Edith Lank: How can a potential tenant be sure the owner of a Florida condo has not been foreclosed upon before we send substantial rent money, and then maybe not have a winter condo to move into? All we have is the owner's name and address. — D.M.

Answer: Usually it's landlords who want credit reports, but with so much Florida real estate in trouble, I can see prospective tenants asking for them also. You could request a credit report on the condo owner. That would tell you whether bills, and in particular mortgage payments, are being taken care of.

You could also search the public records in that county to see what liens are out against the property. Sometimes that information is available on line; I know it is in my county.

Owns With Her Ex

Dear Edith: I own a vacation home with my ex. We're both on the deed and on the mortgage. Can I sell my half of the house if he doesn't want to buy me out, or sell the house completely? — Via e-mail

Answer: To sell just your share, you'd have to find someone willing to be a co-owner with your ex. There could also be complications with the mortgage, so I'd say forget that option.

You do have the right, though, to a court-ordered auction sale of the whole property and division of the proceeds. The process is known as partition. A lawyer's letter explaining that might move your ex to action.

Personal Information

Dear Edith: How much personal information does a Realtor really need, besides credit report and income? — K.M.

Answer: A broker can give better service if he or she understands a buyer's situation, needs and goals. You're right, though, that financial ability to buy is most important. Buyers who prefer not to reveal other information certainly need not do so.

Buy Now Or Wait

Dear Mrs. Lank: I am looking to buy a house. I already got pre-approval for a mortgage. Is it better to buy now or wait till December? To me it looks like now is a hotter market and I think if things cool down I might not get a bargain. — Via e-mail

Answer: While you're at it, you could also worry about whether interest rates will go up or down after the election.

There's no way either of us can predict the future. Your best bet is to buy when you're ready, and forget about trying to time the market.

Improved Grandmother's House

Edith: We are buying my husband's grandmother's house from the heirs. Because the house was in bad shape we made renovations ourselves and the house is now worth more than we're mortgaging it for. The mortgage company is asking for an addendum document saying the heirs are "gifting" the difference to us. I have never heard of this and since we paid for this we do not feel it is legally correct. Is this acceptable for the mortgage company to ask? — Via e-mail

Answer: You may have paid for those renovations but you don't own them. Your improvements became part of the real property, which is still owned by the estate.

I have never heard of anything like this either. Perhaps the renovations count as part of your down payment, and the lender needs a document about it. But at any rate, what harm can such an addendum do?

Besides, it's their bat and their ball and if you don't play by their rules, they may just quit the game.

Adding The Arrears

Dear Edith: I have been in default with my lender; we are in the process of a loan modification. I recently received new loan papers and the more I ask them questions the more confused I get.

Why are they taking all the arrears which amount to $63,000 and adding them to the loan? I understand late fees, which should be added in, but why am I paying $63,000 plus what I still owe on my loan? I tried to explain my confusion, but their answers confuse me more. If they are wrong I want them to fix it. — Via e-mail

Answer: Suppose you were tenants and had skipped two months' rent payments. You wouldn't expect to pay only late charges and then start paying rent again. You'd also have to catch up for the two months you used the apartment for free.

That $63,000 in arrears is mostly for unpaid interest on what you borrowed free all those months you weren't paying. Think of it as unpaid rent for the use of their money. You owe it, so they're combining it with the original loan.

Hope this helps. You're lucky they're offering something that will allow you to keep the house.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.

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