These days, most mortgages are packaged in uniform groups, bought and sold many times and owned by large financial institutions. Even with a mortgage that was still locally owned, modern computers wouldn't be set up to handle the arrangement you made in the '70s.
Buyer Backed Out
Ms. Lank: I had everything in place for a short sale on my home. The buyer had put down a large cash deposit.
At the last minute the buyer changed his mind, and I was left high and dry. The real estate agent handling the sale said the mortgage company wouldn't consider another bid offer. We had no choice but to go to foreclosure. I didn't even receive an apology or an explanation from anyone! Do we have any action we can take against the agent? -- Via e-mail
Answer: You can certainly consult your own real estate lawyer to find out if you have a valid claim against the buyer. I can't judge from here whether he had any legal justification for walking away.
I suspect your only claim against the broker might be if he or she wrongfully released the deposit without the written consent of both parties.
How Long For Tax Break
Ms. Lank: How long do you have to live in a home before you sell it to avoid paying capital gains? -- P.B.
Answer: The home sellers exclusion allows you to take up to $250,000 profit (twice that for a married couple filing jointly) with no federal capital gains tax due. It's available if the place has been your main home for at least two of the five years before the sale. (If you'd been there for the two years just before the sale that would be enough.)
The only other requirement is that you can't use this tax break more than once (on different homes) in any two-year period.