similar to a credit card. It is protected by the home, but also by your "good name", such that on the sale of the property it can be paid off by the home, but if there's not enough money there, the bank may want the balance from you.

I have been successful negotiating settlements with regard to HELOCs as part of a short sale process, but I certainly wouldn't be able to guarantee a settlement. Each bank and situation is certainly different.

FYI, a short sale will be just as bad for your credit in the near term as a foreclosure. For at least 2 years you will be completely unable to get a conventional loan. In a foreclosure, the rule is 5 years. So for the first 2 years, the situation is the same, it's just that a short sale can be forgiven sooner. - Mon Sep 29 2008, 09:59