All Forum Posts by: Cathy McCormick

@Andrew Postell Thanks, I'll look into that

@Anthony G Yes, if the duplicate recorded lien is not removed before the closing, the amount of the mortgage will be held in escrow until it is resolved. I have escalated this to the current servicer of that mortgage, and hope they can help me. I’m keeping my fingers crossed!

A HELOC on my house in New Jersey was recorded twice in error with the county. Same Account #, same amount, one month apart. Now I'm under contract to sell this house, this is the last obstacle. I have contacted the company that took over for GMAC, OCWEN, they said they do not service this loan, so they can't help. The mortgage was taken over by Specialized Loan Servicing (SLS), I have spoken to them and sent paperwork showing the error, they are still reviewing it, but they do not sound like they can help. I contacted the county, they can't help. Where do I go from here?  My attorney's office has also contacted the Office of Consumer Ombudsman, but that could take weeks. Any ideas on where to go next? Who would have information from the old GMAC Mortgage?

I didn't realize that Cozy was able to take back payments. I had a tenant on Cozy, but when she set it up, she had it come off her credit card, not out of her bank account. Cozy charges a fee to use credit cards. She didn't speak English well, and wasn't very computer savvy. When she saw the extra fee, she wanted to get off Cozy and mail me a check. Maybe it's just as well. I will have to look closer at other collection options for my next rental.

If you do have the tenants do a background check for you through Cozy, you can always credit their 1st months rent that amount, because Cozy will bill them directly.

I found this article that says it's better to rent and invest in the stock market than to buy your own house, great news for landlords!

https://www.foxnews.com/opinion/liberty-vittert-buy-a-house-or-rent-lets-look-at-the-numbers

@Luke Klaiber Those are great ideas, I will definitely talk to my CPA about this, thanks!

@Basit Siddiqi. Thanks, that's what i thought.

I have a question about the taxes due when selling a piece of property (in this case, raw land). I have owned the property for more than a year, which qualifies it for long-term capital gains treatment. If I understand this properly, as long as my income (married, filing jointly) is under $77,200, my long-term capital gains rate will be 0. Is that correct? Also, does the selling price of the property count toward my income for that year?  I acquired this property under a 1031 exchange back in 2006. Thank you 

@Account Closed  I have only used Cozy.co for 2 months, but it is very easy to use, and free for both landlords and tenants, except when they pay with a card. I will try to use it for any future rentals.