Submitted by jennifer from pembroke pines,fl

Q: Currently my husband and I have credit scores in th eupper 700's. We purchased a home three 1/2 yrs ago to as an investment in Cape Coral. Mortgaged for $260,000. everyone is selling short sales around $80,000.00. We have lost our renter and can no longer pay both mortgages. When we default on the mortgage...how long will that foreclosure affect our credit scores? 7 years? We have zero late payments on anything else.

Answered 11/14/08 16:12:21 by Your Money

A: Anywhere from 24-72 months depending if it is short sale or foreclosure. FOr more information go to http://homebuying.about.com/od/4closureshortsales/qt/060907SScredit.htm

Submitted by judy shelton from rapid city south dakota

Q: My mother is very old she has some money in govt bonds and safe products which she has lost money on. Now she is woried if they file bankruptcy will she loose all. The name of the company is RKC Wealth formerly Dean Rausch ? Thank you.

Answered 11/14/08 16:10:18 by Your Money

A: Your mom's worries are valid since it is very difficult to knwo where to invest in today's economy. The safest vehicle right now is a CD. If you look around internet or the paper you can get a yield that is very close to the yield of a regular bond.

Submitted by Antonio from Caracas, Venezuela

Q: Señores: Tengo colocados desde hace 4 años en un banco grande en Florida y medianamente grande en la Nacion, mas o menos US$ 500.000 en CD a 3 meses renovables. ¿ Es mas seguro que diversifique la inversion colocando en 5 bancos -no importa el tamaño- cantidades que no superen los US$ 100.000 c/u.

Answered 11/14/08 16:08:19 by Your Money

A: Tenemos buenas noticias, el FDIC que esta respaldado por el gobierno de los estados unidos ha extendido la cobertura a $250K por cuenta. Tiene 2 opciones, tener dos cuentas de $250K cada una en dos bancos o mantenerlas en un banco cambiandoles el titulo (ej. Maria Perez POD beneficiario Juan)...habra una clinica gratis este sabado 15 de noviembre en caso tenga mas preguntas es de 11-4 y es el el Miami Convention Center de Miami para mas informacion www.cfp.net.

Submitted by Andrew from Miramar,FL

Q: I am looking to buy a home. I want to get a FHA loan w/ 3% down. Due to the credit crisis is this still possible?. I meet all of the first time homebuyer requirements and I have flawless credit.

Answered 11/10/08 22:10:28 by Your Money

A: Andrew, I am pretty sure this is possible. In fact, I have read in some of our stories that in many cases FHA loans are the only ones available. Any large, reputable lender should be able to place you in an FHA program. Here is a website that might help provide some general info. http://www.broward.org/consumer/mortgage.htm

Submitted by ronnie from los angeles,ca

Q: i have a 5 yr $750,000 interest only home loan with wamu and a $175,000 line of credit adjustable rate total $925,000 the value of the home is $800,000 should i seek to have the credit line modified and negotiated to be excused keeping only the original loan of $750,000 more importantly, should i cease paying the first and/or second for a quicker response from them

Answered 11/10/08 22:08:34 by Your Money

A: See my answer below. Thanks for asking a question, and I'll be in touch with a financial planner to give you an answer ... Lisa Gibbs, Business Editor, Miami Herald

Submitted by paula neidorf from plantation, florida

Q: A bank employee, recently told me that FDIC has as long as 99 years to repay account holders. I went to the website, and couldn't find any terms regarding payouts. If a bank goes under, how long does FDIC have to repay the insured?

Answered 11/10/08 22:08:26 by Your Money

A: Thanks for asking a question, and I'll be in touch with a financial planner to give you an answer ... Lisa Gibbs, Business Editor, Miami Herald

Submitted by Steve from Greenfield WI

Q: Does it make any sense to open new accounts that are offering very low or zero rates and then transfer the balances from my high interest cards? I dont want to open a several new accounts, and then have 10 or so open accounts but I also have heard that cancelling cards can hurt my score?

Answered 11/10/08 22:08:09 by Your Money

A: See my answer below. Thanks for asking a question, and I'll be in touch with a financial planner to give you an answer ... Lisa Gibbs, Business Editor, Miami Herald

Submitted by Marrilyn Chang Harri from Pembroke Pines, Florida

Q: Where can you file a complaint about your bank/lender (collections department) regarding poor customer service? They are also not working with me regarding remodifying my line of equity on my primary residence.

Answered 11/10/08 22:07:30 by Your Money

A: Hello, this is Lisa Gibbs of the Miami Herald. We had stopped arranging for financial planners to answer these questions, but I will try to see if I can get one of them to sign on and answer everyone's questions anew. They certainly are good questions!

Submitted by Daniel Oliveros from Buenos Aires, Argentina

Q: Dear Sir. I have some money in a brokerage account (Money Market) of a Bank in USA. I want to know if this funds are FDIC insured.

Answered 10/31/08 15:56:53 by Your Money

A: Dear Mr. oliveros Brokerage firms are usually insured by SIPC up to 500,000 which includes 100,000 in cash not FDIC insured. Vielka Burey-Jacas,CFP

Submitted by Wright from Fairfax , VA

Q: I have some rollover IRA's and I am consolidating them with T ROWE Price. However, they are not in a FDIC insured account. It's in a Summit reserve fund. What do you recommend <100k Tks

Answered 10/24/08 14:43:46 by Your Money

A: Dear Wright, If you want to keep your money safe inside your IRAs, you can invest it into brokered CDs or in a US Treasury Money Market fund. Each is about as safe as safe can be. Jason Whitby Investor Solutions

Submitted by Joseph LoCAscio from West Milford, N.J.

Q: My wife and I both have fixed annuity accounts with AIG Valic. Is our money safe? Is it insured? CAn we lose our money?

Answered 10/24/08 14:41:56 by Your Money

A: Dear Joseph, It depends on the amount in each annuity and on NJ state law. You should call AIG to find out what insurance they carry on your policy in case of AIG Valic goes out of business. Jason Whitby Investor Solutions

Submitted by claire from miami fl

Q: Hi! 8 years ago, I invest 38,000.00 in fund, I have 22,000.00 left, one is Phoenix small cap growth fun A(pamax)and the other is Phoenix strategic growth fund A(pstax) should I leave the money there or take this out and put in a CD. thank you

Answered 10/24/08 14:39:53 by Your Money

A: Dear Claire, It is impossible to say since we know so little about you and predicting the future isn't my game. The best advice I can give is for you to develop an Investment Policy Statement to help drive your decision. You could also come to the Financial Planning Clinic in Miami on November 15th to get more specific advice. Jason Whitby Investor Solutions

Submitted by William Platt from Miami Beach, Florida

Q: I have a fixed annuity with Lincoln Financial and a variable annuity with Pacific Life. Should I be overly concerned? Thank You!

Answered 10/24/08 14:37:21 by Your Money

A: Dear William, Call each to learn about their protection in case of failure. Typically they will only insure up to a certain value. For example, Lincoln might only care up to $100,000 of insurance on your policy. Sort of like FDIC, but different. In which case, you might want to consider your alternatives. Jason Whitby Investor Solutions

Submitted by Loraine Cooper from Zephyrhills, Fl

Q: With our troubled economy could I possibly loose all the money vested in my annunity? What guarantee do I have? Should I withdraw the the annunity. money or 10%? I would appreciate guidance in what values to invest in now in a conservative aspect if I keep This is our retirement money. Thank you, Loraine Cooper

Answered 10/24/08 14:34:57 by Your Money

A: Dear Loraine Cooper, You didn't specify if you had a fixed deferred or variable annuity. Either way, you should call your annuity provider to find out what, if any protection they provide on the policy itself. Often annuity providers will have insurance up to $100,000 which covers the value incase the annuity company goes out of business. As far as withdrawing any or up to 10%, this depends on a number of items such as your age, surrender penalties and taxes to name a few. I suggest you attend the Financial Planning Clinic in Miami on November 15th to learn more. Jason Whitby Investor Solutions

Submitted by Henry from Miami, FL

Q: I have both a traditional IRA and a Roth IRA. I want to convert the traditional IRA to a Roth IRA however, I have read that if I do that, I would have to wait 5 years to RMD from the Roth. I am 63 and plan to retire soon. Could I mix my existing Roth IRA and the converted one? If a convert the tradional to a Roth and open a new Roth (thus have 2 Roth)would I have be able to do RMD from one and have to wait on the other? thanks - Henry

Answered 10/24/08 14:27:34 by Your Money

A: Dear Henry, One of the beauties of the ROTH IRA is that there is no RMD. Also, converting a Traditional IRA to a ROTH IRA is a taxable event, so the value of that conversion is really only recognized over time. Therefore converting a Traditional IRA to a ROTH IRA makes little sense if you plan to distribute within 5 years. To specifically answer you question, you can keep to two separate ROTH IRAs however the 5 year rules applies to new contributions only. Jason Whitby Investor Solutions