Board-certified real estate attorney Gary M. Singer answers housing questions in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner's associations or any other residential real estate topic, click here.

Q: I have been relocated, and my property is underwater. My credit is not important to me, so I am thinking about just walking away from my house as opposed to taking the trouble of doing ...

Q: I took out a reverse mortgage when the market was high and cashed out $300,000. Now my home is worth about $100,000. We are thinking of walking away from the house. Can the bank come after us for the money? – Deanna

A: No. Almost all reverse mortgages are “non-recourse” loans, meaning that the amount that your lender can recover is limited to the value of the property. So you can move out and not be ...

Q: I saw your article about mandatory mediation in foreclosure cases. I'm in the middle of my case but due to my low income, there is no way that the bank will give me a loan modification. Is there any way to ask the foreclosure judge to force the bank to give me a modification? – Nelson

A: No. The columns we posted on mediation raised a flurry of questions. To clarify: Most courts will order the ...

Q: I am getting ready to close on my new home. The settlement company is insisting that I wire the funds prior to the closing. The contract allows for a cashier’s check, but the company will not accept that. What’s the big deal? – Ray

A: Recently, most settlement companies and attorneys, including me, have gone to a “wire only” policy for closing funds. There has been a spike in fraudulent cashier’s checks and ...

The beginning of a new year is when many Americans take stock of their lives. And with this being a housing column, I offer 10 New Year's resolutions for homeowners, in no particular order:

1. If you have been stressing out about being “underwater” on your mortgage, now may be a good time to discuss your options (short sale, deed in lieu of foreclosure, walking away, staying put) so that you can make ...

Q: I applied for a short sale, submitted all the paperwork and waited for months to hear back from the lender, only to be rejected. The bank has not yet filed a foreclosure action against me. Can I put the house back on the market, find another buyer and resubmit the paperwork in hopes the bank will approve it the second time around? – Anonymous

A: Yes. The old adage “if at first you don’t succeed, try, try ...

Q: We put a deposit on a home more than two years ago, but the Realtor won’t release the money. The contract was contingent, and we properly canceled. We've requested the deposit be returned several times, but we were told we won’t get the money until the seller signs a release. What are our rights? – Barb

A: Most contracts will allow 30 days for the buyer and seller to come to an agreement over the return ...

Q: I have a contract to buy a foreclosed property and am ready to close. On the closing date, it was discovered that the home had an outstanding lien. The lender, Bank of America, doesn’t want to pay the lien. What rights do I have? I know if I don’t close, I lose my deposit, but what is the bank responsible for here? – Enrique

A: Good news. You should have no problem ...

Q: I filed bankruptcy and abandoned a home in 2008. Since then the bank has not foreclosed and the homeowner’s association keeps sending me bills. What can I do? – Kimberly

A: While it may sound obvious, you own your home until you don’t anymore. By this I mean you can’t just walk away without being responsible to your association, the tax collector and your neighbors. You need to find someone to take ...

Q: I have been served with foreclosure papers on my home. The papers include a referral to mandatory mediation. What is this and can it help me? – Ingrid

A: Mediation is a process in which both sides of a dispute meet with an unbiased third party trained to help people work out their differences. In mediation, each side has a chance to compromise and agree to a solution so that a judge doesn’t force one on the ...