Since the earlier post on backup offers, several readers have wondered if backup offers are legal. Since I'm not a judge or jury or even an attorney, I can't really answer that question, but can provide some information on the status of backup...

A reader asked "How are points determined in a mortgage?" There are actually two questions here and a bit of explanation of the basics of "points" will help answer both. Points, or more specifically discount points, are prepaid interest on a...

Part of this is really a legal question, so you should definitely consult an attorney unless you can negotiate an amicable end to the contract. If you what you really want is to break the contract, you've already decided that you're taking a route...

A reader wanted to know whether his 30-year Fixed Rate Mortgage could be foreclosed simply due to a drop in the market value of the property. As with many questions of this type, there are two specific pieces of advice I can give: Read your...

One reader wanted to know the "average" loan amount for a household with good credit and an income of $50,000. This is a great example as $50,000 is pretty close to the national median household income of $48,201 in 2006. If your household income is...