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Dear Bruce: I am not behind on my mortgage, but I am finding it hard to pay my $1,300 a year property taxes. I do not have a mortgage with any escrow. What exactly can the county do to me? Can they kick me out of my home? If so, who pays the mortgage ...
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Pay taxes or lose your home - Allentown Morning Call
What does the Fed rate cut mean to you with a mortgage, car loan and credit cards? You might be a winner if you have a home equity line of credit. But if you've socked away money in a savings account, you could be a loser. Whether you are a winner or ...
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Consumers, businesses, economy may benefit - Modesto Bee
Make a tax lien secondary to the lien by the lending institution that is refinancing or restructuring a loan. Discharge or remove its claim if the home is being sold for less than the amount of the mortgage lien in some cases. “These are clearly ...
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IRS acts to simplify stressed homeowners' tax considerations - Mydesert.com
Still, Bell acknowledges that the ultimate reverse mortgage nightmare -- no home equity and no more loan income -- is a possibility. Remember, lenders can call for full payment if the homeowner vacates the house for a year or fails to pay property ...
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Reverse Mortgage 101: The Risks and Rewards - Mainstreet.com
If troubled automakers and banks need government bailouts, why not give their customers federally financed vouchers to help cover car and mortgage payments - so both consumers and companies could benefit from the money? Curiosity about bottom-up ...
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Ask AP: Bottom-up bailouts, gas pump tampering - Associated Press
At the same time, Treasury is considering a separate plan to lower another, narrower set of interest rates — those on home mortgages. With the support of the incoming Obama administration’s economic team, Treasury plans to use Fannie Mae and ...
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Bubble Trouble - Article.nationalreview.com
The tax code is still not your friend, but it does offer breaks that might ease the sting of hard times. Buying a home. The economic crisis has spurred Congress to add to the already favorable tax treatment given to homes. Home buyers who haven't ...
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7 Ways Hard Times Can Cut Your Taxes - US News and World Report
WASHINGTON -- The Internal Revenue Service said Tuesday that it will try to make it easier for homeowners in financial straits to refinance or sell their homes. The plan announced by IRS Commissioner Doug Shulman would speed up a process where ...
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IRS to help homeowners refinance or sell - Star-Press
*The New York Post is reporting that Fantasia Barrino is in a bad way financially. She's accused of defaulting on a $58,000 loan to pay back taxes that she reportedly owed the IRS, and one of her homes in North Carolina is heading to the auction ...
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FANTASIA AFFECTED BY ECONOMY COLLAPSE?: Singer reportedly losing one ... - EURweb
NEW YORK--( BUSINESS WIRE )--Fitch Ratings assigns an 'AA-' rating to Tippecanoe County, IN's $19.5 million economic development income tax (EDIT) revenue bonds of 2009. The bonds, which mature on Dec. 1 and June 1 from Dec. 1, 2009 to 2028, are ...
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Home Mortgage Taxes Questions and Answers
Open Question: my home is worth less then i owe now any suggestions on what i can do to bring the mortgage payment down?
i owe 476,000 as of today zoogle says house worth 321,000 1st and 2nd mtg with taxes and inc combined are $4,200 per month?
moreOpen Question: Should we sell our house to get out of debt?
I'm at my wit's end. My husband and I are making more money than we ever had and yet we're more broke than ever. We sold our last house last year (downsized, actually) so we could live more comfortably, and somehow we ran up more debt. Our home is valued at about $320,000 (we owe about $300,000). Our current mortgage and property tax payment is about $2000 a month. We have 3 cars, two that are paid for, but my husband just bought an $18,000 sports car for his 40th birthday, so we owe that. We have a $20,000 line of credit (up to the max.... $23,000 now actually), an $11,000 Visa (also maxxed), we owe about $5000 to a store because of furniture we bought (big screen TV, new bed, etc.). And I also have a MasterCard with a balance of about $500 on it. Between the two of us, we make about $80,000 a year. We do spend about $1300 a month on fast food... that's not including groceries. My question is, should we sell our house now, declare bankruptcy, or just tighten up our spending? We will be going for credit counselling soon, but I'm wondering what other people think.
moreOpen Question: costs (and likely if any profit) in selling a rental home?
i have a home in texas but i live in california. i have a rental home there in houston and due to the hard economy here in cali i might need to sell it. the value is about 105,000 and i owe about 86,000 on it. i have a fixed mortgage and the payments are fair but the worry of unexpected repair bills can cause me alot of havoc. i will have owned it for exactly two years i think on the 18th of december. if i get anything out of it i will use it to help pay bills not re-invest. i have three questions.... i think selling a home can be up to 10% of the selling value, am i correct? and my second question is if someone can explain is easy terms how i might be hit with taxes by the irs due to that its not and never was a residence and wanting to sell just after two years? and finally if there are any recommendations (sell or not to sell) and why? thank you very much.
moreOpen Question: Unconventional Tools to Help Stimulate the U.S. Economy?
What do you think would happen if these scenarios became reality?
1. IRS suspends income taxes for individuals and corporations from January 1st to February 28th? This would place money into the hands of individual consumers and savers, and corporations would have more cash on hand to re-invest in the company. Do you think this would help the economy or not? Could the U.S. afford to do this for ONLY two months?
2. For homeowners who might be candidates for defaulting on their home loans, would merely extending their loan agreements from 30 years to 40 years have any benefit with respect to foreclosures? Seems to me if folks can't afford to make their monthly mortgage payment based on a 30 year period, would extending that period to 40 years (and thereby reducing their monthly payments) help them or not?
I'm just brainstorming here to see if my ideas would actually help the U.S. economy or not. But what do you think?
moreOpen Question: Interest on a new home ?
If i purchase a new home and only paid the mortgage and interest for six months, should I file for the interest in my taxes 1100 went to interest and taxes every month. If I am head of the household, would I be able to get any of this money back.
moreOpen Question: Why does the media keep running stories that link a home's value to the owner's ability to make payments?
NPR just did a story on Day to Day in which the reporter spoke of people in Vegas being "under water" on their homes. That is, a person's owes more on their home than it is worth. She then proceeded to give an example of a man who was in this situation, and was now struggling to make his payments.
Since when does a home's value affect monthly payments? My payment is roughly $1,500 per month without taxes and insurance, and though my home's value has fluctuated over the years, the payment has stayed the same. In fact, I have no idea how much my home is worth. I don't plan to sell it any time soon.
I have a fixed mortgage, and I realize the people in trouble often have adjustable mortgages, and their rates have gone up, so their payments went up. However, this has NOTHING to do with the value of the home.
Also, just as many people (more, actually, in the last year) who have adjustable mortgages have seen their rates adjust DOWNWARD due to rates being at near historic lows.
If someone loses a job, that affects their ability to make their loan payment. If, however, their home value drops, this does NOT affect their payment or ability to make it, and I'm sick of hearing stories on the news that say it does.
moreOpen Question: My mortgage interest has been reduced from 5.87% to 4.88%, and it is a 30yr adjustable FHA loan, but my?
monthly payment has been increased from $1207.49 to $1496.42 I have talked to Wells Fargo and they have said because the property tax increase and home insurance I am short on Escrow balance that's why the payment went high even the interest rate got lower. Also, I have a cosigner on my loan does the property tax effected because they could see there are more annual income or this is normal? Is there any way to reduce the payment beside refinancing loan? Thanks
moreOpen Question: Need help with some Math problems...?
- 60% of what number is 87?
- 131.6 is what percent of 14?
- Jeans with an original price of $65 are on sale at 25% off. What is the sale price of the jeans? Round to nearest cent if necessary.
- The price of a home is $330,000. The bank requires a 5% down payment. After the down payment, the balance is financed witha 30-year fixed rate mortgage at 8.5%. Determine the monthly mortgage payment (excluding escrowed taxes and insurance) to the nearest dollar.
Thanks in advance =)
(I need steps on how to figure out the problems)
moreOpen Question: Why does the govt. allow Banks & mortgage Co. to charge such high interest rate ?
Take for example a house costing $150,000 at the end of the term will cost well over $300,000. Then to make matters worse when the banks start failing the govt. comes in and rescue them and the tax payers and home owners have to foot the bill. So now why don,t they do the same for home owners ?
moreResolved Question: I've made a very fair divorce settlement offer,but...?
She just isn't going to let me go without killing me. I'm not going to rehash my old questions and the reasons for the divorce (look at my old questions for reasons). But here's the offer. I will pay the mortgage, taxes, home insurance, oil, electric water, telephone, internet, tv, kids medical bills, lunch money, and home repairs. I will also buy all of the kids school clothing. All she has to do is pay for the cell phone,(hers and the kids), food, and gas and repairs on her car. When the youngest of our 4 graduates high school in 9 years, we put the house up for sale and split the proceeds. It is not enough for her that I'll be living in my parents basement. She wants 70% of the house and 70% of my 401K (in 2019 not now) and me to take care of her medically for the next nine years.
The 70% of the house is a deal breaker, because she has never had a job or worked or had money for the house since I met her. Also, there is no way I'm giving her my 401K beyond now. In my mind this gives her a roof over her head and time to plan for a future. To her it's not enough, She seriously wants everything, and she doesn't care if we piss everything away to the lawyers, as long as I get nothing even if she screws herself. I thought I was being really fair. Any thoughts?
I guess I should add, I was a kid who's parents divorced. It was awful, half the time we didn't have a place to stay, or we moved all the time. I really want my kids in that House. I bought it for them. Ideally I'd like to keep the house and the kids and send her on her sexless fat, bitchy way. Initially I offered that. I told her that I would cash in as much of the equity as I have in the house, just please leave. She would have gotten a hundred grand. I would have been strapped, but at least I would have the house and the kids.
moreResolved Question: Does anyone know how the Extreme Home Makeover works, please see link?
http://tv.yahoo.com/show/36736/news/urn:newsml:tv.ap.org:20081215:extreme_makeover_foreclosure__ER:50545
I can understand how you would have your original mortgage, but how or why would it double after they "give" you all this stuff and provide the labor? I can also see how your homeowners insurance and property taxes would go up, but don't understand this story. i have heard similar stories too about the show. Any insight?
moreOpen Question: Why do we let Greedy Capitalists own our Livelihoods?
Tribune Company files for bankruptcy
By Kristina Betinis and Alexander Fangmann
15 December 2008
World Socialist Web Site
On Monday, December 8, the Tribune Company, which employs about 16,000 workers, became the first major news company to file for Chapter 11 bankruptcy protection in the current economic downturn. The filing, which threatens the jobs, wages and pensions of thousands of workers, allows the company to stop paying interest on its $12.9 billion in debt and enter into debt restructuring negotiations with its creditors. The bankruptcy filing lists the company’s assets at $7.6 billion
The Tribune Company is a media empire comprising the Chicago Tribune, the Los Angeles Times, the Baltimore Sun, the Fort Lauderdale Sun-Sentinel, the Orlando Sentinel, at least 6 other daily newspapers, a cable network, a radio station, 24 television stations, several weekly papers, Chicago Magazine, and numerous websites. It also owns the Chicago Cubs and their stadium, Wrigley Field, which are not listed as part of the bankruptcy filing.
At court hearings last Wednesday, the media conglomerate asked a bankruptcy judge for permission to cut employee severance payments and health care benefits. In 1986, the Chicago Tribune smashed a bitter strike by pressmen and other craft unions, replacing 1,000 workers with strikebreakers. Today, the entire conglomerate is mostly non-union.
Many media companies are suffering from dwindling advertising revenue, as well as the loss of readers to the Internet. In another recent sign of the downsizing and consolidation of the industry, the Detroit Free Press, owned by Gannett Co, and its partner, the Detroit News, are planning to end home delivery on all but the most lucrative days, which are Thursday, Friday and Sunday.
The most direct cause of the Tribune Company’s bankruptcy, however, is the company’s staggering level of debt. Several large media companies, including Media General and Gannett, face enormous debt payments and may soon find themselves in a similar situation.
Last year’s privatization of the Tribune Company bears the marks of leveraged debt financing characteristic of the recent climate of rampant speculation.
In December 2007, billionaire real estate mogul Samuel Zell, nicknamed the “Grave Dancer” for his history of buying distressed or undervalued businesses, completed the transaction to take the Tribune Company private. He was estimated by Forbes in 2008 to be the 68th richest American. Zell, the Tribune Company’s chairman and CEO, pursued a heavily leveraged buyout of the company which was widely characterized as extremely risky and indicative of the irresponsible investments leading up to the recent crisis. The Wall Street Journal reports that “no one thought the buyout of Tribune Co. would work—and it didn’t.”
Ruthlessness typifies Zell’s approach. Speaking on the mortgage crisis at the Milken Institute Global Conference in April, Zell was quoted as saying, “This country needs a cleansing. We need to clean out all those people who never should have bought in the first place, and not give them sympathy.”
Zell maintained he could make the Tribune Company deal profitable through a combination of asset sales and reorganization to take place under the new management team, which had little or no experience in the newspaper industry. Senior executives knew that bankruptcy would likely be filed soon, in an effort to protect investments.
While Zell invested $315m of personal equity, with substantial risk mitigated by tax breaks, debt was piled on to the company in the acquisition process. By the time of its completion, Zell’s deal had saddled the Tribune Company with $11.2 billion in debt.
Most of the risk for the Tribune Company’s enormous debt was pushed onto the newly-created Employee Stock Ownership Program, which purchased $250 million worth of newly issued stocks upon being established in 2007. These schemes, promoted by the union bureaucracy to “save” failing companies, while securing the interests of big investors, have produced nothing but disaster for workers. This was the case at United Air Lines, McLouth Steel and other companies where workers lost their pensions, wages and life savings when the so-called worker-owned companies collapsed.
The Tribune ESOP, as the majority shareholder, assumed most of the risk for the debts. Those employee shareholders are also at the end of the line of creditors in the bankruptcy proceedings. Speaking to the Chicago Tribune, Zell admitted it was likely that the employee stock owners could have their holdings wiped out. The Chicago Tribune reported that Tribune Company “will halt all severance payments, deferred compensation and other payments to former employees, who will be required to file a claim with the bankruptcy court.”
The executive director of the National Center for Employee Ownership published an analysis of the Tribune Company’s ESOP in 2007 which included the following:
The executive director of the National Center for Employee Ownership published an analysis of the Tribune Company’s ESOP in 2007 which included the following: “In the Tribune case, the ESOP will borrow money from the company. Regardless of how the plan acquires stock, company contributions to the trust are tax-deductible, within certain limits. So in this case, the company is able to use the ESOP to borrow money and repay it in pretax dollars, deducting both principal and interest. This is one of the key tax benefits that the many articles on this transaction are referencing.”
In this case, as in other cases, an ESOP was established as part of the privatization to provide tax advantages and risk protection to Zell and company, rather than provide security for employees through ownership stakes, which clearly confirms the predatory nature of the Zell acquisition.
n the first eight months after the Zell acquisition of the Tribune Company, more than 900 Chicago Tribune jobs were eliminated. Compounding the instability posed by the risky acquisition, the Tribune Company continued to see its advertising revenue fall sharply. In an effort to cut costs, the Chicago Tribune introduced a smaller, reformatted paper in September of this year, composed of fifty percent advertisements and fifty percent graphics-intensive reporting. The cost cuts were achieved by reducing news content and the staff required to produce it, which could be printed on fewer pages. By August 2008, increased layoffs, employee buyouts, and other cost-cutting measures failed to reverse the company’s decline.
http://www.wsws.org/articles/2008/dec2008/trib-d15.shtml
Jim,
Workers everywhere are taking it on the chin through no fault of their own. The capitalist is nothing but a leech on the working class. Capitalism is class warfare. The capitalist gets richer and richer as labor works harder and harder for less and less, as his benefits are slashed and his job "offshored" to cheap labor locations.
If you had read this article, Zell's recklessness lies at the foundation of ruin for the employees of Tribune Co.
"The ongoing debate over the auto bailout has demonstrated the conspiracy of the automakers, the two big business parties and the UAW against the autoworkers. All insist that workers must pay for a crisis that they did not cause, in order to restore the auto companies to profitability so they can once again be a lucrative source of income for corporate executives and big investors who are responsible for the financial catastrophe."
http://www.wsws.org/articles/2008/dec2008/auto-d12.shtml
Cowboy,
Read the posted article!
moreOpen Question: Tax question for sub-contract snow plowing?
I've been out of work for a while so I bought a plow truck a few months ago (cost me $2,100) I also bought liability insurance $100/ month... I thought this would be a good way to make some $$$ since I'm not working.. I plowed for this lawncare place for 2 weeks and now it's time for me to get paid. They need my SSN, and said if I make over $800 per year I'll have to pay taxes on it. To complicate matters a new unemployment extension has been passed and I'm now making $724/ 2 weeks unemployment.
1. How will this interfere with my unemployment?
2. If I'm paying taxes on income made from this truck, shouldn't I be able to deduct the expenses such as initial cost of truck, insurance, gas, repairs? I don't have a business, I'm just a guy with a truck trying to make a few $$ to pay bills.
So far I'm over $2500 in the hole with the truck (I'm sure I could sell it for a little profit since it's prime snowplowing season)
It doesn't seem logical to give up $724 in unemployment to make $600 plowing snow, then have to pay for gas, insurance & repairs on the truck.
What should I do? And don't say get a job, I live in Michigan - the state with the highest unemployment in the nation. The city I'm from has the highest unemployment rate of any city in the U.S. 54% of adult males are out of work. Also I can't move since thanks to the mortgage crisis my home is now worth less than I owe on it (& I've paid over $20,000 down on the principal, so letting the bank have it is not an option either)
It's not a matter of relying on the government because it's eaiser than working, I make $724 in 2 weeks unemployment vs. $625 in 2 weeks plowing snow, then factor in insurance, gas, repairs ect... and it's more like $400. I'd love to step it up a notch and make more money, but there's a lot of other guys out there plowing snow, not to mention the increased likelihood of damaging my truck (guess who pays for that) As far as using the truck to make money other ways, I'm one of 4,000,000+ people out of work, and a lot of them are already doing that.
moreOpen Question: INVESTING AND ASSET ALLOCATION?
Indira and Sam are 37 and 43 respectively. They have two children, Nicholas age 9 and Natalie age 7.
Sam is a licensed electrician and earns $70,000 annually after tax. Indira is a stay at home mom.
The family has a very busy schedule. Sam is a volunteer hockey and softball coach. Indira is a
member of the neighborhood parent committee and also volunteers at the local library. In addition to
music and swimming lessons for Nicholas and Natalie, the children belong to Scouts Canada or Girl
Guides.
The family’s average monthly expenses total $4,500 including mortgage and car payments. Their
three-bedroom home is valued at $350,000 with an outstanding mortgage of $95,000. They have two
cars, an SUV that is six years old and a not so reliable ten year old Subaru. During the year, Sam will
take on extra jobs and earn an additional $5,000-6,000. With two young children and one income,
Indira is very good at ensuring that the family lives within their budget. They have savings of $26,000.
Sam is an only child. His father decided to give him his inheritance early. He received $100,000. Also,
Nicholas and Natalie received $7,000 that is held in an RESP account.
WHAT KIND OF ASSET ALLOCATION MODEL IS SUITABLE? WHAT ARE THEIR SHORT,MEDIUM AND LONG TERM GOALS. WHAT ARE THEIR PRIMARY OBJECTIVES
moreResolved Question: Isn't it time to shut the Federal Reserve down once and for all? Did they just scam us again?
One of the banks which they gave tax payer bailout money to just used that money to buy a Chinese Bank for $6 Billion. This money was suppose to be used to loosen up credit and to buy toxic mortgages and bonds for the everyday americans. Read the article, they (the Fed) will not disclose what companies are getting this bailout money. Is it time to take away the control from the Fed and clean the slate.
http://www.bloomberg.com/apps/news?pid=20601109&sid=apx7XNLnZZlc&refer=home
moreOpen Question: Tell me what you think about this for our economy?, if this will help the housing market. read to the end.?
- For a new buyers and for a limited time only ( 4 months or 6 ) backed by the Gov. ( guaranteed loans), banks will offers 25 years mortgages with 25% as a down payment paid by the buyer and ( 0% interest ) for the first 18 months for only residential houses up to $300,000, and 9 months (0% interest) for houses up to $500,000.
- Banks will get 0% interest loan from the Gov for 18 or 9 months for the amount of total loans they made. So they don’t lose any money by paying the Gov interest while not charging the buyers any interest.
- Buyers will pay a monthly payment as if they were paying interest ( as regular mortgage, that will make them save money in their equity ), after the 0% interest period ends the interest rate will be as it was at the time of buying ( so the interest rate will be locked at whatever would be at the time of perches) the rate will apply to the remaining of the loan ( all together it will be less than 25 years loan )
- Property tax will be waved for the fourth year after buying, that way buyers will not get all the benefits in the first 2 years so they will only get the tax waver if they keep the house longer than 4 years.
- New owners will not be allowed to sale before 3 years and no refinance is allowed for the first 5 years.
- Houses must be occupied with in 4 months after the date of perches, cities official are responsible to verify that( so investors will not take advantage of this offer, buy the house and leave it empty hopping that they will make money after a while cause they are not paying interest).
- People ( families ) who gave up their houses in the last 3 years will not be allowed to get the loan.
- if the house was not occupied with in 4 months and or the payment were made late, owners will lose the property tax waver. And interest will start on their loan.
There are a big number of houses for sale, and there are people want to buy, you have to make it attractive to consumers to buy, this loan will not use any of taxpayers money, you only using money that people have now and want to buy, and will not anger the people who are currently paying their payments on their houses,
1- this will take some of the houses out of the market.
2- will give the houses the new value ( stabilize the value ).
3- will create movement in the market.
4- will give good news for wall street.
5- most people when they move in a new house they fix and paint and put a new carpet and more, that will create jobs for contractors and demand for construction materials, will give cities some revenue from property insp. And other fees
6- families will cumulate a lots of money as equity in their houses in the first 18 months, that they will think 10 times before giving up their home( not like now when they don’t have any equity in their houses).
7- hopefully will increase homes value by that families who are currently own a house will have some equity by rising their home value, then they will not give up the house
moreResolved Question: How much money will the banks need when the big 3 employee's can't pay their mortgage ?
Sub prime -- ended up costing 700 billion dollars -- soon after another 800 billion was printed and shipped off but I am not too sure for what exactly ( if you are please say so )
So 1,500 Billion dollars -- at least 700 Billion used to buy up real estate
Now the big 3 are going to go down - and when their employee's default on their mortgages ?
How much more money will Paulson and the Fed need to borrow from the tax payers to buy them up and keep it all going ?
The dictionary defines a billion as 1 million million -- wow
700 Billion is the annual budget for the US military and it outspends the number 2 nation ten times over
------------
So how much and how soon until you hear bankers need more of your cash to buy out the homes of those formally employed by one of the big 3 ?
Are you beginning to see why the military has been brought in to help police with unruly crowds ? --- Look into it -- a brigade has been on duty - in the US since the 1st of Oct
Is it now clear why ?
Numbers , spelling ounces and gallons -- is there anything you people didn't change just a bit when you left the British Empire ?
Wow I had no idea that there would be a difference between a number in my dictionary vs yours
What didn't you change ?
I know the Anglican church become the Episcopalian church in the US -- but I had no idea you changed math as well
moreResolved Question: Are you happy that our govenment is taking tax dollars from you to bail out irresponsible mortgage borrowers?
"Taxpayers are mad - especially those who held off buying their own homes or were careful not to spend beyond their means."
"All these idiots who bought homes they couldn't really afford are going to be rewarded with loan modifications, but what about those of us who didn't make stupid decisions?"
http://money.cnn.com/2008/12/05/real_estate/bail_outs_fair_or_foul/index.htm?postversion=2008120510
The article is about federal foreclosure prevention/mortgage restructuring programs FOR INDIVIDUAL BORROWERS, NOT BANK BAILOUTS.
Mr. Right-You're right, you can't fix stupid, but should we have to pay for it?
moreResolved Question: Taxes on profits from selling a house?
I am selling my primary home and expect to make about $30-$40k profit. I have already purchased another primary home. When I do finally sell my first home will there be tax implications if I do not apply the profits from the sale to my current home mortgage? If so will the money be taxed as capital gains (15%) or ordinary income? Thanks
moreVoting Question: How could this have happened.?
We have been in contract for 2 months.Buyers signed contracts. We are ready to close.We have taken care of all minor repairs that were mentioned in contract and have done some additional things as a good faith gesture.Buyers had a mortgage commitment contingency in contract.A Rider stated that they had 30 days to get their mortgage or they had to give written notice.It also said they would be allowed to cancel the transaction without penalty if they gave notice within the 30 days.Sellers were also given that option.We were told by buyer's agent that they would put a lot down and be ready to close in 30 days. She promised that they were not a risk with their mortgage. The Purchase offer was much lower than we wanted--definitely low ball but we accepted because of the terms promised.The closing date was set for on or about the 18th of Nov. As weeks went on during the 30 day contingency period we were not getting any input as to their status. We called our lawyers and they called their lawyer.Our lawyer was told that they didn't get a mortgage they could handle.Their bank changed the terms.No written notice sent to us! We had to call.They did not have their Green Cards! Bank found out.From Nov. 18th through now we have gotten so many mixed versions as to why they don't have a mortgage as of yet. We were also told that they are shopping around now bank to bank! They are holding our home hostage. We sent a Time Being of the Essence Letter for Dec 18th but they said they needed more time.They also said they really wanted our home and would get someone to go in on the mortgage who had a Green Card. We agreed to another month on Dec. 5th We extended The Time Being of the Essence to first week in January!..Their lawyer and agent are upset with us. They are demanding another Mortgage Commitment Contingency clause! We are beginning to smell a rat. We think that if we grant them another contingency they will cancel the deal and we will not have a claim to the deposit. We really just want to sell our home and are trying to accommodate the buyers without jeopardizing any compensation claim if they default. They are threatening to challenge us for the deposit. We don't see on what grounds. We have been more than accommodating. We would have canceled within the contingency period if we knew that they had problems obtaining their mortgage. By not giving notice they have not allowed us that option. Meanwhile we are paying out more money in mortgage, taxes, insurance fuel etc than was planned. ( Not to mention the stress that is occurring within our family. We are paying two mortgages!)Shouldn't their agent have been responsible to know if they had Green Cards before they sent in a Purchase Offer?? Shouldn't our agent also have questioned this? Isn't there a question about this on the mortgage application? If buyers weren't forthcoming isn't that fraud and very illegal? We are pretty sure they are trying to cancel and don't have an out at this point without being penalized. We feel we have been duped. Any suggestions, or thought would greatly be appreciated. We are going to ride out the contract and see what happens as we really want to sell.
moreVoting Question: How can I lower a home reassessment after the formal Grievance Process?
My husband and I purchased our home two years ago for 150,000. It was recently reassessed by the town for 311,000.We have a small 3 bedroom house with a detached garage with an in-law apartment over it, all on less then an acre of land. When it was reassessed, the company didn't have a lot of the same situations to compare it to(2 separate buildings on 1 parcel of land), so they compared each to houses worth around 160,000. and added them together! how can they compare the value of a garage (with an apartment) to a house with its own land and its own detached garage? Our mortgage payment has jumped 300 because of the taxes, and we are a family of 7 with only my husbands income. we have small children and can't afford daycare for me to work. We did an informal grievance and it was lowered to 285,000. We missed the formal grievance and figured there was nothing we could do. I found out recently how the company did the reassessment. A rep at the Bureau of Taxation said that the company "Did a lot of creative things". The assessor says there probably could be lowered, but we have to wait until next may to fix it. We probably will lose the house by then. What can we do?
The company is Gar associates. They were hired by the town. I was told by someone in the office of the Bureau of Taxation that "Gar did some creative things."
moreResolved Question: Are there any tax deductions allowed on a home that has no mortgage?
I bought a home out right this year so this is the first tax season i will be facing as the owner.
Do i get to claim anything this year or in following years? If you can provide details (if there are any) i'd appreciate it.
Thanks.
By the way, the house is in California but i live in Colorado in case that makes a difference. I don't have renters now but i have a property management company that is looking for one. Would something be different with a renter?
moreVoting Question: Will we be entitled to the buyer's deposit?
We are in contract to sell our home. The Buyer's had a mortgage commitment contingency clause. The clause specifically stated that they had to get a mortgage within 30 days of contract signing. It also stated that they had to let the sellers know whether or not they obtained the mortgage within the 30 days or the contingency would be waived and the contract would be binding. If they gave notice that they couldn't they or the seller could cancel without penalty. They did not give notice and we found out they did get a mortgage but they didn't like the terms. Also, because they didn't notify us they didn't allow us the option of canceling. They got another mortgage but again did not like the terms. Our lawyers sent a time Being of the Essence Letter. Their attorney was upset. We then offered them an extension of the Time being of the Essence. Now their Lawyer is again upset cause they wanted an extension of the contingency. He is threatening on challenging this so they won't give up their deposit. It sounds to us that they have no intention of trying to get another mortgage because they just can't get the amount and rate that is acceptable to them. We heard through a reliable source that they have no credit history and are having concerns with the monthly payments that they will have. We don't want their deposit but instead really want to close on the house. However, after all is said and done we have paid an extra month's mortgage taxes, maintenance, fuel electric etc on this house. ( We have been moved out for over a year) There were also verbal promises of closing within the 30 days and that they were "good for the money" . We,again, gave them an extension for closing to get a mortgage but they are upset. It seems they wanted another mortgage commitment contingency! Sounds like their now trying to get out of the contract without penalty? We will not be the ones to default. Their lawyer told our layer they will challenge the extended Time being of the Essence . What a mess!
We're hoping it won't come to that and we will close on the house. They have to understand that the market is killing sellers everyday. The longer our house is tied up in this contract the more chance we will not be able to sell at this price when they finally cancel! Are we entitled to the deposit at least?
moreVoting Question: I own my house outright. I have no mortgage. ?
BUT..... I am a year behind on my school taxes ($3,900.00), and a year behind on my municipal taxes ($700.00), and nearly two years behind on my homeowner's association dues ($about 2,500.00). I have 100% equity in my home. BUT......I have bad credit. I have a close friend who is a mortgage broker, but that entire business has been put on hold since our economy has been crumbling, but he has connections. What can I do? Oh, and I am upside down on my car loan. I owe more than the car is now worth. And.....my income is low.
Can anyone help? Anyone, please. I can't sleep at night.
moreResolved Question: Will I get a bigger tax return in 2009 after buying my home in 2008?
I claim 0 on my taxes and currently am single and have zero children. I make between 45,000-60,000 a year. Will I receive a larger than normal return because of the purchase burden I now have with having a mortgage?
moreVoting Question: do both parties have to sign a real estate prommissory note in TX?
I have gotten my self into a mess. I have a home that I still have a mortgage on. I was trying to sell it but couldn't in the time I needed it but I had a couple that was willing to do a promissory note and a down payment. In exchange they would pay me P&I, plus insurance and taxes. Well, the payee could not afford the whole payment so instead I helped by paying half of his insurance (some money was better than none I said at the time). Well a hurricane hit and now they want all the proceeds to use as they wish. Well their wish is to fix the house themselves (which they are not license to do) and keep the rest. I pointed out to them that I have been paying half of the insurance and the insurance is only in my name so I have a say on how the money is spent and who does the work. Well, now they have dug their heels in have a hired an attorney and have stop making payments for two months now. So my question is this? Who controls the insurance proceeds? Was my transaction even legally binding? Can this be reversed if I return their downpayment? I didn't sign the promissory note and I didn't convenye a warranty deed. Help!
moreResolved Question: Why did banks and Mortgage companies give loans to people without checking thir ability to pay them back?
No doc loans? Home loans that do not include taxes or Insurance given to people who have NEVER held a job in their life? Why did they do it?
moreResolved Question: Why all the crooks go to same Settlement (Title) company.?
Hi
I have a general question about mortgage fraud. There are Mortgage Broker (Tom), Realtor (James), Appraiser (Linda).They are all friends and also a perfect team (CROOKS). When James has a buyer James leads buyer to Tom and Tom contact with Linda to have appraiser report. Looks great! They are helping each other. But the problem is that if buyer is not qualified for loan Tom would make it work. (You know what I mean- Tax, income employment verification etc...) And if the property value is less than seller's asking price Linda would be happy to make it work. (Inflate a value of property.) This is typical mortgage fraud. My question is this. They always have used same Settlement company for closing (AAA Settlement company) over three years. May be they have a good relationship... But I think there are more reasons. Funny thing is that people said Settlement Company doesn't have power to cover those crooks butt. Then why they keep going to same settlement company? To make it easy I will give you one simple example.
There is a house asking price is $500K. James ask buyer to buy the house $550K and apply for loan $550K. Buyer would say” Are you crazy? Why I pay $50K more than asking price." James goes "You can use $50K for 10% deposit. You do not need any money to purchase this dream home. I have a capable Mortgage broker (Tom) who can handle this. Also as long as you see all this in HUD it is not illegal. After Tom and Linda took care everything they went to AAA Settlement Company. HUD showed everything and everyone was happy. The problem was that AAA made two different HUD. One for settlement and one for lender. Lender's HUD doesn't show that money goes to buyer. This is one example why the crooks using same settlement company over and over. If someone thinks there are more reasons, please let me know.
Thanks
P.S. Someone who works for honest settlement company told me that there are more reasons. But he didn't want to tell.
moreResolved Question: When purchasing a home, is the best formula to live comfortable to follow "take home" or "gross" 28% and 36%?
I've been reading online and people state the best way to know what you should spend on your mortgage is 28% of your income. So is this after or before taxes? In my case, my wife and I would combine at 21% if we're going by gross(before tax,401K,insurance). And our take home pay(after all the deductions) we're at 37%.
moreResolved Question: Can I use equity in a 2nd home to lower my primary home's mortgage principal?
I have a condo that I rent out and I have a line of credit that is at a lower interest rate than my mortgage. I am thinking about taking out some of that money to lower my primary home's mortgage principal. I would still make the same payments and I think the tax situation with the interest on both loans is a wash. The credit line would not amortize the same as a structured mortgage, so more of the payment would go towards the principal instead of interest at first, so I think I can come out way ahead in the long run. Am I right? Are there any pitfalls I am not considering?
How can you say a mortgage and home equity line of credit amortizes the same? A mortgage has interest calculated the entire length of the loan and you pay it up front while the line of credit has an interest rate on the principal each month that is reduced by the amount I pay in excess of the prior month's finance charge.
moreVoting Question: Whats the total mortgage payment for a 105k home?
I want to know what would be a mortgage payment with everything included like taxes and etc. for a 105k home. I am looking to buy my first home and my credit score is 730. Our total take home money a month is $3600.
going for a 30 fixed and live in Texas
moreResolved Question: I own my home - no mortgage. If I can't pay my back taxes, the home will be sold. Is there any help?
I can't get a loan because I do private housecleaning, and it isn't a "real" job. My husband was injured 10 years ago on the job and he has a lawsuit which is about to close soon, but not soon enough. He applied for disability, but here in upstate N.Y. if you have one good arm and one good leg, you're still able to get a job. Can anyone gives us any suggestions?
moreVoting Question: OAKEE DOKEEE How about we have a little "Trickle Up Economics" hmmm? Big Banks, Mortgage companies, Automakers?
all lining up for a bailout hmmmph. Meanwhile the people make them all work gets stepped over, Listen had they just took the total of the bailout and spead amongst the base of the population this crisis would have been well on its way to being over. Fix the mortgage mess! Yes its that simple. Make those blood-sucking vampire we call banks give a fair deal to homeowners and stop raping everyone that wants the American Dream. Auto Industry in trouble? Send out vouchers to every household that has a need for an automobile. On the voucher require that the car be a MADE IN THE U.S.A by U>A>W WORKERS!
A bonus to that is that by doing so you can take millions of inefficient,pollution producing old vehicles off of the road, thus creating a more eco-friendly automotive environment.
Were not stupid, we know that this (begging for billions by car companies) is in small part a thinly vailed attempt to finally dump the unions so that those lucky enough to have jobs eventually get SCREWED to the HILT. Too simplistic? Exactly. When a solution this simple comes along it takes a lot of very smart business savvy and rich people a really long tiem to figure out how to BAMBOOZLE the American Tax payer out of trillions of dollars. he image all of this congers up for me isa little like this: "Nevermind that family of five being thrown out of their home Mr. Congressman, Lovey needs a new yacht, so if you would just get moving on that 9 billion dollars Ive asked for that would be marvelous." Money never really trickles down my friends it may briefly drift toward the bottom but it is swiftly snatched upward again before those in need can get hold of it.The one and only way this country can recover quickly is to put the money in the hands of the people who will go out and buy the U.S. made goods that'll put our people back to work.
PASS IT ON! If goverment put a trillion dollars of spendable money in to American citizens hands in no time at all it'd get two trillion back. Do the math. There are so many people with so many needs. Money is just a tool. Give the people the tools and you'll be amazed at what they will build....the U.S. and Global economies included.
moreResolved Question: Why do people here constantly ask about mandated labor from people on welfare but don't ask if CEOs should... ?
...be made to work for there bailouts/handouts? When they're getting trillions in handouts (more than Iraq!), shouldn't they be expected to do something in return so that the company doesn't fail, doesn't move jobs to China, doesn't buy cheap and dangerous parts, and that people don't lose their jobs? And for the banks, shouldn't they have been required to make some changes and sacrifices as well (like renegotiating mortgages with struggling home buyers, taking pay cuts, etc.)?
Are we becoming more like China where regular people have less rights, are told that they should work for free--when their struggling--for the "greater good" (and because they don't deserve "hand outs" like multinationals deserve "bailouts"), and that people will eventually have labor camps to pay off their debts (unlike corporations which get tax money for bankruptcy protection, bailout loans and giveaways, and get to leave with their multimillion dollar salaries)?
moreResolved Question: Ex husband IRS issues?
My Mom was just informed her wages at work were going to be garnished due to her lovely ex-husband. In 1994 he did not pay taxes on a very profitable crabbing year in Bristol Bay. He evidently told them that he has no money but they might want to try and go after his her seeing as though they were married at the time.
This week's paycheck they took 3/4!! Leaving her with $400!! She has a mortgage, a car payment and not to mention a 16 year old son now living at home because his father "is over it." 2 weeks ago he put my 2 brother's on a plane from California to Washington State to live with her because "he can't handle teenagers."
I guess my question(s) are, can they really take that much money?!! Just because they were married...why is she solely responsible? It was his income...under his name!
What should she do? I hate to see her loose her house and everything else she's worked so hard for after leaving this man over 15 years ago!
moreResolved Question: Serious IRS problem ~ Please help?
My Mom was just informed her wages at work were going to be garnished due to her lovely ex-husband. In 1994 he did not pay taxes on a very profitable crabbing year in Bristol Bay. He evidently told them that he has no money but they might want to try and go after his her seeing as though they were married at the time.
This week's paycheck they took 3/4!! Leaving her with $400!! She has a mortgage, a car payment and not to mention a 16 year old son now living at home because his father "is over it." 2 weeks ago he put my 2 brother's on a plane from California to Washington State to live with her because "he can't handle teenagers."
I guess my question(s) are, can they really take that much money?!! Just because they were married...why is she solely responsible? It was his income...under his name!
What should she do? I hate to see her loose her house and everything else she's worked so hard for after leaving this man over 15 years ago!
moreVoting Question: Help! Tax Accounting question?
Several years ago, Ross, who is single, purchased a personal residence for $200,000 and took out a mortgage of $130,000 on the property. In May of the current year, when the residence had a fair market value of $270,000 and Ross owed $80,000 on the mortgage, he took out a home equity loan for $110,000. He used the funds to purchase a BMW for himself and a Lexus SUV for his wife. For both vehicles, 100% of the use is for personal use. What is the maximum amount on which Ross can deduct home equity interest?
moreResolved Question: Business income taxes?
Hey guys. My aunt takes care of 2 elderly relatives where she gets about 6000 from both total. She submitted her taxes and she wrote her income as business income. I am wondering is profit and loss necessary in this case, because her home mortgage requested that after she told them she was sefl employed.
She gets $6000 monthly
moreResolved Question: car and home loan, interest rate?
I just graduated from college, my credit score is 700, but I will start working in january. if I apply for a car loan and home mortgage in february, will that affect my interest rate since my job is will only be one months old then, although my credit score is good and my credit history is over one year old. I guess the question is, how does my employment history affect my interest rate. It's a job of $7000/month before tax.
THANK YOU VERY MUCH FOR THE ANSWER.
moreResolved Question: Car and Home Mortgage?
I just graduated from college, my credit score is 700, but I will start working in january. if I apply for a car loan and home mortgage in february, will that affect my interest rate since my job is will only be one months old then, although my credit score is good and my credit history is over one year old. I guess the question is, how does my employment history affect my interest rate. It's a job of $7000/month before tax.
THANK YOU VERY MUCH FOR THE ANSWER.
moreResolved Question: Car Loan and home Mortgage?
I just graduated from college, my credit score is 700, but I will start working in january. if I apply for a car loan and home mortgage in february, will that affect my interest rate since my job is will only be one months old then, although my credit score is good and my credit history is over one year old. I guess the question is, how does my employment history affect my interest rate. It's a job of $7000/month before tax.
THANK YOU VERY MUCH FOR THE ANSWER.
moreResolved Question: How can I be pre-qualified for a home loan? Easy way to make transition from one state to another?
Profession: Co-Business Owner and County Worker.
Income: $73K. However, $41K of that income is from my business and it's under my business partner's name (he pays taxes on it).
Debt Ratio: around 58-60% (credit cards only).
Other info:
Name on title of house but I don't pay mortgage as the business pays for it. I would like to relocate from one state to another to be closer to parents.
Need your expert advice. THANK YOU.
I have good credit in the 700's.
I plan to keep my business.
moreResolved Question: refinancing to invest in rental property?
I have the opportunity to refinance my home at 6.5% I would like to invest my equity of 30,000 into 6 unit rental property, that's 20% down . The owner is willing to hold the mortgage for 15 years at 7% with the option of a balloon mortgage on the balance after ten yrs After all operating expenses are paid for ex: mortgage payment to previous owner, taxes, utilities,water, elec. plus with an increase on my home mortgage of 300. I'm still about 500-700 ahead per month. would this be cutting it too short
moreResolved Question: Could you personally use a economic bailout? ?
CONVERT PAULSON'S LAST $350 BILLION INTO TAX HOLIDAY, SAYS U.S. CONGRESSMAN
Press Release : FOR IMMEDIATE RELEASE
November 28, 2008
Convert Paulson’s Last $350 Billion into Tax Holiday, says U.S. Congressman
"Billions of Dollars for Taxpayers, but Not One More Penny for Executive Bailouts"
WASHINGTON, D.C. - As millions of Americans are hoping to maximize their holiday shopping budgets on today's Black Friday bargains, one U.S. Congressman is fighting to prevent more outrageous spending sprees by Washington with taxpayer dollars going to executive cronies.
With $350 billion of the $700 billion bailout still available to Paulson pending Congressional approval, a conservative Texas lawmaker is proposing to put that money towards a tax holiday from both personal income tax and FICA tax for Americans during January and February of 2009.
He stated, "By instating a temporary tax holiday, we could electrify the American economy and provide overwhelming relief to taxpayers, all for less than the cost of the current failed Paulson-Pelosi bailout system."
"We need to give this money to the people who earned it. I am sick of Washington millionaires trying to decide which of their cronies should get the next wad of taxpayer money," Rep. Louie Gohmert continued. "Think about how much you would have if you didn't have any social security or income tax withheld from your pay check, or if you didn't have to pay those taxes for January and February! Americans could take and invest their own money where they believe it should go - to paying down mortgages, buying a new car, making credit card payments. The economy would get relief where it is needed the most. Why try to decide how to prevent foreclosures? Just give taxpayers their own money to catch up on their payments. Those in lower income brackets who are hit the hardest by the FICA tax would see huge money back, and then THEY could choose who should benefit from their hard earned money. Even the self-employed and small business owners would receive a fantastic amount of their own much-needed money, and they will be able to invest that back into their businesses and even create the ability to hire more people.”
Gohmert is currently preparing a bill to declare the tax holiday for January and February of 2009 and is also gathering support at the same time. He said, “We can save more home mortgages, increase employment, and boost economic growth for a lower price tag with this plan than with any centralized bureaucratic program, all by giving the power back to the taxpayers. I am demanding that not another penny goes to executive bailouts, but these billions of taxpayer dollars should go to the taxpayers who earned them."
Would you like a 2 month tax holiday? Instead of bailing out corporations for their mismanagement, why don't we put the money back in our hands so we can spend it to better our lives?
Read the entire press release at:
http://gohmert.house.gov/Article.aspx?NewsID=1355
moreResolved Question: Are property taxes and home insurance included as part of mortgage debt?
NBC News said last night that debt should not exceed 38% of take home pay. Are property taxes and home insurance included as part of mortgage debt?
moreResolved Question: does anyone know how to go about purchasing a home for back taxes?
I've heard that there are homes that have been foreclosed on and the taxes remain unpaid. Also, that if a person pays the back taxes they get the home with no mortgage at all. How do I find out about this? I live in So. Cal. LOTS of foreclosed homes here on every block.
moreResolved Question: what do i do if my husband refuses to pay the home insurance and the taxes in the house ?
Married in 2002, brought him from Canada, gave him a green card and has now got his citizenship. Was in the house I bought before I married him and in 2006 when we moved to another state because I was called to active duty, we arranged that I will pay the mortgage while he pays utility but that the taxes and the insurances will be shared yrly, because I had planned to adopt my niece so I was willing to compromise about paying the mortgage. Unfortunately during the home visit for the adoption he did not cooperate with the social worker so the home-study was not approved and the adoption was never done. Now I am stock in the house with no child but still having to pay all the mortgage, the insurance while sometimes I have to borrow money from him even though I make more than him be cos he would only pay utilities. He states he does not want to adopt, and I have tried all the fertility treatment I can I am now 43 years old, not getting younger . He cooks his own food, and I am tired of paying the taxes and the insurance and I am thinking of quiting and just move to a different city to start all over, but then I still have to continue the mortgage , and is in both of our names, he does not care he states the bank can come and take the house. I don't know what to do next. Confused,I am a christian, was divorced once, now again? so I am stuck about what to do.
moreResolved Question: On a second home, should I refinance a 6.5% interest only mortgage to a 5.375 (5.395 APR) 30-yr. fixed?
On a $360,000 loan (I'm not taking any extra money out), the payments will be about the same (the 30-year fixed will be $2015.90 per year as opposed to my current $1949.99 per month interest-only payment now).
My estimated closing costs are $2,067. Additionally, with 17 days of interest ($901.23) and having to come pay my January, 2009 quarter's property taxes ($1,062), my total settlement charges will be $4,030.23.
I think this is a great interest rate for a second home that I'm renting out.
No, I'm not paying any more than the interest on the original (current) loan.
moreResolved Question: Self employed first time home buyer FHA?
Ok so this comming Jan. I will be filling my 3rd year income tax report for my company. I make approx. $65,000 and my Fiance and I hope to buy a house. She also works and makes aprox. $30,000. My question is this, I hear how easy it is for first time home buyers to get an FHA loan. But I hear people say that since UI am self employed it is much harder. Both of our scores are near 700.. Say 680 or so. I have never missed any payments or anything of the sort. I have approx $30,000 in student loans, which my father pays half every month, and I pay the other half. Last year the business made $10,000. Can we qualify for a home in the $240,000 or less range in NJ? I know not all the details are here, but if more is needed for me to get some help I will reply. Im getting very frustrated. I talk to some brookers who just seem like crooks and then others says since your self employed bla bla bla. I want to do a conventional mortgage. No "No-doc" loan or anything. Will have approx. I would only like to put down $20,000 or a little more for a downpayment.
This is my net income.. it possibly may be $70,00 or more depending on how this month in business is....so do you think were ok? or not? I know of people who are both in their first year or work, one a teacher one a cop and their combined income is about 70,000... how is this possible and we can not?
But I will be using my tax returns for verification, what about my fiances income of $30,000 a year? Thanks
moreVoting Question: What other options do the buyers have if their lawyer received a "Time Being of the Essence Letter"?
Our buyer still has not secured a mortgage commitment. They have breached the 30 day deadline from signing of the contract to get their mortgage. The contract also states closing will take place on or about Nov. 15th. They had a mortgage but didn't like the terms. They never sent notice to our lawyer as was stated in the Mortgage Commitment Contingency Clause. Our lawyer sent a letter to their lawyer today stating that we demand a closing take place on Dec. 17. If they do not appear at the closing they will relinquish their down payment.
Their lawyer called ours after receiving the faxed letter and was very upset. He said they are trying to get the mortgage. These people promised a 30 day closing both in writing and verbally. We didn't mind the two month wait but they still don't have a mortgage. This could go on forever if we give them the time. We are paying an extra months mortgage, taxes, all the other fees that go along with maintaining a second home, and the home prices continue to drop. What happens if they decide to default and we have to sell at an even lower price? Shouldn't they lose their deposit?
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