NLIC.org

Glen Said:

Becoming a landlord, advice please!?

We Answered:

England/Wales

Deposit protection is the landlords cost - but http://www.depositprotection.com don't charge.

References can be paid for by you or the tenant - making the tenant pay can be off-putting for prospective tenants.

Electrical tests are not compulsory in a non-HMO property - but you do need to know what the electics are safe.

Again, in a non-HMO, fire precautions are not compulsory

If you are letting to more than 1 family, you will need C4 planning permission

If you are letting to more than one family, you MAY need a HMO license - phone the council housing department.

Make sure you get a thorough signed inventory / condition report when your tenants move in.

Albert Said:

FHA Mortgage Loan Default?

We Answered:

Cannot be answered without knowing what state and if you have ever refinanced.

I can answer the mortgage insurance question. No, it covers the lender and not you. That does however make it more unlikely that they would do anything about a shortage, but whether they can or not depends on where you are and if it's purchase money or not.

Edit - Response to Mary B
The only person on here that is clueless is MARY B. She does not live where I am and has no idea what the law is. In California they get 1 bite of the apple. If they foreclose on a purchase money loan, they CANNOT seek a deficiency Judgement. It is the same in other states as well. Mary's long list of ridiculous "credentials" just shows how desperate she wants to be believed no matter how idiotic her commentary is.

Mary does not accept emails so I can't send her the california civil code so she can stop making these ridiculous accertions; but in summary.

The majority of California foreclosures are non-judicial. There is no possibility of a deficiency judgment in a CA non-judicial foreclosure. CA Civil Code 2924 has specifics.

If a lender wanted to pursue a deficiency judgement, they need to do a judicial foreclosure. The lender may not seek a deficiency for a foreclosure on an owner-occupied 1-4 unit property if the loan was a purchase money loan.

Check to see if Texas is the same.

Pauline Said:

can i claim off my insurance if the company that carried out the dpc treatment has gone out of business?

We Answered:

Hi, Nikki. I am sorry to tell you this, but looks like your on a dead end. You can't ask a company who's gone or bankrupt to pay for your insurance. This is why when we choose for an insurance company, we always consider the financial stability of that certain company.

When they're gone, our money will also turn to dust. I am sorry. I wish you good luck.

Carrie Said:

Can somebody tell me the items we can include as expenditures on rental income for a fully furnished house.?

We Answered:

only the rent


if the boiler breaks the landlord fixes it, why you need building insurance, it not yours, etc etc



what is rent guarantee insurance? sounds like you is being ripped off

Kevin Said:

Major mistake on taxes?

We Answered:

I can't tell you how the IRS thinks but since you're paying back for an honest mistake I would put you in the honest column and less likely to be audited. But thats just me.

I heard people who run their own businesses and people who make alot of money are most frequently audited because they have ways of hiding money and lots of it.

Jonathan Said:

Restore the Economny accross the Nation by Restoring value of Home ownership with Fed Gov Mortgage Guarantees?

We Answered:

I own my home which is mortgage free and it got that way because I bought a home that was within my means and then I worked very hard and lived frugally to pay off my mortgage. Why should my tax dollars be spent for others who did not do that?

Morris Said:

Mortgage company refuses to sign insurance repairs check!?

We Answered:

Correct. They won't sign off on the check. You CANNOT get your hands on tha tmoney.

They will release the funds to the contractor, as the work is done. Even if it WASN'T a private mortgage company, this would happen.

The way to get around this, is to have the check reissued directly to the contractor who is repairing your roof - you can usually do that by signing a "direction of pay" form for them. Oh, and you don't want to do that until the work is complete.

So. Go to the contractor, get the written, agreed upon price, go to the insurance adjuster, give them the original check back, and the contractor estimate, then let the contractor do the work, and have the adjuster write them the check.