Question: I was told to apply for a hurricane relief fund since I live in one of the most-affected areas and since my daughter lost her home and belongings in the hurricane. Could you give me more information on this fund and how to apply?

Answer: For FEMA, call 1-800-621-FEMA (3362) or 1-800-462-7585 (TTY). To register for assistance from FEMA, go to www.fema.gov/register.shtm .

For assistance from the Red Cross, please press here .

Lastly, please speak with community groups, religious congregations, local colleges, housing offices and local real estate brokers for assistance. For example, in our area private parties have helped several Katrina victims find a job as well as private housing with a discounted rental.

Question: My mom just bought a new house and is in the process of obtaining a five-year interest-only mortgage. The house is not a primary residence. Is it possible to sell the house before closing on the loan? What clauses should I look for in the loan contract that defines the fees for selling the house before 5 years? Any suggestions?

Answer: By "5-year interest-only mortgage" do you mean a loan that lasts only five years (a balloon note) or a 30-year loan which is an interest-only mortgage the first five years and then is paid off on an amortizing basis during the last 25 years? The difference is that the first essentially requires the home to be refinanced or sold within five years.

Can you sell before closing? You need to see what the sale agreement says. For instance, an agreement might say that "the parties to this contract mutually agree that it is binding on them, their heirs, executors, administrators, person representatives, successors and assigns." Or, it could say that "the parties to this contract mutually agree that it is binding on them, their heirs, executors, administrators, person representatives, successors and, if permitted as herein provided, assigns."

In general, the language in the first sentence allows assignments while the wording of the second sentence says permission is needed. It would be wise in both cases to see if there is any conflicting, contrary or limiting language elsewhere in the agreement.

This is a job for attorneys -- if you read the language wrong you could be out thousands of dollars. Even if assignments are allowed, it's still your obligation to complete the agreement. Your attorney can tell you more.

On the matter of selling before five years, does the loan have a prepayment penalty? If not, then what would prevent a sale? A second buyer, of course, would likely need fresh financing.

Question: What is home equity? And what is the difference between a home equity loan and a mortgage?

Answer: "Equity" is usually defined as the difference between the fair market value of a home and the amount of debt it secures. Example, a house is worth $500,000 and the owner has a $300,000 mortgage, so the equity is $200,000. However, "equity" is sometimes defined as the fair market value of a home less debt and marketing costs.

A home equity loan is typically a second mortgage or trust. It can be in the form of a line of credit against which an owner can draw funds, or it can simply be a second loan for a given amount that must be repaid over a specific period, usually 5, 10 or 15 years.

Question: I live in a new community and the developer has handed over the association to the residents. We have a deficit of $64,000. It is a gated community and since they handed it over the gates are broken and were never fixed.

Would a community in this situation with 420 units benefit from on-site management? Is this possible even though the board has been picked?

Answer: With 420 units a special assessment of $152.38 per unit will cover the $62,000 debt.

On the matter of the gates (and the $62,000 debt), one needs to ask what warranties, if any, are required of the developer. The state real estate commission likely has investigators who specialize in condo issues and can provide some direction.

A property with 420 units would surely benefit from on-site management. Consider the total value all units and you can easily see that what you have is an asset that may well be worth more than $100 million. A lot of money is at stake and on-site management is appropriate given the number of units and their value.

Question: I am buying a house and the seller said he would pay for closing costs. He said he would place $10,000 in the escrow. Why did he do that?

Answer: Most probably, what he said is this: Buy this home and I'll pay the first $10,000 in closing costs. However, if the closing costs are only $9,000 I want the balance of the $10,000 returned -- $1,000 in this example. For specifics, speak with your broker.

Question: We are in the very earliest stages of developing a website for our 30-year-old townhome association. It is safe to say that at least half of our residents (including this writer) are over 60 years of age, but as time passes our newer owners will be younger and more computer literate. I'm comfortable with computers, but have never created a website or even a blog. I know the many advantages of a HOA site, but need as much help as is available developing one. Who can assist in our project?

Answer: Age is simply not an issue. My father, well into his late 80s, liked to work with computers and he was hardly unique.

For help with your project call a local high school and ask to speak with the head of the computing department. Either a teacher or a student can be hired to help.

Question: I reside in a subdivision that is being offered a connection entrance to walking/biking path being built in a neighboring forest preserve. I have been told that it will decrease -- not increase -- property values in our neighborhood. I am concerned that it may impact the value of my home, but am unable to locate any types of studies done on either property value or potential increase in crime. Where can I get more information?

Answer: Before going further with this, ask the person who says walking paths result in declining values to provide his or her research. Then see if that research makes any sense in the context of your particular property.

Do people get mugged on walking paths? I guess. Should we therefore ban such amenities? That seems like overkill. People get mugged in parks and yet we understand such events are not sufficient to pave over parkland.

Amenities are usually seen as positive additions and thus a factor which increases values. It is difficult to see how something that people might use and value would reduce property prices.

Question: We signed an agreement of purchase for a house, gave a $10,000 deposit to our agent, and she gave the check to the house builder.

After signing the agreement, we saw the floor plan and found out the lot size was wrong -- it was too small. They also did not show us the side elevation, so we did not know the house would have three sides of stucco, instead of brick.

So, we signed the cancellation of the agreement of purchase after 11 days. On the cancellation sheet, it says we will get back the $10,000 deposit only upon the acceptance of a new purchase agreement for the house.

One month has passed since we signed. Is there any way to get the deposit back earlier? Do we have to wait even if the house does not sell in a year?

Answer: How long did you have to cancel? By any chance, was the cancellation period 10 days?

What does the purchase agreement say about cancellations? If the home is not physically under construction, the builder's real need is to re-sell the lot with any model on it, not just the model you picked. In most areas of the country that should be a low hurdle. For specifics, have an attorney review the sale agreement and termination form.

This column is designed to provide accurate and authoritative information in regard to the subject matter covered. It is made available with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, or other professional services. If legal services or other expert assistance is required, the services of a competent professional person should be sought.