ON Canada - get a one year open mortgage

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Hello, i have looked but couldn't find the specific answer in this yahoo! answers section. anyways, my question is regarding the breaking of an apartment lease. i am currently halfway through a one year apartment lease (in california). i have no problems at all with the landlord, staff, or neighbors. my friend, who is a realtor, advised me to purchase a condo, as it would be the same monthly mortgage payment as my current apartment rent. considering how property prices can fluctuate, and how it is so expensive here in the bay area, he found me several condos for an awesome price i can deal with. so, my question is, what kind of penalties can i look forward to? i have no problems having to part with my security deposit or paying an additional month's rent, as rules are rules and again i have had no problems at all with the landlord or staff and don't want to have any bad feelings. thanks.

First off, talk this over with your landlord. You might be surprised! If rents or costs have been increasing he may be happy to let you out of your lease so that he can raise the rent for the next tenant. But to answer your question on liability, you can be held liable for the remainder of the lease payments or until the landlord can place a suitable tenant in the unit. The landlord does have a legal obligation to make reasonable efforts to re-let the apartment to minimize your losses but does not need to take extraordinary means to do so. In most areas under mormal circumstances the courts usually hold that 2 months is adequate time to re-let the unit. Local conditions could change that either way as could any circumstances unique to the property. For obvious reasons it's best to talk this over with your landlord first. I did the exact same thing a number of years ago and they agreed to let me out of my lease for one months rent if I provided a copy of the closing statement. With a bit of luck, your landlord will do the same. Do keep in mind that it will probably take a month or two to close on the new place. That will get you closer to the end of your lease and minimize your exposure if worst comes to worst. And please ignore the idiot that suggested fake military orders! That's a federal felony! You don't need that hanging over you; it'll cost you a LOT more than six month's worth of rent.

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We are selling our home in another state and have a closing date of monday. just received the closing papers to sign and send back and discovered that instead of breaking about even on it we are looking at paying over $4000 to the buyer. the original contract called for us to give him $10000 for closing costs. our realtor told us before we accepted the offer that it would put us about even and now it's that we have to pay over $4000. granted we would probably get some of it back from our mortgage company for escrow refund or whatever. can we say "no deal" now? what kind of penalty is there? we are not going to pay someone to take our house on top of giving up our profits. help!

You have entered into a legal contract to sell at a specific price. If you back out now he can sue you for breech of contract. If I were you I'd be on the phone to my Realtor raising Cain. There is money there to subsidize the additional funds they are asking from you. The Realtors can give up some and so can the buyer's lender if they want this thing to close. Call and ask you current lender how much the escrow refund will be and then demand that the difference between that and the $1000 you committed to be covered by the people who misinformed you as to the extent of your financial commitment. Your Realtor's Broker would be my next call if your Realtor doesn't play ball.

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Does this crisis show the failure of capitalism? or does it show the failure and arrogance of government meddling? is it possible that one man is responsible? consider this: under rules implemented by the clinton administration in 1995, banks and mortgage companies were required to give loans to people who could not afford them. this scheme was welfare pure and simple—hand over money to people everyone knew would not be able to pay it back. the banks and mortgage companies did as required. otherwise they would face stiff penalties and possibly lose their license to operate. so, they gave out the money to put people in homes they could not afford. but the banks had to get the money from somewhere. they got it from fannie mae and freddie mac, the two failed quasi-government organizations. fannie and freddie urged, encouraged and bullied banks to give out more and more high-risk loans. in 2000, then-rep. richard baker proposed a bill to reform fannie and freddie's oversight. rep. barney frank (d-ma) dismissed the idea, saying concerns about the two were "overblown" and that there was "no federal liability there whatsoever." • two years later, mr. frank was at it again. "i do not regard fannie mae and freddie mac as problems," he said in response to another reform push. and then: "i regard them as great assets." • again in june 2003, the favorite of the beltway press corps assured the public that "there is no federal guarantee" of fan and fred obligations. • a month later, freddie mac's multibillion-dollar accounting scandal broke into the open. but mr. frank was sanguine. "i do not think we are facing any kind of a crisis," he said at the time. three months later he repeated the claim that fannie and freddie posed no "threat to the treasury." even suggesting that heresy, he added, could become "a self-fulfilling prophecy." • in april 2004, fannie announced a multibillion-dollar financial "misstatement" of its own. mr. frank was back for the defense. fannie and freddie posed no risk to taxpayers, he said, adding that "i think wall street will get over it" if the two collapsed. pretty clear. it was not the “private sector” failing as congressman frank declared. it was government that failed. specifically, it was people like barney frank that failed the american people. moreover, he committed these acts for a pure ideological reason—to advance his warped left-wing vision. and what does frank now insist is a deal-breaker? more money has to be made available to keep these people in the homes they couldn’t afford in the first place! frank's recent comment: "the private sector got us into this mess…the government has to get us out of it.” -- isn't that insanely ironic, coming from the man who made the meltdown????

This is really oversimplified. The US doesn't have a purely capitalist economy. It has a mixed economy that combines elements of a free market economy and a socialized economy. Some of the reasons for the socialized aspects of the economy are based upon a broad based recognition that markets have positive and negative externalities and it is possible for markets to fail. One of the externalities is that lenders may not make loans to certain people because of irrational prejudices and/or a failure to accurately determine the risk of making such loans. On the other hand, lenders can also make the opposite mistake. Backstopping lenders is the Federal Reserve system and other forms of deposit insurance which may introduce moral hazard and/or cause depositors to be less careful than they ought to be when seeking a place to save money. Aside from the basic economics, there is a widespread political preference for home ownership vs. welfare housing or renting. Therefore, policies encourage ownership through the mortgage interest tax deduction, federal catastrophic insurance, tacit federal backing of government sponsored entities and etc. And lastly, certain financial transactions contain risks that cannot be perfectly modeled either by the private financiers, ratings agencies or their public regulators.

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I am currently signed into a 1 year lease with my property manager in western pennsylvania. the company in addition to being in property management is also a real estate agency. when we resigned our lease it was brought to our attention that if we sign with the company as an agent we would be able to break our lease without penalty. since we would not be able to afford to pay a monthly lease penalty on top of a new mortgage i am inclined to sign with the company. i have reviewed our lease terms and it's pretty iron clad, there really is no way to get ourselves out of this without paying a monetary penalty. we've been signed with this company as renters going on 5 years now. could signing with them be a conflict of interest? what kinds of questions should i ask? what kind of documents could be considered suspicious in my situation? has anyone else gone this route? details: russ_in_mo - what do you mean by protection plan? is there a state agency i can ask if this is a problem? the chance that the company will own the property we purchase is 1 in a million.

they want your purchase business as well as rental. So get this in writing the release with out penalty before house hunting to buy I am a mortgage banker in TN

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Check my answers with me? 1. true or false. insurance approval and evidence of coverage is required to get a mortgage. (points :1) true false 2. true or false. when you rent your residence, taxes are paid as part of your rent payment. (points :1) true false 3. true or false. when you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (points :1) true false 4. which of the following does not apply to real property? (points :1) it is attached to the ground it is often mortgaged it is taxed it is capable of being moved 5. which term refers to a large value item or asset that is sold voluntarily? (points :1) foreclosed repossessed liquidated auctioned 6. which term refers to the amount charged if you break an automobile or apartment rental lease before the contract expires? (points :1) prepayment penalty early termination penalty finances charges higher interest rates 7. when you begin paying a 30-year loan, what part of the loan are you paying first? (points :1) equity interest principal assets 8. if you don’t own your residence, what kind of insurance do you need? (points :1) homeowners insurance supplemental insurance renters insurance private mortgage insurance 9. which term can be used to describe expenses such as telephone, electricity and natural gas? (points :1) assessment expenses utility expenses luxuries budget items 10. which of the following are good reasons for buying or mortgaging a home? (points :1) to build equity as savings you expect to reside in the same area for a long time your credit is established and you can get a very low interest rate your income is high enough to claim a deduction on your income tax all of the above

F F T D C B B C B E

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Can anyone anwser any of these? 1. real property is not: (points: 10) attached to the ground often mortgaged taxed capable of being moved 2. when a large value item or asset is sold voluntarily, it could be called what? (points: 10) foreclosed repossessed liquidated auctioned 3. if you break an automobile or apartment rental lease before the contract expires, you could be subject to what? (points: 10) prepayment penalty early termination penalty finances charges higher interest rates 4. when you begin paying a 30-year loan, what part of the loan are you paying first? (points: 10) equity interest principal assets 5. if you don’t own your residence, what kind of insurance do you need? (points: 10) homeowners insurance supplemental insurance renters insurance private mortgage insurance 6. what are expenses like telephone, electricity and natural gas called? (points: 10) assessment expenses utility expenses luxuries budget items 7. insurance approval and evidence of coverage is required to get a mortgage. (points: 10) true false 8. when you rent your residence, taxes are paid as part of your rent payment. (points: 10) true false 9. when you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (points: 10) true false 10. what are good reasons for buying/mortgaging a home? (points: 10) to build equity as savings you expect to reside in the same area for a long time your credit is established and you can get a very low interest rate your income is high enough to claim a deduction on your income tax all of the above

Let's see if I will pass your test: 1 - D 2 - C 3 - B 4 - C 5 - C 6 - B 7 - B 8 - A 9 - A 10 - B

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1. real property is not: (1 point) attached to the ground often mortgaged taxed capable of being moved 2. when a large value item or asset is sold voluntarily, it could be called what? (1 point) foreclosed repossessed liquidated auctioned 3. if you break an automobile or apartment rental lease before the contract expires, you could be subject to what? (1 point) prepayment penalty early termination penalty finances charges higher interest rates 4. when you begin paying a 30-year loan, what part of the loan are you paying first? (1 point) equity interest principal assets 5. if you don’t own your residence, what kind of insurance do you need? (1 point) homeowners insurance supplemental insurance renters insurance private mortgage insurance 6. what are expenses like telephone, electricity and natural gas called? (1 point) assessment expenses utility expenses luxuries budget items 7. insurance approval and evidence of coverage is required to get a mortgage. (1 point) true false 8. when you rent your residence, taxes are paid as part of your rent payment. (1 point) true false 9. when you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (1 point) true false 10. what are good reasons for buying/mortgaging a home? (1 point) to build equity as savings you expect to reside in the same area for a long time your credit is established and you can get a very low interest rate your income is high enough to claim a deduction on your income tax all of the above

Yes, I KNOW it. But this isn't HELP! This is wanting us to do your test and it's CHEATING. I'll be happy to HELP by correcting your honest effort at at doing this.

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1. real property is not: (1 point) * attached to the ground * often mortgaged * taxed * capable of being moved 2. when a large value item or asset is sold voluntarily, it could be called what? (1 point) * foreclosed * repossessed * liquidated * auctioned 3. if you break an automobile or apartment rental lease before the contract expires, you could be subject to what? (1 point) * prepayment penalty * early termination penalty * finances charges * higher interest rates 4. when you begin paying a 30-year loan, what part of the loan are you paying first? (1 point) * equity * interest * principal * assets 5. if you don’t own your residence, what kind of insurance do you need? (1 point) * homeowners insurance * supplemental insurance * renters insurance * private mortgage insurance 6. what are expenses like telephone, electricity and natural gas called? (1 point) * assessment expenses * utility expenses * luxuries * budget items 7. insurance approval and evidence of coverage is required to get a mortgage. (1 point) * true * false 8. when you rent your residence, taxes are paid as part of your rent payment. (1 point) * true * false 9. when you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (1 point) * true * false 10. what are good reasons for buying/mortgaging a home? (1 point) * to build equity as savings * you expect to reside in the same area for a long time * your credit is established and you can get a very low interest rate * your income is high enough to claim a deduction on your income tax * all of the above

1. Capable of being moved. 2. Liquidated 3. Finance Charges 4. Interest 5. Private Mortgage Insurance if it's owed to the bank 6. Utility 7. True 8. True 9. False 10. All of the above.