Michael Petruccelli asks; What isa deed of trust?

Michael Petruccelli says;  Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing.

Michael Petruccelli asks; What is a deed-in-lieu?

Michael Petruccelli says;  Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.

Michael Petruccelli asks; What is a deed ?

Michael Petruccelli says;  The legal document conveying title to a property.

Michael Petruccelli asks; What is a fixture?

Michael Petruccelli says;  Personal property that becomes real property when attached in a permanent manner to real estate.

Michael Petruccelli asks; What is a home inspection?

Michael Petruccelli says;   A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.

Michael Petruccelli asks; What is a home equity line of credit?

Michael Petruccelli says;  A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.

Michael Petruccelli asks; Are retailers gaining sales abroad?

Michael Petruccelli says;  Yes, via their online marketplaces, where e-shoppers capitalizing on the weak U.S. buck are snapping up bargains. These stronger sales are helping offset sagging retail revenues stateside.

Michael Petruccelli asks; Is e-commerce growing at a fast past in other countries?

Michael Petruccelli says; In Brazil, China, Russia and Mexico it is expected to grow at rates of 26% or more annually for the next four years. Luring international customers: Streamlined handeling of duties & taxes, free or reduced shipping and a trend toward buyers paying in their local currency.

Michael Petruccelli asks; Is the U.S. debt mess is taking a toll on Canadian exports?

Michael Petruccelli says;  The U.S. debt mess is taking a toll on Canadian exports. Canada's dollar is heading toward a 2011 high in coming months as investors seek a safe parking place while the debt ceiling debate plays out in Washington. Pricier Canadian products mean U.S. demand for them will continue to fall, and purchases are already down because of Americas slow recovery from recession. But Canada's economy continues to grow. With a 3.2% boost this year and a 3.1% jump next year. Among the bright spots: retail, construction & mining.

Michael Petruccelli asks; What is a leasehold estate?

Michael Petruccelli says; A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.

Michael Petruccelli asks; What is Liability insurance?

Michael Petruccelli says; Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner's insurance policy.

Michael Petruccelli asks; What is a lien?

Michael Petruccelli says; A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.

Michael Petruccelli asks; What is a life cap?

Michael Petruccelli says; For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the mortgage.

Michael Petruccelli asks; What is the new family circle?

Michael Petruccelli says; A recent AARP study of householders 50 or older showed than in just 2 years - from 2008 to 2010 the percentage of multigenerational households in the US increased more than in the previous 8 years. This change coincided with the downturn in the national economy, and these households now include almost 10% of the American population.

Michael Petruccelli asks; Who's in the new family circle?

Michael Petruccelli says; According to the AARP study of Householder 50+: 2,500,000 have child & grandchild living with them. 2,200,000 have parent living with them. 1,200,000 have parent and a child living with them. 1,100,000 have grandchild living with them. 68,000 have parent, child & grandchild living with them. 25,000 have parent and a grandchild living with them.

Michael Petruccelli asks; Who has the new family circle?

Michael Petruccelli says; This means about 7 million U.S. households are now multigenerational. According to the AARP study of householders 50 or older the results are as follows by race/ethnicity; 25.9% Hispanic, 23.7% Black, 17.7% other & 8.7% White.  

Michael Petruccelli asks; With this new family dynamic also comes a fuller house, (and of course the generation gap still exists) but how did the numbers grow over the past 8 -10 years?

Michael Petruccelli says; According to the AARP study- in 2000 there were 20.9 million Americans living in multigenerational households, 2002 there were 22 million Americans living in multigenerational households, 2004 there were 23.2 million Americans living in multigenerational households, 2006 there were 23.3 million Americans living in multigenerational households, 2008 there were 25.1 million Americans living in multigenerational households & in 2010 there were 29.2 million Americans living in multigenerational households.

Michael Petruccelli asks; If you sell your primary home at a substantial gain after 2012 will you trigger the special 3.8% Medicare surtax?

Michael Petruccelli says; Starting in 2013, the new health care law imposes a 3.8% levy on investment income of singles with adjusted gross incomes over $200,000 and marrieds above $250,000. The surtax is levied on the smaller of the filer's net investment incomes or the excess of AGI over the thresholds. Capital gains are treated as investment income. Thus, if you expect the surtax will hit you after 2012 and the gain on the sale of your home will exceed $250,000 if you re single or $500,000 if married, gain over these amounts will bear an extra 3.85 tax. So it may pay handsomely to sell before the end of 2012.

Michael Petruccelli asks; Will the surtax bite harder on the sales of second homes?

Michael Petruccelli says; On the sales of second homes after 2012. The home sale exclusion doesn't apply to them, so the surtax can hit the entire gain.

Michael Petruccelli asks; Despite all the talk, are the chances of a major overhaul slim?

Michael Petruccelli says; Support of the public is crucial, and the commission's idea didn't get such acclaim. Remember that the 1986 tax reform law imposed a $120 billion tax hike on business to fund a similarly sized tax cut fr individuals as the price to get the public's backing. It's hard to imagine business groups swallowing he same deal today. If anything, the current overhaul efforts may result in some tinkering around the tax code's edges.