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Betty Falling is among a growing number of seniors using a reverse mortgage to avoid foreclosure. â€œI was in a bind,â€ Falling said. Seniors traditionally have used reverse mortgages to maintain their standard of living in retirement by tapping ...

Reverse mortgages a lifeline for seniors - San Diego Union-Tribune

Sunday, November 30, 2008 A: First, let me express my view. I dislike the concept that homeowners have to pay money into a lender's escrow account, on a monthly basis, so that lenders can pay the real estate tax and the yearly insurance premium ...

See if lender will let you pay insurance, taxes - San Francisco Gate

The mortgage professionals on the front lines, those of us meeting with prospective homebuyers and originating mortgages, are greeting the details of the 2009 conforming limits as a mixed blessing. The ones making the rules had an opportunity to ...

Peter Boutell, Lending a Hand: Freddie Mac and Fannie Mae announce the ... - Santa Cruz Sentinel

Shelly Griese hates to move. But in the last four months, the 47-year-old Reno resident found herself doing exactly that. Twice. Packing boxes on a clear November afternoon, a tired and dejected Griese expressed disbelief on how quickly her life has ...

Foreclosure: Nevadans hit hard in national crisis - Reno Gazette

Last year, as our real estate market was contracting but before the mortgage industry had caught on and tightened underwriting guidelines, my company was approached by a local mortgage broker who wanted to sell us loans. Over the past several years ...

Peter Boutell, Lending a Hand: Guidelines tighten for move-up ... - Santa Cruz Sentinel

Maybe your plans for retirement include dining in fine restaurants, traveling to the Galapagos Islands to see blue-footed boobies, taking your grandchildren to Hershey, Pa., to eat chocolate to their hearts' content -- and then coming home to your ...

Prepare for a Gruesome Retirement - MSNBC

Jerrid Mooney was pumped about closing on his Midtown condo several months ago. He was counting the days and telling his friends. He had 20% down and a credit score that he calls "stratospheric." Yet hours before the Aug. 16 closing was scheduled to ...

Lenders nervous about risk, even if the risk isn't you - Detroit Free Press

Punitive increases announced by Chancellor Alistair Darling in his Pre-Budget Report last week will hit those earning more than Â£140,000 hardest. From 2011, big cuts in personal allowances and an increase in the top rate to 45p will effectively push ...

Reader comments (3) - This is Money

This week Billy Annese turned 28. That's remarkable since doctors once predicted that he'd never make it past 16. Annese suffers from a disease called Friedreich's ataxia, a progressive neurological disorder that, much like multiple sclerosis, gets ...

Mortgage Vs. Medicine - Newsweek

Nov. 22 (Bloomberg) -- Seizure and sale of Downey Financial Corp. and two smaller lenders may cost the FDIC more than $2 billion as foreclosures rise and home prices extend declines in the worst housing slump since the Great Depression. U.S. Bancorp ...

Open Question: What will it be -School or work?

My husband and I are in our early 30â€™s, have a new home, building a life, and are in the process of starting a family. Iâ€™ve always wanted to go back to school but have put it on hold due to financial reasons. I canâ€™t seem to surpass a certain amount of income in my field and I know itâ€™s lack of education. Iâ€™d like to go back so by the time my kids are in school, I can go back to a decent career path with a good income. The problem? My husband wonâ€™t let me. We have a mortgage and should not be getting into more debt. Itâ€™s either I find a job I like to do (not much choice for me out there), or see if I can start a business or something. Education is out of the picture. What would you do in this situation? Sorry - I should add that I would like to change career paths - i'm not happy where I am - and have been trying to change for quite some time - but due to financial reasons..... more

Open Question: Is my home equity line of credit included in a bank's Loan-to-Value calculation?

I'm looking to refinance my house and while the loan amount on my first mortgage is 800K, my house is appraised at $1M. However I also have a home equity line of credit for $100K. I'm only looking to refinance the first mortgage, however. Will the bank count the HELOC, in addition to the new first mortgage, when evaluating the refinancing of the first mortgage? Thanks. more

Open Question: California Home Question?????

Okay, my lender has this friend who is a realtor and she referred him to me so he found this Town Home that's going for $200k and my monthly mortgage would be about $1750 which I told him I was not comfortable paying that amount so he told me he is going to see about speaking with the broker sense it's a friend of his to see what he can do to get it more in my budget (meaning paying at about $1400 a month) do you think he will be able to pull that off? Also, I really like the place but I refused........... to pay $1750 month. Yes; I am aware of people losing there homes I totally enforced to the lender that I do not want a arm loan nor a balloon, I only want fixed rate. Anyhow this home is a foreclosure and my realtor is working with the broker I guess to see about lowerimg the cost, and my realtor told me he will call me tomorrow, I have not idea what strings he is trying to pull. Remember my realtor is friends with the person who put the property on the market. Okay I'm not confused. Musicman....the rate I am getthing is 6% 30-year fixed and my lender is claiming my mortage a month will put me at about $1700 a month, which I strongly believe that is to high. I am starting to wonder should I change lenders. I was just approved for my loan so I am just barely looking. I'm getting the FHA program with 3% down. My middle fico score is 679. Far as down payment I have 10k saved up. Sorry I forgot to mention "yes I can prove my income with no problem". Thank you all for your input on this....I'm now searching for a new lender. more

Open Question: is it possible to get a home equity loan or to refinance while your already behind on your mortgage?

we have about 20k worth of equity but we fell behind on our mortgage payments early this year and negotiated a plan to incorporate the amount we were behind into our normal monthly payments. making those payments a bit higher each month. that however is still not working because of all of our other bills and we want to use the equity to pay off a vehicle and a bunch of credit card debt etc... is that possible? more

Open Question: Can the seller cancel this deal and keep deposit if buyer did not obtain the mortgage? ?

We are in contract to sell our home ( New York State). Our buyers had a 30 day commitment clause in the contract to obtain a certain amount of money within 30 days with a specific lender. We called inquiring about what the delay was about 3 and a half weeks after contract signing. No one knew what was going on. Our lawyers had no info nor did our agent..Our agent finally called us and told us that the buyers were having difficulty with the bank they had a applied to for a mortgage. The bank now wanted a larger down payment and had, therefore, now agreed to a lesser amount to lend them. They then went on to change lenders and use one of their realtor's lenders. They were 1. suppose to notify our lawyers in writing that theyeither had a mortgage commitment or did not secure a mortgage. 2 suppose to notify our lawyer that they changed banks. Our lawyer says they were never notified. The 30 days have come and gone. Our house is not being shown and we have another possible buyer who we may lose. The contract stated closing would be on or about Nov. 15th. Can we consider the Buyers in default and keep their down payment? We would much rather close this deal! However we don't want to find out that after waiting 2 months and paying 2 mortgages, insurances, fueloil, electric, all the other expenses of keeping a second home in good condition,and possibly losing other buyers that these people still could not buy our home! Can we cancel the deal now and get their deposit at this point? We are 2 weeks away from being in contract 2 months and wasting time! To "Laughter" This is a Law and Ethics Section. If you are not qualified you shouldn't bother answering! The question is written with the hope that a lawyer or some other legal professional would respond! more

Resolved Question: Can I get a loan for $100,000?

I make about $25,000 yearly. I am 22 years old, have been at my job for 18 months. I have no debt except for a medical bill which is about $200 a month. My car is paid off. My credit score is about 710-20. I will be moving in a few months and I would rather be paying to own my home than paying rent (considering rent would be more than or the same amount as a mortgage.) What kind of loan can I get? And I can put $20,000 down more

Resolved Question: Answer these 2 math Questions and show work and you will get best answer!! help please :(?

1.) Abe Cole is paying $200 a month to rent a house which he can purchase for $19,200 cash. He estimates that taxes will amount to $510, repairs $280, insurance $90, and depreciation $375 annually. He can earn 5% on his money in a savings account. How much would he have annually by owning the house instead of renting it? 2.) Greer can rent a certain house for $4,320 a year or he can buy it for $29,000 by paying $9,000 cash and giving an 8% mortgage for the remainder. He estimates taxes will be $770, insurance $120, depreciation $580, and other expenses $600 a year. Allowing 6% interest on his cash investment, what would be the yearly cost of owning the home? 10 POINTS FIRST PERSON WHO ANSWERS CORRECTLY!! thank you so much!! :) more

Voting Question: Should I leave home because of financial issues?

My dad recently lost his job, and my mom is not employed. I have three younger siblings, and my family just does not have enough money to go on. My parents have a substantial amount of debt, and we're losing our house because we can't pay the mortgage. I know that their quality of life will be better if they have one less person to clothe, feed, and provide for, so should I leave so that it's easier on my family? I am at the age where I can get my own job. I'm a failure to my parents anyway, so the least I can do is provide them some relief, and hopefully some cash if capable. So is leaving home a good answer? more

Voting Question: Should I leave my home because of financial issues?

Voting Question: What happens when a home is sold because of foreclosure?

What I mean is: I know that a foreclosed home is sold for the amount(in taxes) which the previous owner couldn't pay. What I want to know is: does that payment cover things like the mortgage, insurance, etc. or are those to be paid separately? more

Voting Question: I have a problem with my mortgage company and loan. How do I sue them?

From the beginning,my loan contract was handled negligently. My loan documents were re-drawn 3 different times, during the final time my Property taxes were mis-calculated, having my mortgage payment one year later to increase by $900.00. During the remodification process someone mis-reversed(cancelled) the application. I gave $10,000 to participate into the plan. the company applied the money towards my past due amount mailing a $800.00 dollar check for their mistake. Then October 16, 2008 the company pre-qualified me for the government program, and every since the mortgage company has requested the same financial information repeatedly not moving forward with my approval,putting my home into foreclosure. I have contacted the Governor, Senators, Federal Reserve, Consumer Assistant Group, Office of Comptroller, and other offices on behave of this matter. Please respond! When I speak with someone at my mortgage company they tell me over and over again there's nothing more needed for the account, for the approval of the program. It's the Federal Fair Debt Collection Practices Act set in place to protect consumers like me, and violation laws set into place. Remember these are professional Corporations. Certified by Federal agency;s and the Better Business Buearu's to conduct business funded to represent the Federal government practice acts,. Legal advise only. more

Open Question: My next partner after divorce?

I have been with my boyfriend now for 6mths and we are very serious about each other. He hasn't met my 3 children yet as we are waiting for the right time which will be after xmas. However we have been having some serious talks recently on us having a future together and him moving in with me. The problem I have is that my parents have paid off my mortgage which is a third of what the house is worth and I have the rest of it sitting in equity. How would this work? I already had to give up equity for when my ex husband left a year ago. I need to protect my children and myself incase it doesn't work out 2nd time round. My boyfriend and I have had quite a few arguments about the issue. He says that if he is going to be paying his salary that he earns into the house like for doing up the place, paying for bills etc. and the mortgage then what happens in say 10years time if it don't work out between us? Is he supposed to walk away with nothing? He has a house that he is renting out which so far he hasn't made any money on and he is still living at home with his parents. He says that he doesn't want half the amount if it don't work out as he understands that I would need it for the kids but he would want something to walk away with. How does this work? If he moves in then my parents would want us to take on a mortgage of the amount that I owe them. Any ideas? As it is causing arguments already. Thanks more

Resolved Question: I need an EXPERT at personal bankruptcy law please...?

I live in Illinois where tenants of the entirety is legal for real estate. I currently have a very large amount of credit card debt 150K+ and a upside-down mortgage on my home. I also have about the same amount of assets in the market. All is in my name, not my wife. Let me ask you to put all moral issues aside for the moment. Let's say I was to put my existing home on the market and purchase a new property. I used all of my existing assets to buy the new home and held title as tenants by the entirety with my wife. I now have 2 homes, one on the market and one I live in. I have no liquid assets and 150K in credit card debt. Six months later, my first house still has not sold. I can't afford payments on my cards and houses, I quit paying everything but my new primary mortgage (which is tiny because of the large down payment). Everything goes to collections and 12 months later I declare Chapter 7 by myself. Question: How does the court view my new primary residence with 150K in equity? Does tenants of the entirety trump all and I keep my home? Or does the court view my actions as intent to never pay back the debt and force sale of the home despite title? more

Resolved Question: Whose fault is the economic crisis anyway?

So letâ€™s look at how we got here: ILLUSIONS Big part of what makes the American Dream is hope. However unrealistic, uneducated, and misinformed choices replace hope with illusions. Buyers had the illusion that homes would always keep increasing rapidly in value. However, they failed to understand that the real estate market has cycles. Some of the factors that create a change in the market are increased amounts of supply or demand, deregulation of the financial industry, easy and available credit, low interest rates and much more. People who bought homes they could not afford did it because they saw an opportunity to â€œinvestâ€ their life savings and achieve the American dream. They viewed this opportunity as attainable because banks made it possible, unscrupulous agents/brokers made them believe it was possible, and because they lacked the knowledge necessary to understand the responsibilities, risks and benefits of owning a home. Other illusions buyers had was their wages. The had the illusion that their wages would go up enough year after year to cover their ever increasing debt due to a lavish life style. This illusion, the lack of financial education and self-control allowed for people to live well beyond their means. Today people, banks, and our government are drowning in debt. CREDIT Competition in the market forces business to improve on their products and allows the consumer to purchase those products at affordable prices. However, competition between banks in a booming economy and low interest rates created a credit bonanza. Instead of banks improving on their products and services, they began utilizing creative financial tools to attract more borrowers. They also lend money to risky borrowers with little regard of their qualifications. Anybody that had a pulse could literally get a loan. Banks canâ€™t accommodate the demand for credit only with their money reserves. So if they want to lend more money, they sell these mortgages to commercial banks and Wall Street lenders. Financial Crisis: Who's Fault Is It, Anyway? Doesn't matter. Because just about everyone is to blame. Republicans opened the door through debt-based credit derivatives and deregulation. Democrats further contributed by turning a blind eye to Fannie and Freddie and insisting that even those who couldn't really afford mortgages be allowed to get them. The Bush Administration touted consumer spending as a means to boost the economy, and encouraged reckless consumer behaviors with billions in "stimulus"money, all while fueling the national debt through a disastrous war and tax cuts for people who don't really need them. And, of course, greedy banks and mortgage lenders went along, doing their best to bilk whoever came through door for whatever they could get -- before passing the risk on to equally greedy investment banks and hedge fund managers. Consumers came along for the ride, abandoning reasonable financial practices and using credit to fuel materialism -- as well as making poor decisions by buying homes they couldn't afford with "creative" mortgage financing. Nearly everyone shares some of the blame. This is not the time to bicker over who is most at fault. It doesn't matter. The past is past. It's time to move forward and fix the problem. REALLY fix the problem. With practical solutions (that's right, follow the link for just one alternative -- and better IMO -- solution) that don't involve throwing a large, arbitrary amount of money at the problem. This is something that requires measured thought. And a change in how our society now views debt, money and the economy. There's no reason to rush into a bailout plan right now. Instead, a little more analysis is needed. more

Resolved Question: Inflation??????????....................?

The inflation rate was expected to be 3% per year, but in fact the price level increases at 6% per year. Consider the impact this would have on the following groups: I. A family paying $600 a month on a 30-year mortgage at a fixed interest rate II. A bank that has issued 30-year mortgages at fixed interest rates III. Workers whose wage contracts have cost-of-living adjustments tied to the Consumer Price Index Which of these groups is (are) hurt by this unanticipated inflation? Note that a fixed rate mortgage is simply a home loan with a nominal interest rate that does not change over time. A. I only B. II only C. I, II, and III D. I and III E. III only F. I and II G. II and III Which of the following are costs associated with inflation? I. The loss of real purchasing power due to rising prices II. The resources used in changing prices, which are often referred to as menu costs III. The wasted time and effort associated with people trying to reduce the amount of money they hold IV. The misallocation of resources due to relative price variability A. I, II, III, and IV B. I, II, and IV only C. II and III only D. II, III, and IV only more

Resolved Question: Macroeconomics q's.........?

The quantity equation of money is M x V = P x Y, where M is the quantity of money, V is the velocity of money, P is the price of output, and Y is the amount of output. 6.2. If the velocity of money is constant and money is neutral, an increase in the money supply: I. Increases nominal GDP II. Increases the price level III. Increases real GDP Which of the above statements best completes the sentence? A. I only B. I and III only C. III only D. II and III only E. II only F. I, II, and III G. I and II only 8. The Fisher effect is based upon the neutrality of money, and it states that, in the long run, as the growth of the money supply increases: A. Real interest rates increase. B. Nominal GDP increases. C. Real GDP decreases. D. Nominal interest rates increase. Which of the following are costs associated with inflation? I. The loss of real purchasing power due to rising prices II. The resources used in changing prices, which are often referred to as menu costs III. The wasted time and effort associated with people trying to reduce the amount of money they hold IV. The misallocation of resources due to relative price variability A. I, II, III, and IV B. I, II, and IV only C. II and III only D. II, III, and IV only The inflation rate was expected to be 3% per year, but in fact the price level increases at 6% per year. Consider the impact this would have on the following groups: I. A family paying $600 a month on a 30-year mortgage at a fixed interest rate II. A bank that has issued 30-year mortgages at fixed interest rates III. Workers whose wage contracts have cost-of-living adjustments tied to the Consumer Price Index Which of these groups is (are) hurt by this unanticipated inflation? Note that a fixed rate mortgage is simply a home loan with a nominal interest rate that does not change over time. A. I only B. II only C. I, II, and III D. I and III E. III only F. I and II G. II and III more

Voting Question: Married filing jointly. How does the $10,700 deduction apply to our income tax?

According to the 2008 tax rates & brackets for "married filing jointly with combined income of $105,000," our tax is $8,962 plus 25% of the amount over $65,100. This comes out to $8962 + $9975 = $18,937. Is the $10,700 deduction applied to the $18,937 or is the deduction subtracted from our gross income of $105,000? Also, we plan on buying a home in Jan/Feb 09. If we paid a total of about $20,000 in mortgage interest next year, will there be a significant tax benefit? Assuming our income is unchanged and we have no other deductions or allowances. Thanks. more

Resolved Question: Can we drop out of this home sale deal without penalty?

We are presently in contract to sell our house. The Buyers have put their 10% down in escrow. Contracts were signed on Oct. 17th. All documentation is in. Contract reads closing to be on or about November 15th. We realize the buyers have till Dec. 15th to close or lose their down payment. The problem is we believe they cannot get their mortgage now. Their bank apparently will not approve the amount they were originally told and we just now found this out. It's already 30 days since contracts were signed. The contract states that if either party wishes to pull out after thirty days the funds will go back to the buyer. It says nothing about whether they will penalize the seller. We are afraid that after another month has gone by they still won't be able to get their mortgage and we will have wasted 2 months of our time and possibly we may have gotten other offers which might even be better. Aside from that if we initiated the cancellation of the deal wil we be penalized? more

Resolved Question: Is this fine 30r - mortgage rate?

Locked rate for 30 year mortgage for 6.0 % no points? is this good in ny city with 730 credit score..loan amount is 300000 also, i am only putting 10% is there a bargain for PMI...can I get rid of PMI after few months may be take a home equity after 3 months and pay the rest 10% advice will be highly appreciated more

Voting Question: Can you purchase a home for under value, but get a mortgage for the actual value?

I am looking to be a first time home buyer, but have a decent amount of credit card debt. I have a 730 credit rating and a solid job. In this economy it is very possible to find a home for under market value. I am trying to find out if it is possible to still get the mortgage up to the market value of the home and then pay off my debt with the difference. Then would it be possible to immediately refinance? more

Voting Question: What if every us citizen (over 18 & not in jail)got one million $ tax free. wouldn't that stimulate economy?

This question was posed a month ago. Yet it is a resolved question so I couldn't post a reply. So I'll start a new one. While this is a valid question that MANY have been asking. I personally think it is possible to do so. However,not with just a hand out of $1million dollars. We are seeing the down side to giving Hand outs and the abuse it causes by what's happening on Wall Street. The way this could work would be by giving credits not a lump cash sum. Rather, a credit system. And it would be for US Citizens over the age of 18 not living overseas unless they are in the armed forces or working for a government agency and they must not be in Jail or have a Prior Felony history. At the start of the credit system, there would be a 2 year moratorium on price increases for anything purchased in the USA. This will create a two fold which I'll get into later. The first draw the Citizen shall take wil be for housing. If they have an existing Mortgage, the moratorium shall state they must pay off their mortgage and stay in the home for at least 2 yrs or if they HAVE to move, they can only purchase a home of equal value. If the Citizen just lost their home to foreclosure, then they can take their credit and purchase a home at the same value as their home they lost to foreclosure. (if the home hasn't been sold by the bank, they must buy back their home from the bank) If they do not own a home and are renting, they can purchase a home equal to the value that their income level would have allowed + $100,000.00. Or what a Mortgae payment would have been equal to their rent amount + $500.00. (which ever is the greater of the two) This will stop everyone from going out and buying homes way over what they normally would have been able to afford without the hand out. And the 2 yr moratorium on moving stands for everyone to insure that price gougeing will not take place. The second thing the US Citizen can do is draw a credit to pay off bad debt. Bad debt would be any medical bills, judgements, liens,repossessions, credit card debt. Then the 3rd draw would be to pay off their car. If their car is already paid off, or over 10 yrs old, they can purchase a new car of equal or comparative value at todays standards. In otherwords, If you own a Honda Accord, you can't go out and buy a Brand New Cadillac Escalade. I think you can see where I'm going with this. The credit you take out isn't to overextend, rather get you out of debt and stay in the lifestyle you are in and can afford without being strapped by mortgage, rent, car payments and bad debt. After all these credits are obtained, your employment can be evaluated. If you have lost your job, you can take a credit to go to school to reeducate yourself. If you are currently employed, the 2 yr moratorium stands. You stay employed so as not to disrupt the balance of everyone all of a sudden wanting to be Stock Brokers or MD's and no one wants to work at a retail store as a cashier. And hopefully after these 2 yrs, the economy will be back to an even keel that more jobs will be available so those out of work, or in school can obtain a decent job with decent pay. The 4th draw will be to create a retirement account. One that cannot be touched until the age of 65. The 5th draw will be to create a college fund for your child/children that cannot be used for anything but college. The 6th draw will be to purchase health insurance. The credit will be extended for 2 yrs - giving you enough time to incorporate the payment into your budget, or hopefully have employer coverage by the 2 yr date. If you already have health insurance, you are exempt from this credit. Once everyone has a home, a car, bad debt paid off, health insurance, retirement funds, and college funds. Their credit is cut off. It's up to them to figure out how to keep from getting into overextended situations in the future. They can either take out home equity lines and run up their credit card debt, or be responsible and happy living within their means. This has been a tough 2-4 yrs for many. And I think if given this kind of opportunity - many will be content with their lifestyle and set goals and levels of success in steps, rather than with irresponsibile behaviour. Will this take monitoring% more

Resolved Question: My husband and I are trying to buy a home but his credit score is 630, HELP! How do I get it raised quickly?

I am paying off two collection agencies that are on his report. One for a $19 charge, the other for a $160 dollar charge. I pulled his credit a month ago and those were not there and his score was 680! Also, I am going to pay off a $500 credit card he has...any other ideas? He has no late payments within the last 24 months. He has a small amount of revolving credit ($1500) in retrospect to his credit lines. Do you think I could get it back up to 680 within a month? Thanks so much in advance. I feel really hopeless, I pulled his credit a month ago and his score was higher, so I based our mortgage loan on the higher score. But now they are telling me that I can't get a loan with our combined credit! (Mine is 730) HELP! THANKS! Hi Me-Inside. I live in a very presitgous area of Southern California where the real estate is expensive. My husband and I both have very stable income. Our rent is MORE than a mortgage would be on the same property. This is the only chance that has come our way to buy at the bottom. Thanks for the imput but I think if you have the income and the down payment, now is a great time to buy! Hi Jay, The loan I was applying for was only $260,000. But the mortgage broker pulled my credit and told us we have to get my husbands score up before we can get the loan. So I guess I will wait a few months...maybe the prices will go down even further. Thank you all for all of your thoughtful answers. By the way, I was applying for a 30 year fixed...and yes it was an FHA loan, I only have 5% down. more

Voting Question: please help me match these questions?

The financial structure of a country or other entity that determines how resources and wealth are distributed. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital Responsibility for lawsuits and debts related to a business; debt carried by a business. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital A person who organizes and manages a business, assuming the risk for the sake of the potential reward. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital Nickname for the New York Stock Exchange. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital Money earned by a business from sales of its products. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital A 12-month period between settlement of financial accounts. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital A percentage of the total cost of a home that the buyer pre-pays in order to obtain mortgage approval. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital A continuous increase in the prices of products and services, usually resulting from an increase in the amount of money in circulation to the public. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital Cash or goods that can be used to generate income. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital A percentage of a business gross profit or an individual income taken by the government to support public services. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital A recording of income (in bookkeeping). Money loaned or payment issued against a promise or guarantee of repayment, usually for free. Choose... F) Down Payment K) Entrepreneur H) Credit C) Inflation B) Fiscal Year E) Revenue D) Liability A) Economy I) Tax G) Big Board J) Capital more

Resolved Question: On average, how much should a stay at home mom ring up on her credit cards a month? we have 2 sons, a 2 year?

old and a 6 year old. My wife averages ringing up credit card bills of 2,400 dollars a month that i pay in full. our mortgage and real estate taxes are about the same amount 2,400 a month. i earn around 160k a year so I am able to pay these bills in full , but i am wondering if my wife is spending at all conservatively. she also rings up probably another 400 a month on the debit card. we live in northern new jersey which is not a cheap place to live, but i cant help thinking she could do better with spending money. what do other married stay at home moms average on their credit cards a month? she rings up most of the expenses regarding the kids, except for food which is done on the debit card. is this completely out of range for what most stay at home moms spend? more

Resolved Question: A question about forced homeowner's insurance?

My insurance co. went out of business and mortgage co. placed me on their forced insurance. I'm free to get other but need the 4 point inspect. first and need roof repairs in order to pass. ( I am living kind of close to the bone..) The total amount of my mortgage balance is only 15,000. The bank (Wachovia) says it is insuring only itself against potential loss, but the amount charged me is VERY high and doubled last year for no reason other than that they could double it if they wished. I am wondering if they are allowed to force me to insure my home wiith them for more than the value of the mortgage balance since they say they are not really protecting me but themselves with this insurance until I get other. Thanks for your response. more

Resolved Question: Homeowner IRS Tax Deducting Question?

I just purchased my first home and had a couple questions regarding deductions I can take when I do my taxes. First I I know I can deduct my interest paid on the mortgage and the PMI (Mortgage insurance) however I purchased this home with my girlfriend not wife so we file as single so the question is are we required to split the interest / PMI between us when we file itemized or can my girlfriend or I just file for the full amount of those deductions. Example lets say we paid $6500 in interest and $1500 in PMI can I by myself file for the full $8000 in deductions or do me and my girlfriend have to split that and include on each of our individual filings? Second question I know I can deduct my property taxes also can you deduct 100% of your property taxes so If I pay $2,200 a year in property taxes can I deduct the full $2,200? Also regarding this can either I or my girlfriend claim the full amount on 1 filing either hers or mine or does the IRS require that we split it? because I was just planning on having her claim the full amount and me deducting none of the interest etc so she can get back more actual money because I think I might owe next year. Thanks and just to clarify more me and my girlfriend are both the home owners we are both on the tittle and mortgage etc. Can either me or my girlfriend claim the full amount on just one filing or does the IRS require we split it? And can I deduct 100% of my property taxes or is it just a percentage? more

Resolved Question: Purchasing Parents' House?

If I want to buy my parents home for half the appraised value, with a $24,000 gift of equity...does anyone know how this could affect the type and amount of a mortgage I might be able to get? more

Resolved Question: is there a blog for homeowners who didn't fall into the foreclosure trap?

I'm tired of hearing about the people in jeopardy of losing their homes because the value has dropped below the mortgage amount owed. I busted my hump to pay off the mortgages on my rental property, my residence, my cars, etc. Why don't we ever hear from the tens of millions of people who handled their financial affairs properly? more

Resolved Question: Can we pull out of this deal?

We accepted a very low ball offer on our home. We did this because we were assured we would close in less than 30 days. We agreed as we did not think we could pay 2 mortgages any longer. . We were also told the buyers would put 30% down. Monday it will be exactly 30 days from the signing of the contract. Also the Buyers only put 10% down. We still have no date for closing. All our paper work and inspection docs are filed including the title as of last week. We can't seem to pin these guys down to a date. I believe the appraisal was also done last week. What on earth is the problem? Set a date! Now we will not get anything back for the Nov. mortgage and we really don't want to pay another months mortgage!This is causing undo stress as we were told we have to do some cleaning in the house. It is empty and we live out of state. We need a full day to travel to get to the closing.We have hounded everyone including the buyer's bank, our bank,both lawyers, and agents We have other offers at this point which possibly can be closed as quickly as the original buyers promised and are higher than theirs! We might as well pay the other month with a new buyer and higher offer!Paying the mortgage and getting a low purchase amount is not cool! What do we do? Thanks for all the great answers! It is actually partially our fault that this is happening! The contract originally stated "closing on or about Nov. 30th". We didn't realize what "about" actually meant. We did emphasize to all parties that we wanted closing in 30 days and changed the wording to the contract to read o"on or about" the 15th of November. Now we are told that could mean as late as the 15th of December! more

Voting Question: What kind of loans are there to pay for remodeling a new home?

A HELOC is only for people who already own and have paid off part of their mortgage, right? We have not yet purchased a home, and we want to apply for a loan for remodeling costs (house needs structural repair.) We don't have any of our own money to do the extensive work required. We are prepared to offer a very very low amount for the house, but don't know how to find funding to do the repairs. (Don't tell me to NOT buy the house. I know that is always an option.) more

Resolved Question: How do I make my friends understand?

I am 22, married and obviously living out of home. We have a mortgage and we both work full time. The only loan we pretty much have is our mortgage. I put away a certain amount of money a fortnight into our savings account, which is also used for big bills. My friends, including ones from work, live at home, no board and stuff. They also work full time. They are the type who spend their money once they get it and have loans on cars and stuff. They ask for me to go out alot and I want them to understand that after bills get paid and stuff, not much money is left over. I told one friend last week that I'm not coming to her birthday dinner because the place we were going to go was too expensive. She got offended. She lives with her dad and brother and son. She lives off them and complains about money then spends it on crap. Not my problem. So how to I get my friends to understand I can't all the time! more

Voting Question: My HOA in Florida just file Bankruptcy for $3000 debt I have with them. Will I loose my Condo because of this?

Back in November of 06 I missed 2 HOA payments because of financial distress. However I was able to make up these payments minus the $150 late charges that had been tacked on. Unfortunately I was never able to make up that $150 late fees, and although I was never late again on my regular HOA payment over the course of the year my late fees ballooned up to over $1k. I have tried to work things out with my HOA, but they insisted I need to pay all late fees at once to become current, which as I stated earlier I am unable to do. Since this time my HOA has acquired the services of a law firm to to retrieve the debt, and because of doing so my total fee is over $3000, and I now find myself in foreclosure. I am current on my Mortgage,a nd have been current for almost 2 years on my HOA (not including the late fees). I have a foreclosure date in a few weeks because of this, my question is can they take my home although they are not the primary lien holder, or does this just mean they will place a lien against my home in the amount that is owed, but I am allowed to stay in my home.. What are the Laws in Florida as it pertains to HOA's filing foreclosure. Please help... more

Resolved Question: Insurance check for home repairs?

Recently my home was severely damaged by IKE and now that insurance has made the check, my name and my mortgage companies name is on it...I have to endorse it and mail to them and they told me they will send the first third of the amount, then when we are 33 % done they will get an inspector to come see and then send the 2nd third of the amount and when we are 95% done again get the inspector out and they will release the final third amount of the check to me. My question is this we have a great friend who is a contractor and always did work on our 4 previous houses, he is charging us almost 7 grand LESS than the insurance company gave us, what happens to the money? Do I HAVE TO SPEND IT on the house? We are getting more done for a lot less than the insurance settlement....but can I get in trouble if I DONT use it on the house? I am sure in the long run it will go on the house as its going to the bank rather than the mall...lol, sorry for everyone elses misfortunes due to IKE more

Resolved Question: Do you agree with the theory that George W. Bush is responsible for the current economic crisis?

Do you agree with this: BUSH ADMINISTRATION responsible for 2008 FINANCIAL CRISIS -------------------------------------------------------------------------------- I see a lot of politicians and forum members pointing fingers at who was responsible for the 2008 Financial Crisis we are currently experiencing. The answer is really simple. THE BUSH ADMINSTRATION! Bush selected the Board of Governors at the Federal Reserve. The Federal Reserve Governors are responsible for Banking Oversight. The below quotes are found here: Federal Reserve System - Wikipedia, the free encyclopedia Quote: Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the Board of Governors are selected by the President of the United States and confirmed by the Senate. Quote: The Board of Governors is the part of the Federal Reserve System that is responsible for supervising the private banks. A general description of the types of regulation and supervision involved is given by the Federal Reserve:[11] The Board also plays a major role in the supervision and regulation of the U.S. banking system. It has supervisory responsibilities for state-chartered banks that are members of the Federal Reserve System, bank holding companies (companies that control banks), the foreign activities of member banks, the U.S. activities of foreign banks, and Edge Act and agreement corporations (limited-purpose institutions that engage in a foreign banking business). The Board and, under delegated authority, the Federal Reserve Banks, supervise approximately 900 state member banks and 5,000 bank holding companies. Other federal agencies also serve as the primary federal supervisors of commercial banks; the Office of the Comptroller of the Currency supervises national banks, and the Federal Deposit Insurance Corporation supervises state banks that are not members of the Federal Reserve System. Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is, state banks that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing consumer credit protection, such as the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks. Members of the Board of Governors are in continual contact with other policy makers in government. They frequently testify before congressional committees on the economy, monetary policy, banking supervision and regulation, consumer credit protection, financial markets, and other matters. The Board has regular contact with members of the Presidentâ€™s Council of Economic Advisers and other key economic officials. The Chairman also meets from time to time with the President of the United States and has regular meetings with the Secretary of the Treasury. The Chairman has formal responsibilities in the international arena as well. Quote: Preventing asset bubbles The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, subchapter 7, section 301:[23] Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time. To me, it looks like the oversight LAWS WERE IN PLACE, and the Federal Reserve Governo If Bush hadn't let gas prices get so out of hand we would all have $300-$500 more to spend each month to stimulate the economy. You guys are blaming Clinton? He left us with a surplus. Bush will leave us with the biggest deficit we've ever seen. Bush spent all our money and robbed us blind at the pump. more

Voting Question: Should I Pay Off My Mortgage?

The recent upheaval in financial markets has caused me to ask the above question. I'm a retired 61 yr old single male with no debts and 50k in the bank. I collect a monthly annuity of 1.5k and anticipate monthly SS earnings of roughly the same amount a yr. from now. I have a mortgage of 145K (home is worth ~ 200k) and 401ks totaling ~$600000 (ytd 401ks have returned ~ +4.2). Does it make sense to pull enough money out to pay off my mortgage? more

Voting Question: when buying a home....?

If I am aproved for a 100,000 mortgage and buy a 85,000 home with no appliances can I get the mortgage for 85,000 plus the amount needed to buy said appliances? more

Resolved Question: [Help} Decision analysis Case study ?

Billy Tan just graduated with a Mechanical Engineering degree and secured a new job with a starting annual salary of $36,000. There are a few things that he would like to do with his newfound â€œwealth.â€ As a fresh graduate, he needs to begin repaying his student loans (amounting to $20,000) and he also likes to reduce some outstanding balances on his credit cards (amounting to $5,000). Billy also needs to purchase a car to get to work and would like to put money aside to purchase a condominium in the future. Last, but not least, he wants to put some money aside for his eventual retirement. He would like to do some financial planning for which he has selected a 10year time frame. At the end of 10 years, he would like to have paid off his current student loan and credit card debt, as well as have accumulated $40,000 for a down payment on a condominium. If possible, Billy would like to put aside 10% of his take home salary for retirement. He has gathered the following information to assist him in his planning: â€¢ Student loans are typically repaid in equal monthly installments over a period of ten years. The interest rate on Billyâ€™s loan is 8% compounded monthly. â€¢ The monthly minimum credit card payments are usually computed using a 10year repayment period. The interest rate on Billyâ€™s credit card is 18% compounded monthly. â€¢ Car loans are usually repaid over three, four, or five years. The interest rates on a car loan can be as low as 2.9% (if the timing is right) or as high as 12%. As a firsttime car buyer, Billy can secure a $15,000 car loan at 9% compounded monthly to be repaid over 60 months. â€¢ A 30year,fixed rate mortgage is currently going for 5.75% to 6.0% per year. If Billy can save enough to make a 20% down payment on the purchase of his condominium, he can avoid private mortgage insurance that can cost as much as $60 per month. â€¢ Investment opportunities can provide variable returns. â€œSafeâ€ investments can guarantee 7% per year, while â€œriskyâ€ investments could return 30% or more per year. â€¢ Billyâ€™s parents and older siblings have reminded him that his monthly takehome pay will be reduced by income taxes and benefit deductions. He should not count on being able to spend more than 80% of his gross salary. Additional requirements: a) After Billyâ€™s car is paid off, he plans to continue setting aside the amount of his car payment to accumulate funds for the carâ€™s replacement. If he invests this amount at rate of 3% compounded monthly, how much will he have saved by the end of the initial 10year period? b) Billy has planned to have $40 000 at the end of ten years to place a down payment on a condo. Property taxes and insurance can be as much as 30% of the monthly principal and interest payment (i.e. for a principal and interest payment of $1000, taxes and insurance would be an additional $300). What is the maximum purchase price he can afford if he would like to keep his housing costs at $950 per month? c) If Billy is more daring with this retirement investment savings and feels he can average 10% per year, how much will he have accumulated for retirement at the end of the 10year period? As Billyâ€™s friend, you have been asked to review his financial plans. How reasonable are his goals? Support your findings with appropriate computations using Excel and prepare a Powerpoint presentation for your client. State your assumptions clearly. I need ur help . thx more

Resolved Question: I signed over my deed but am still responsible for the mortgage. What can I do?

My husband and I were wanting to sell our home with no luck when an offer from a company came. They would give us X amount of dollars for our house(we got $32,00 in cash) and they would find a "buyer" for the house....but the mortgage would remain in our name. The paperwork says that they would "try" to find a buyer in 24 months. Anyway, we are getting calls that they are 4 months behind on the mortgage. Is there anything we can do? I know now it was a really stupid thing to do, signing over our deed. These people are ruining our credit. What if we decide to declare bancruptcy, can we include this home? What I would really like is for them to find their buyer so we are no longer responsible, but with the housing market what it is today, I am not sure it will happen. more

Resolved Question: Is there a Maximum time limit on a short sale home?

The seller and myself have agreed on a price. I have now been waiting on the bank approval for almost 6 months. I've been extremely patient but it is running out quick. Is there a maximum amount of time the bank can take in providing an answer, yes or no, before the agreement with the mortgage holder and myself is considered void? My main concern is losing my earnest money check if I back out now. more

Resolved Question: If you rent one house for the monthly mortgage amount, how does that affect your ability to buy a second home?

Would you be better off just selling the first house? What should you consider in deciding whether to sell the first house or rent it out if you are staring to think of moving to another house? more

Resolved Question: Who gets the proceeds of a foreclosure sale?

If a home in NC is foreclosed on and sold for more than the amount owed on the mortgage, does the borrower receive the excess funds? more

Resolved Question: Have you heard of Joe the Republican?

A DAY IN THE LIFE OF JOE REPUBLICAN Joe gets up at 6 a.m. and fills his coffeepot with water to prepare his morning coffee. The water is clean and good because some tree-hugging liberal fought for minimum water-quality standards. With his first swallow of water, he takes his daily medication. His medications are safe to take because some stupid commie liberal fought to ensure their safety and that they work as advertised. All but $10 of his medications are paid for by his employer's medical plan because some liberal union workers fought their employers for paid medical insurance - now Joe gets it too. He prepares his morning breakfast, bacon and eggs. Joe's bacon is safe to eat because some girly-man liberal fought for laws to regulate the meat packing industry. In the morning shower, Joe reaches for his shampoo. His bottle is properly labeled with each ingredient and its amount in the total contents because some crybaby liberal fought for his right to know what he was putting on his body and how much it contained. Joe dresses, walks outside and takes a deep breath. The air he breathes is clean because some environmentalist wacko liberal fought for the laws to stop industries from polluting our air. He walks on the government-provided sidewalk to subway station for his government-subsidized ride to work. It saves him considerable money in parking and transportation fees because some fancy-pants liberal fought for affordable public transportation, which gives everyone the opportunity to be a contributor. Joe begins his work day. He has a good job with excellent pay, medical benefits, retirement, paid holidays and vacation because some lazy liberal union members fought and died for these working standards. Joe's employer pays these standards because Joe's employer doesn't want his employees to call the union. If Joe is hurt on the job or becomes unemployed, he'll get a worker compensation or unemployment check because some stupid liberal didn't think he should lose his home because of his temporary misfortune. It is noontime and Joe needs to make a bank deposit so he can pay some bills. Joe's deposit is federally insured by the FSLIC because some godless liberal wanted to protect Joe's money from unscrupulous bankers who ruined the banking system before the Great Depression. Joe has to pay his Fannie Mae-underwritten mortgage and his below-market federal student loan because some elitist liberal decided that Joe and the government would be better off if he was educated and earned more money over his lifetime. Joe also forgets that his in addition to his federally subsidized student loans, he attended a state funded university. Joe is home from work. He plans to visit his father this evening at his farm home in the country. He gets in his car for the drive. His car is among the safest in the world because some America-hating liberal fought for car safety standards to go along with the tax-payer funded roads. He arrives at his boyhood home. His was the third generation to live in the house financed by Farmers' Home Administration because bankers didn't want to make rural loans. The house didn't have electricity until some big-government liberal stuck his nose where it didn't belong and demanded rural electrification. He is happy to see his father, who is now retired. His father lives on Social Security and a union pension because some wine-drinking, cheese-eating liberal made sure he could take care of himself so Joe wouldn't have to. Joe gets back in his car for the ride home, and turns on a radio talk show. The radio host keeps saying that liberals are bad and conservatives are good. He doesn't mention that the beloved Republicans have fought against every protection and benefit Joe enjoys throughout his day. Joe agrees: "We don't need those big-government liberals ruining our lives! After all, I'm a self-made man who believes everyone should take care of themselves, just like I have." more

Resolved Question: Do you think the democratic congress and candidates hurt the economy?

Would you agree that three years ago the economy was doing ok? Then they got in and the democrats started running for president later on and the economy began to tank. Someone put up a question about Rush stating that Sen. Obama caused the market to go down and it got me to thinking. Dodd and Barney were the committee chairmen on the financial committees and both were given super low mortgages, which correlate it to 40 poor people with $50,000 mortgages,who could still be in their homes. i wish they would make them give the lobbyist money to charity, but that would drive the unemployment up as their families would lose their jobs or they should make the lobbyist match the same amount of money for anyone running against them. i know this sounds far fetched, but it's been a slow day and thought you all would have a field day with it. Hey i see some tumbs down, but they are all good answers. It was a sorta joke question, but you all have good thoughts on it, now it's time to change it. Hey I see some tumbs down, but they are all good answers. It was a sorta joke question, but you all have good thoughts on it, now it's time to change it. more

Resolved Question: GMAC mortgage wont modify my home loan!?

I have a terrible loan on my home that is fixed for 5 years or when my Principal meets a certain amount. They are adding $1000 plus dollars to my principal each month, which is the negative interest I'm not able to afford each month. I'm trying to fix the problem now before my payment triples and to stop my principal from rising any further. They will not help me and keep telling me I need to fall behind but I have excellent credit. It does not make sense to me to have me fall behind to set me up on a repayment plan (that is usually a pmt and a half which I could not afford) and bring me current so at that point they can see if I can modify. Why not help now, since I'm current? I've called numerous times and emailed them, I don't know what to do. These company's seem to want all these foreclosed company's on there hands. It's hurting our economy so bad and yet they don't care because the big wigs are still sitting in there nice homes with there 3 figure income. I'm so mad!!!!! Anyone got any advice or has anyone been able to modify lately and how long did it take? 1st of all you know what I ment I was typing fast at work when I put 3 figure income, second of all I did not buy a house out of my means, I purchased the home for $150,000 but had to re-fi because my mother had a stroke and was near death so I cashed out money to get her the best medical care I could because she had no ins. This was the fastest loan I could get and I figured I would just re-fi in a couple years but now all this happened so that's not an option I have no equity. I didn't want to walk away without a fight but if I have to give up the house I'm fine with that and with what happens to my credit because I still have my mother. So again I did not buy a house I couldn't afford. more

Resolved Question: Ok, Obama is now pres. elect. Please tell me what his "share the wealth" means? Is it like Huey Long's of old?

I was looking on the net for info regarding this and only found an interview he did around 9/11, the thing with Joe the plumber, stuff that the opposition said about him and some historical stuff about this guy Huey Long from the depression days. Longs deal was that no -one was going to be allowed to make or have less then a certain amount of money but also, no one was going to be allowed to have more then or earn more than a certain amount of money. If a person made more then a certain amount, it would be taken away and used to bring the people who had less up to the minimum standard. Also he had a thing for old age pensions. Long at least was clear for his time, about who he considered rich and who he considered poor. I'm having trouble nailing this info down with Pres. Obama. Also wouldn't this just create another level of poor like in some European countries ? Folks with minimum housing and food but no hope of ever doing better because there are no jobs. Wouldn't this just mean that what we consider poor would just change? Maybe he's figured a way around this. I'll keep searching the net for it. Also what is he going to put in place to motivate people to make enough to be taxed? I mean I know some business owners who have mortgaged their homes, taken out personal loans, worked 80 hour weeks, lived off of cup of noodles, etc. to get to the point where they can have a couple of employees. In tight months, they made sure that their employees paychecks and payroll taxes were paid before paying themselves, if they could pay themselves at all. Now they've reached the point where they are finally able to write themselves a serious paycheck and have to worry about it being taken away to "share the wealth". I have another friend who really wants to hire another guy, but has always waited to add employees until he could pay them above California Minimum wage and toss in some basic health benefits. Not much but some. More then what is required by law for a company his size. Now he is going to wait and see what happens with taxation first. So somewhere out there is someone not making 3 dollars over minimum rage with benefits as untrained labor. What do I tell my friend? What do I tell my boss who also has a small business and pays relatively well? I was hoping to find something on the net. I know Pres. Obama has two books out, but if they addressed this, wouldn't people be talking about it on the net? I guess that I just need to be reassured that if I continue to work hard, invest in myself, etc. That I too can get hold of the American dream. My dream wasn't for the government to pay all my bills so that I could live as well as my neighbors. My dream was to have the opportunity to do well enough do pay my own bills, be able to save for my own retirement and help out others along the way when I can. I was raised believing that if I worked hard, was willing to be flexible, was willing to move to where the work was, was willing to take risks and was willing to be continually educated, that I would have the American dream of relative prosperity. That no one could hold me down because of my ethnicity, my sex, who my parents were or what part of town they were from like in some countries. I need to know that this will stay the same. That while our society is looking after the people who can't, we won't railroad the people that can (and those who are at least willing to try) to benefit the people that won't. When I typed rage, I meant wage. I keep forgetting that spell check can't check for proper word usage, only its spelling. Interesting answers. When I watched and listened to Pres. Obama's speech after the election. I didn't just watch him, I watched the crowd watching him. They seemed enthralled. Like they not only were part of the solution but knew the game plan and were just waiting for the right person to come along to put it in action. I thought that I could just check the net and get the same answers for my questions that they obviously received. I couldn't find much except what I listed. I then decided to ask on the net only one of the questions I had and give my honest concerns based on the only information that I was able to get off of the net. I was raised to believe that once the vote was over, who ever won was now the leader. We are in a very deep hole that we as a nation and as individuals dug ourselves. We ok'd nafta when we couldn't get it blocked in congress. We also ok'd it whenever we were willing to buy imported goods instead of locally made. We ok'd it when we invested in companies that moved their production out of the US. They could sell the same product for the same price or less and still show a higher profit margin to their investors. We did it when we bought houses with reading the documents to see what our payments would be. We did it when we let ourselves become dependent on foreign oil. We did it when we bought cars bigger then we really needed and more toys then we could ever really play with to make them worth the expense. We did it when we stopped saving and started putting everything on credit with no plan on how we were going to pay it back in full. We did it when instead of having a medium recession four years ago ( about the time everyone ran out of cash) , we financed our lives with credit. We did it when instead of forcing local factories to to become environmentally friendly, we chased them out of town and now from other countries with fewer regulations, they are now dumping waste in the same ocean. We did it when we as a nation and as individuals have no long term plan. We think so temporary. We want instant gratification. People who make money off of lending money feed on that. An example is layaway. Use to be that most stores had some form of it. Where for free or a a fee, they would hold your selected goods until you had paid in full. Now most stores have store credit cards instead. We kept buying. Mortgages were only supposed to be 30-40% of your monthly income. When housing went passed that, some of us stopped buying but enough kept buying even though they couldn't afford it. This meant instead of the normal ebb and flow of the housing market that we get when supply out passes demand, we got housing prices that were artificial supported ( remember, something is only worth what someone is willing to pay for it at the time its up for sale.) Everyone from the original seller, to the buyer, the bank, the real-estate agent, the city and county all participated in this lier's poker, with the idea that the next player coming to the table would bail them all out and pay them all off by paying whatever they asked. Panic happened when that next player didn't come soon enough to keep the mortgage from defaulting. To keep the game going. We did this when we assume that people in different countries,( with their own unique histories, hopes, cultures, religions, etc.) share all of our values. Then we thought we could buy their friendship. So now we are broke and we have and have discovered that these countries had extensive unsettled conflicts dating back to biblical times and just like our European counter parts did centuries ago, we are going to try to carve up the would to make money and bring peace. Didn't work for the English, the French, the Dutch, Portuguese, Spanish, etc. But now its our turn. We should learn from history even if its other countries history. We tried buying them off and we got dictators so now we try beating them up. Both take money that should have been spent making home safer, more stable and a better place to live. That was the look I saw on the faces in the crowd. That all of our problems would be solved if we would just work together under Pres. Obama. Considering this was a "team failure", its going to take team effort to fix. Considering parts of this huge problem we face are 40 years old and some just a few years old, I don't expect it to be fixed in four years. Just want to see that plan. more

Resolved Question: How can we find out when our closing date is for the sale of our home?

We signed our contracts and down payment was deposited about 3 and a half weeks ago. Our lawyer sent out all the info to our bank around the end of the second week in October.We received the payoff for the amount owned up to the 14th. Our contract stated closing would be on or about the 14th of November. Our agent says everything is in order but doesn't know the exact date. We wonder if the Buyer's agent would know the answer. Everytime we ask our lawyer or agent they say we will know soon. We do not live in the home now. We have moved out of state and need to know an exact date for travel arrangements and possible conflicts. What can we do. Can the buyers prolong this pass the 14th? We really don't want to get into the Thanksgiving holiday. Also we don't want to have to pay another months mortgage on the house for December!. We were actually hoping to get a refund for November along with one for fuel and other utlities, insurance etc. This is very frustrating. The irony of this is that we have corrected all the minor problems at a cost to us as soon as we got the contracts. The buyers were in a hurry to move in and now we are just waiting. Thanks. more

Resolved Question: my mum passed away in nov 2007 and mortgage deeds were held in deed store?

halifax are now saying that my sister and I have to pay an excess amount of money to release these deeds stored by halifax home insurance which was with mortgage link as the standing order was never changed leaving a deficit of 1200 pounds which was added onto mortgage and interest it is not our debt I and my sister were under the impression that your debts died with you but my mother was always up to date with her bills and is distressing that she would have overlooked this matter could anyone help more

Resolved Question: Planning to Rent a Property?

I'm thinking of moving back home and renting my property out to tide me over cash wise. I have a couple of questions. 1. If I start renting the property from, say, the 1st December 2008. When will I have to file my on-line Tax Return? 2. Do I file this just once a year or twice? 3. What happens when I move back into the property? Do I just stop filing the tax return? How will they know I have moved back? 4. I understand you can deduct expences, I also heard something that you are only taxed on the interest only amount of your mortgage? Can this be explained more please. I have a C&I mortgage more

Voting Question: Can I deduct the loss on the sale of the home I had with my ex-wife. It is NOT my primary residence.?

I have a joint mortgage with my ex wife. The divorce was final a year and a half ago. She is living in the home, and I moved out and bought a condo. According to the divorce decree, I was to pay half the mortgage for a maximum of 2 1/2 years. She has now stopped making the payments and the house is going to foreclosure. Due to the drop in real estate values, and the bad market for selling homes, it will not sell for the unpaid mortgage amount. I understand that the mortgage company can try to collect the unpaid balance, or send me a 1099 for my half of that balance. Can I deduct the loss on the sale of that property to offset the 1099 amount? I have not lived in the property for over 19 months and it is no longer my primary residence. more

Resolved Question: Can I get financing for another home?

We currently own a house that's got 43,000ish left before it's paid off. We have been trying to sell the house, but i've been thinking, it will be paid off in 10 years, why not keep it as an investment home. In the mean time, if we say that will remain our home and we want to get a second home for investment do you think we'd get approved for a second loan and a guess of how much... We make about 53,000 between us... Our current mortgage is $450.00 We have 6 credit cards but only 2 have balances but unfortunately they both are just barely over half way of the credit lines (example: 3000$ credit line, and it has $1700 which is more than half) I know that's regarded as high balances. We each have a loan which total up to 5,000. We would love to be approved in the $150,000 range. She has been at her job for a steady amount of years and makes about 18$ an hour. I have just moved from another state and have only worked at my new job for 6 months making about $9 an hour. I've tried to give you all the info you'll need. Oh yeah, our social security numbers are...just kidding. If you need more info let me know. Down payment isn't an option at the moment by the way, but let us know your ideas please! more

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