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by marsmet526 Question by schatziepupos: Is there a program for home owners who are now underwater on their mortgages? I did a refinance on Our home with an appraisal of 235k now My home is only appraised at 153-165k. Best answer: Answer by JudyThe government can contact your current mortgage holder and see if something can be worked out. You may be able to re-fi and they could cut down “forgive” “forbearance” of some of your amount. It’s worth calling them. It’s a free service by the feds – HUD. http://makinghomeaffordable.gov/ Also try hopenow.com – its practically the same thing – just an older website They may be easier to contact by phone since the first site is kind of new. / Give your answer to this question below! Question by dancingshlee4285: How long after buying a home can you refinance? My husband I just bought home in July 2008 for 87k. Our interest rate is at 6.25. With the mortgage rates falling because of the economy, this we would like to refinance to pay off some bills and to get a lower rate. We are first time home buyers and have a fixed 30 year FHA loan. Do we have to wait one whole year to finance or can we do it now? Best answer: Answer by WoodySmart move. It depends on the fine print of your current loan. Does it have prepayment penalties or any other ugly clauses? I suggest you simply call your current lender and tell them you are thinking of doing and see what they say. They may even give you a break on document fees and closing costs to stay with them, although it may not matter with FHA. I just built a new home, closed in Sept for 6.34% and refinanced with a different lender for 4.75% in April. Tip – you can fold the closing costs and doic fees into the new loan if you don’t want to lay out the cash. Your monthly payment will still be much lower. Know better? Leave your own answer in the comments! Some cool castle images: Sandal Castle Image by SFB579 🙂 The castle, more about with pugneys waterpark behind. Far more excellent houses click right here… Castle of Alanya Image by ozgurmulazimoglu Alanya Castle (Alanya Kalesi) is a medieval castle in the southern Turkish city of Alanya. Most of the castle was constructed in the 13th century below the Seljuk Sultanate of Rûm following the city’s conquest in 1220 by Alaeddin Keykubad I as part of a building campaign that included the K?z?l Kule. This castle was constructed on the remnants of earlier Byzantine era and Roman era fortifications. The castle is situated 250 meters higher on a rocky peninsula jutting into the Mediterranean Sea, information pills which protects it from three sides. Right after the region was pacified below the Ottoman Empire, the castle ceased to be purely defensive, and several villas have been constructed inside the walls in the course of the 19th century. Right now the creating is an open air museum. Access to the seaward castle is ticketed, but significantly of the region inside the wall, which includes the landward castle is open to the general public. Türkçe: Surlar?n?n uzunlu?u 6.5 kilometreyi bulan Alanya Kalesi, denizden 250 metreye kadar yükselen yar?mada üzerindedir… Kandeleri ad?yla da bilinen Alanya yar?madas?ndaki yerle?im, Helenistik döneme kadar inmekle birlikte günümüze kalan tarihi dokusu 13. yüzy?l Selçuklu eseridir. Kale, 1221 y?l?nda kenti al?p yeniden in?a ettiren Selçuklu Sultan? Alaaddin Keykubat taraf?ndan yapt?r?lm??t?r. Kalenin 83 kulesi ve 140 burcu vard?r. Ortaça?da surlar?n içine yerle?mi? kentin su...
Read Morecan I use my business loans as income?
Some cool apartment developing images: Apartment creating at Marine Drive Image by aromanos Apartment building at Marine Drive For far more houses click right here… by Chris Devers Question by curious mind: FHA help for homeowners program, drug do the homeowners have to pay tax on the amount that is forgiven? With this loan modification program, discount Help 4 Homeowners, more about by FHA, will the homeowner have to pay a tax on the amount of the home loan that if modified, or forgiven, by the original lender? Will there be a balloon tax for that amount? Best answer: Answer by kunjaldpIf the debt is forgiven, then it is taxable as ordinary income, but I believe there is a law in making that would make it non-taxable as long as it was on your home which is about to be foreclosed. Know better? Leave your own answer in the comments! Home Affordable Refinance Program Eligibility Requirements Will Make … Madison, order WI — (SBWIRE) — 11/07/2012 — One may now think of determining Home Affordable Refinance Program HARP Eligibility even if had been denied for the plan earlier. The federal … Recently, see the government announced enhancements to the Home … If you would like more informaiton please visit here… Wells Fargo to Help Sarasota Area Customers Facing Mortgage Payment … Homeowners whose loans are "under water" – meaning they owe more on their mortgage than the value of their home – may be eligible to refinance their loan based on criteria including demonstrating ability to repay. Depending on eligibility for a loan … If you would like more informaiton please visit here… by eyewashdesign: A. Golden Question by Fcc Llc: can I use my business loans as income? I have taken out several small business loans in 2011 for my LLC. Since I pay interest on these loans and they are paid in full, medicine do I count the principle loan as income? Thank you for your answers, I can however use the interest paid on the loan as a tax right off correct? Best answer: Answer by mirandaNo, it’s not income, it’s debt. And once you pay them off it’s a wash. It’s just like a credit card – you don’t claim any purchases you make on your credit card as income, nor would you claim a cash advance, so you wouldn’t treat a loan as income. Yes, you can. May I suggest since you seem new at this that you consult with an accountant – there are things you simply won’t know, and they can help you. Or, at least get Turbo Tax or other business tax software that prompts you for the questions that you won’t think about. Give your answer to this question...
Read MoreStating extra income when applying for a mortgage loan?
Some cool apartment building images: I really like this old brick apartment building on Colombia Street 2 Image by benchilada If you would like to see a lot more residences click right here… a L’art – apartment creating name Image by designwallah More fantastic homes click here… the washington monument peeks more than an apartment constructing at the bottom of meridian hill park Image by JamesCalder For a lot more houses click here… Homeowners' Refinancing Efforts Pay Off in Third Quarter In its report this week, viagra Freddie Mac released new data on refinancing and its effect on American home loans. The news was overwhelmingly good: … Like borrowers in 2010, sildenafil today's mortgage holders also benefit from the government's Home Affordable … If you would like more informaiton please visit here… Financials Sink After Obama Win; Fiscal-Cliff Worries The fiscal cliff refers to the combination of automatic spending cuts and tax increases next year which could tip the U.S. economy back into a recession, medicine barring a budget deal. On the campaign front, Wall Street executives … Analysts with Compass … More informaiton please visit here… Question by cliff_dweller: FHA loans What are the pros and cons of FHA loans? I am in California if that makes a diffrence? What are the pros and cons of FHA loans? I am in California if that makes a diffrence. Thanks! Best answer: Answer by Marty SA FHA loan is a 30 year fixed (or 15 year fixed) loan that is insured by the federal goverment. The pros are that the rate is not that bad, case and your loan is insured by the federal goverment. They also have easy FICO score requirements. However, more about they do not like it if you have had past collections. If I can be of any assistance, shoot me an email msmith@premierloangroup.com, and I’ll help Marty What do you think? Answer below! by eyewashdesign: A. Golden Question by Mute D: Stating extra income when applying for a mortgage loan? Should I state my extra income even though I don’t pay taxes on the extra income when applying for a home loan? Best answer: Answer by Dale HFor the most part, abortion you cannot just “state” your income. It has to be verifiable. This is done through tax returns, buy information pills W-2’s and pay stubs. If you are not claiming the income on your returns, cure most lenders and programs will not consider it for qualifying purposes. Hopefully, you have enough verifiable income to qualify for the loan you are seeking. If not, ask your lender if they have any programs that may allow “secondary stated income”. This is income that cannot be verified through traditional sources like tax returns. For instance, if you are a carpenter by trade and have W-2 income from your employer, but you also earn income from side jobs, but have not declared it for tax purposes, you may be able to use it to the exent that it doesn’t exceed 25% (for example) of the verfied income. Good luck. Give your answer to this question...
Read MoreStated Income Loans No Doc Commercial Mortgage Real Estate Lenders
Preparing To Purchase Your Home This Spring Stated income mortgage ?oans – A ?tated income mortgage ?oan was designed for borrowers who ?an’t verify their ?ncome with traditional ?ncome documentation, hospital typically these borrowers are ?elf-employed or work for tips have s?asonal employment or work on commission. A stated income m?rtgage loan is ? good option ?f you would have difficulty proving ?our income The income that you state on the m?rtgage application must be average in ?our occupation and a?sets are generally verified. This means that if you ?re a waitress ?nd you say ?ou make $10, unhealthy 000 ? month it may raise some e?ebrows in underwriting. Who are stated income mortgage loans m?ant for? For the most part, find this loan is for the self em?loyed borrower who c?nnot document all ?f the income ?r shows a v?ry low net income on the tax return. In ad?ition, a stated income mortgage loan ?s great for ? person who e?rns some salary but also cash that is not docum?nted anywhere. An example would be ? waiter, bar ten?er, valet parking atten?ant, limo driver, etc One other t?pe of borrower who may opt f?r a stated in?ome mortgage loan ?s someone who coll?cts rental income but does not h?ve signed leases to verify that in?ome stream. Stat?d income mortgage loans are making ? slow comeback and it is ? good thing. The lending regulations ?n our opinion were over-tightened. Now, y?u have legitimate ?elf employed borrowers who cannot get ? loan. That ?s a problem which needs to be fixed. If ?ou are not ?oing to bring ?tated income loans back in Stated Income Loans full force, then the full documentation guidelines need to change for self employed borrowers. They should use the gross ?ncome (or somewhere ?bove the net) ?n the tax returns for qualification ?urposes. Salaried borrowers ?re showing gross ?ncome before tax ?eductions and so should self employed borr?wers. 100% LTV – r?duced documentation programs were designed by “profiling” borrower types. The t?pical profile of ? stated income a?plicant was a b?rrower with irregular income because he/she e?rned seasonal or c?mmission income, and was typically self-employed. Appl?cants were qualified u?ing their “stated “ annual income for the previous two years. Loans were underwritten and closed under this honor sy?tem, as lenders typ?cally did not verify a borrower’s st?ted earnings with the IRS. Stated in?ome was also ext?nded to wage earners at 100% LTV with FICO min?mums set as ?ow as 580. Primary, se?ond, and non-owner residence?. In Florida, you ne?d to find ju?t the right pers?n who knows h?w to get the best stated income self employed loans possible. If y?u are a self-empl?yed borrower in Flor?da then you wi?l have your own set of issu?s getting a mortg?ge that other peop?e may not have. One of ?ur professional Florida mortgage specialists can help you with ?our stated income ?oan and get ?ou the house that you have ?our eye on. Don’t let the fact that you ?on’t have a W2 job and that your loan will be paid ?ff using self ?mployment fund stop ?ou from getting ?nto the home ?f your dreams. A problem presented it?elf because loan modifi?ation companies were charging homeowners upfront f?es to begin working on these modific?tions. The fact ?s that too m?ny consumers were ?n financial distress and requesting modifications and certain loan modification companies did n?t have enough personnel on staff to handle all ?f their clients. As a result, th?y were unable to complete as many modifications as there were requests f?r modifications. The governm?nt of California step?ed in...
Read MoreCan I claim Income Tax for home loan which(flat) is under construction?
Question by swaroop: Can I claim Income Tax for home loan which(flat) is under construction? Can I claim Income Tax for home loan which(flat) is under construction. Do I need to occupy the house for claiming the Income Tax. What is the criteria for claiming and how much I can claim. Best answer: Answer by Himanshu GoyalAs per indian income tax act 1961, erectile cost you can claim deduction for repayment of home loan(principal amount) for home which is ready and not under construction. this deduction is available under section 80c upto maximum of rs. 1 lac. also u can claim interest deduction under section 24 after the completion of house and the interest for the period of construction can be claimed after construction in 5 years. Add your own answer in the...
Read MoreCan I count my pell grants and loans as income on my taxes if I want to?
by CityGypsy11 Question by Lindsey H: Can I count my pell grants and loans as income on my taxes if I want to? I am wanting to count my pell grants and loans as income so I have more of an income to file..can I do that? Best answer: Answer by the tax ladyNo. You can only count the portion of the grant that was over and above your tuition as income (because you are required to), look seek but it doesn’t count towards a refund. What do you think? Answer...
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