Dear George: "Is replacing out-dated wallpaper really necessary to sell your home?” – Reluctant

Dear Reluctant: There are too many variables for me to answer your question without seeing your property. Therefore, professional real estate agents, experienced in your market area, are the best people who possess all of the requirements to make such a recommendation. If the suggestion to change your wallpaper came from someone else, you should hire a licensed professional to guide you.

Dear George: "I live in the northern part of the USA near Canada. I am an American citizen. If I purchase a home in Canada but obtain my mortgage through an American banking institution, is the interest paid on my Canadian home mortgage tax deductible?” – Straddling the Border

Dear Straddling the Border: That is such a great question, for a tax professional. I am not a tax professional. However, you might wish to read the IRS publications including, but not limited to, the following that are accessible on http://www.irs.gov:

• 2001 Publ 936 (PDF) Home Mortgage Interest Deduction
• 0598 Publ 597 (PDF) Information on the United States-Canada Income Tax Treaty and
• 2001 Publ 527 (PDF) Residential Rental Property (Including Rental of Vacation Homes).

Dear George: "I need to see what Chapter 92 of the Texas Property Code says. Is it available on the Internet? If it is not, how can I obtain a copy? The local real estate site doesn’t seem to help.” – Info Seeker

Dear Info Seeker: Title 8, Chapter 92 of the Texas Property Code deals with "Landlord and Tenant.” Chapter 92 deals with "Residential Tenancies.” You can access the Texas Property Code at http://www.capitol.state.tx.us/statutes/pptoc.html. However, if you have a specific situation that prompted your need to review Chapter 92, please consult an attorney in your state.

Dear George: "My husband owns an apartment building. He lets people go for months without paying rent. He then goes after them in court. He wins, but we still do not receive any money. Why can’t Social Security checks or medical assistance checks be attached? If this continues before we can sell, we’ll go broke. Help!” – Desperate

Dear Desperate: Your husband should hire a licensed, professional property manager. He should do that before selling the property, provided he still wants to sell after the apartments are professionally managed for six months or longer. As for "attaching” payments received by your tenants, you would need to consult an attorney in order to obtain an answer.

Dear George: "I’m trying to refinance my home. The first lien is with a lender. The second lien is with my credit union. I’m told by my credit union that it is against state law to consolidate both loans in order to refinance. Is this true?” – Seeking Relief

Dear Seeking Relief: I cannot answer a question about what is "legal” in any state. Only an attorney can provide an answer to such a question. However, based upon my assumption that your goal is to take advantage of current interest rates that are lower than your existing ones, you may still be able to refinance. Check with your first lien holder. If that doesn’t work, check with an entirely different lender. Refinancing will involve a formal closing with closing costs. However, assuming you meet the lender’s requirements, it might be worth the additional paperwork to lower your monthly payments.

Published: April 19, 2002

Use of this article without permission is a violation of federal copyright laws.

George C. Stephens, CRB is the Broker of deRaat Stephens, Inc. dba ERA Stephens Properties and the Director of Compliance for eRealty, Inc. Stephens served as 1998 Chairman of the 13,000+ member Houston Association of REALTORS® and is the Vice Chairman of HAR’s wholly owned subsidiary, e-Har, Inc. He is the 2001 Secretary/Treasurer of the 50,000+ member Texas Association of REALTORS® and TAR’s 2002 Chairman-Elect. Stephens holds a Texas Real Estate Broker license as well as a Texas Mortgage Broker License.