There’s no way to ensure mortgage stays with lender Q:I read with interest one of your responses to a reader who asked why mortgage applications take so long. You had written that you prefer to have direct con tact with a local lender. I also felt more comfortable dealing with a local lender when I purchased my current house. However, soon after closing, the mortgage was sold. The same thing happened when I refinanced a few years ago. Is there any way to ensure that a mortgage stays with the original lender? - Ed

No standard formula for agent commission Q:How do agents get commission on rental property?—Peter Answer: There is no standard formula to compensate a real estate agent for finding a tenant for you. From my experience, most agents will want one month’s rent for their commission. However, this is negotiable. If, for example, you want the agent to manage the property for you (which is usually a good idea so that you won’t be bothered every time the tenant wants a light bulb changed), the agent may take a percentage of the monthly rent—ranging from 6 percent to 10 percent.

Several options exist to unload condominium Q:I am paying a mortgage on a condo in South Carolina that I no longer live in. It has been for sale for almost a year. Shortly after putting it on the market, I had an offer, but the sale fell through because of problems with the community. The association’s current management company is proposing $800,000 worth of improvements to the community and wanted to raise our fees to more than $500 per month.

Selling means you must pay off your home-equity loan Q:I used the equity in my primary residence to take out a home-equity line of credit. Two years ago, I used the loan to buy a condo as a second home. I am about to sell my primary residence and make a nearly $150,000 profit. I do not want to pay off the loan right now, as the condo is worth just $50,000, and I paid $150,000 for it.

Fix the mold problem, and then just move on Q:My daughter purchased a duplex in July 2006. There is a small bathroom off the kitchen. It had new wallpaper when she bought the property. A few months ago, she decided she wanted to take the wallpaper down and paint the bathroom. There was old water damage in one corner of the bathroom, and when she pulled the wallpaper off above the mirror some of the wallboard came off. There was a lot of mold.

Talk to board of directors about condo assessment Q:Last year, there was a condominium assessment I was unaware of. It was brought to my attention six months late, because all paperwork was being sent to the old owner. I have lived in my property for almost two years. I had contacted the condo association, and it turned it over to a lawyer. I contacted the lawyer and said I can pay it off monthly and have been sending an extra $100 a month on a $700 assessment, but there are plans to sue me.

Square footage can be calculated differently Q:In December 2007, I took title to a condominium unit that was listed on the MLS (multiple listing service) as being 1,017 square feet, according to the public records. Recently I was going through a real estate handbook that I own, and it suggested that I have a copy of the appraisal in my files. Because I didn’t have one, I requested a copy from my bank. I was shocked to find that the bank found the square footage to be 864 square feet, not 1,017.

Threatening to sue is valuable recourse Q:I have owned a rental residence for almost a year now. The neighboring duplex is heavily vegetated, and it is an uphill battle to keep my patios clear of leaves and other debris. Is there any way I can get the neighboring property owner to have his gardener come into my yard and clean up the substantial amount of matter that falls in my yard? I have cut back the overhanging branches at my own expense, but this is not doing much.

Divorcing pair should settle case Q:I am involved in a divorce case. Can I use this information in regard to not dropping the price of our home? Is it something the divorce court would listen to? Our real estate agent wants us to reduce the price every three weeks until someone makes an offer. The price is just about down to what is owed on the mortgage loan, and I would like to come out with a little profit.—Paul

Wraparounds can carry too many risks Q:I have a full-price offer on my duplex that involves a wraparound mortgage. I am a little leery of a small down payment with high interest payments for a few years with a balloon at the buyer’s refinance later. I’m told they are quite legal, but I need to know the pros and cons.—Bobbie Answer: Here’s how a wraparound mortgage works:

Mortgage lenders know what you can afford Q:I want to buy a second house. How much money do I need? Any pointers would be very much appreciated.—Julie Answer: You raise an interesting question, not only for buying a second home but for any potential homebuyer. My first suggestion is to talk with a couple of mortgage lenders. Explain your financial situation, and let them give you an idea of how much house you can afford. Clearly, you don’t want to waste your time (and that of any real estate agents involved in the home search) by looking at homes in the $750,000 range if you can afford to buy only in the $500,000 area.

Foreclosure may leave other assets at risk Q:I am retired. About 18 months ago (before the economic crash), I bought a fixer-upper and renovated it, but I’ve been unable to sell it. If I let the property go into foreclosure, can/will the bank that gave me the mortgage try to get at my other assets (equity in my home, stocks, etc.)?—Irvine

When home equity line of credit not wanted Q:My husband and I refinanced our condo in December 2007 with the existing mortgage company. In addition to the refinance, the lender opened a $250,000 home equity line of credit for us, although we never requested this, were not aware of it, and certainly never signed documents agreeing to it. We are planning to refinance another property this month and are concerned about the impact that a $250K line of credit (although not at all used) may have on our credit reports. I have contacted the lender three times in the past 30 days to close this account, because we never signed papers for it, but am running into a wall, with someone always acknowledging that they don’t have signed documents and promising that they’ll “research it” and asking me to call back in seven days.

Fixing toilet doesn’t add value, it’s maintenance Q:I am having trouble figuring out what constitutes an improvement and what is ordinary maintenance. Thinking ahead to selling my house in a few years when the market rebounds, I have been keeping accurate records so that I can deduct these costs to lower the capital gains. Recently, I remodeled a bathroom, replaced a deck, replaced and upgraded the spa filter and motor, replaced the front door, and replaced a roof and rain gutters. Which of these can I safely regard as improvements, and which are just maintenance?—Deanne

Rental-home owner, agency may be in a jam Q:I have a rental house that is under contract with a rental agency. About six months ago, an individual from the agency called me and stated that the house needed a new roof. The agency had an estimate that sounded reasonable so I gave my approval. I sent the agency the money to complete the job. I waited for the roofer to fulfill the contract the agency had with the roofer. After a long wait the roofer came and picked up half of the contract money but never started working or even delivered roofing materials.