Related articles from Yahoo AnswersOpen Question: Can spouse claim entire rental income on a joint property?
My wife and I jointly own a flat, my name being first. We also have a joint home loan. However, I am paying the entire loan and also claiming income tax rebate on the principal and interest portions. We are now planning to give the flat on rent. I wanted to know if its possible for the agreement to be made only in her name and the tenant makes the rental payment only in her name. My wife doesnt have any other income and this way the tax slab would be lower when compared to my income. Is this legally correct and valid?
Open Question: Does it bother you that the US government is taking over the two largest mortgage, loans, and ?
home insurance companies in the United States? Is it possible that this could lead to the government deciding who gets mortgages, loans, and home insurance? (well, the already do, but does it bother you that it is now a widely known thing)
Open Question: My husband is a carpenter and so is his grandpa and they are talking about building a house for us. ?
It will be two stories and 1800 square feet. Does anyone have any idea how much this kind of house would cost, with them doing all of the work? I don't know if I gave enough information but a good guess would be enough. We are selling our current land and manufactured home for 50,000 and then getting a loan for the rest.
Open Question: I AM CURRENTLY IMPROVING MY CREDIT?
I AM LOOKING TO APPLY FOR A LOAN FOR A CAR $30,000 AND A HOME LOAN OF $20,000 <(--THIS IS ALL I NEED, IT'S A SMALL HOME BEING BUILT). IS THERE A LOAN THAT INCLUDES BOTH IN ONE. I WILL NOT APPLY UNTIL MY CREDIT IIS REPAIRED AND COMPLETED IN IT'S ENTIRETY AND MY CREDIT SCORE IS 680 OR BETTER. IS THERE ANY BANKS THAT INCLUDE BOTH LOANS IN 1.
P.S.
I LIVE IN VIRGINIA
HANIF W
Open Question: does anybody know any mortage that their willing do a home loan for bad credit people ?
me and my spouse we both wanted to purchase a home but his credit bad and mine credit is okay so far...and we dont know any places or mortage that their willing do a home loan for bad credit people.. i mean now my husband is working two job trying to pay off his debt
Open Question: I'm selling my home, but there is a problem?
I bought a new home three years ago, and the Finance company said if my Fiancee and I went into it together, we would get a better interest rate on the loan. I did not like the idea, but she (my fiancee) talked me into it. Six months after we closed, things with her went sour very quickly. We made made an agreement that she would stay in the home, and I would pay half the mortgage until we were able to sell the house of have someone assume the mortgage. Without any warning, she packed up and abandoned the property and left town. Since then I have had to move myself due to a company transfer, and have been making the mortgage payments myself to keep the property from going into foreclouseure while I tried to find a buyer. I now have a person who wants to assume the mortgage, but the problem is, I have not been able to locate her so she can sign the paperwork and her family refuses to tell me where she is. I really need to get this done, what can I do?
Open Question: Why does everyone say "Bush Administration when...?
"Senator Schumer (Democrat) is not only pushing to allow Fannie and Freddie to buy more mortgages, but to also increase their loan limit caps (and FHA as well). His legislation hit the floor a scant 11 days after President Bush’s missive."
Less than a month ago George W. Bush, (Republican) outlining his position against a government-sponsored bail out of the housing and mortgage markets, proclaimed “It’s not the government’s job to bail out speculators or those who made the decision to buy a home they knew they could never afford.”
http://blownmortgage.com/2007/09/29/a-bail-out-is-still-a-bail-out-by-any-other-name/
If my 24 year old son does something wrong, does that mean it's my fault?
If Congress makes a decision and forces Mr. Bush to sign by majority rules, does it make Mr. Bush at fault?
The Bush Administration did not make this happen, Congress did.
I am curious about how many of you who answered this question work for "Big Business." If no one helped out Continental Airlines, if no one helped out Exxon, if no one helped out many companies, then there would be even MORE unemployment.
How many of you who think the Republican President has just the owners of business at heart? If the business goes down, call an x-Enron employee and ask them what happened?
Yes, the President signs all legislation, but even if he says "No." the bill can go back, and if it gets the right percentage ( don't remember what it is) then the legislation becomes effective, whether the President believes in it or not.
9th Grade Civics. Basic government
Open Question: Next sucker on the list?
When The mortgage giants decided they wanted to make a bundle they sold people on the idea of buying a home if they could afford it or not. The Republican administration removed regulation and the mortgage people could then sell to anyone. Working or not. Then those greedy mortgage people build a trap into the mortgage loans. The interest rate would sky rocket. Then they put those mortgages into bundles and sold them to overseas countries showing them that as soon as the rates sky rocked, the could make a bundle and the bundle, not telling the overseas suckers that the people who bought homes were set up, and could never pay that new rate.
Now the whole thing has collapsed, and the government wants the tax payers to pay the overseas borrowers who are getting more then a little angry over being had. They want to put the CEO'S into prison, and so the government is giving them our tax money to buy them off, and that is why they are not helping a single America home owner. Now if we let them do this, the tax payer will be the next sucker on the list.
Think about this.
Open Question: What do I do when I have more debt than I can think of and I cant simply find a way out. Earning peanuts.?
Debt, (i.e. credit card debt, home loan, credit accounts)
Open Question: Can a U.S. citizen living abroad get a normal mortgage (not a foreigner loan) for a home in the U.S?
The home would be rented out in FL while we live abroad. We currently get paid in a foreign salary and I spoke to a broker who said that because of that we'd have to have 30% down payment and the interest rate would be 8%. Our incomes and credit scores didn't even matter. Just looking for a second opinion or further insight. Thanks.
Open Question: Should I borrow $100K to turn my basement into an apartment?
It would have to be a home equity loan. I live in Washington, DC in the city. The plan would be to create a 2 bedroom, 2 bathroom apartment. I am farily confident that I'd be easily fill the apartment and charge a total of $2000/month.
$2000/month for rent in Washington, DC is quite normal, even in a basement apartment. This is an EXPENSIVE city.
Open Question: My mothers home was foreclosed on in the state of Tennessee. ?
now i find out she had a second loan on the home and has been sent papers to appear in court for a judgement. my question is this...she is 78 years old and lives with me in the state of South Carolina . she owns nothing.....what can they do to her..all she has is her social security each month. she's scared they will throw her in jail.
Open Question: What are your thoughts on the Freddie Mac and Fannie Mae takeovers?
Do you think the interference by the government helped fueled the bubble burst?
I am referring to the lax in standards brought on by the desire for "low-income" people to attain houses they could not afford, no down payments and interest only loans. And of course NIND loans.
Is it more indicative of Americans having a "want it now" pay for it later mentality?
I saved 25% for a down-payment to secure my home.
Soundles, sorry I do not quite get the connection to Bush, please expand your answer.
The people who signed up for a house they could not afford and the lax in standards due to several large civil rights suits had more to do with it, IMO. Now tell me yours.
Open Question: Is the Community Reinvestment Act responsible for the govt bail out of the mortgage industry? ?
The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation's banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.
The CRA's premise sounds unassailable: helping the poor buy and keep homes will stabilize and rebuild city neighborhoods. As enforced today, though, the law portends just the opposite, threatening to undermine the efforts of the upwardly mobile poor by saddling them with neighbors more than usually likely to depress property values by not maintaining their homes adequately or by losing them to foreclosure. The CRA's logic also helps to ensure that inner-city neighborhoods stay poor by discouraging the kinds of investment that might make them better off.
The Act, which Jimmy Carter signed in 1977, grew out of the complaint that urban banks were "redlining" inner-city neighborhoods, refusing to lend to their residents while using their deposits to finance suburban expansion. CRA decreed that banks have "an affirmative obligation" to meet the credit needs of the communities in which they are chartered, and that federal banking regulators should assess how well they do that when considering their requests to merge or to open branches. Implicit in the bill's rationale was a belief that CRA was needed to counter racial discrimination in lending, an assumption that later seemed to gain support from a widely publicized 1990 Federal Reserve Bank of Boston finding that blacks and Hispanics suffered higher mortgage-denial rates than whites, even at similar income level.
Basically this act gave people who could not afford loans a way to buy a home under the impression that home ownership will bring people out of poverty. See the story at:
http://www.city-journal.org/html/10_1_the_trillion_dollar.html
Open Question: Please help! Sam's payment...? annuity!?
On January 1st 2008, Sam took out a home loan for $100 000 over 15 years at an interest rate of 6% p.a. compounded monthly. Equal repayments were made off this loan at the end of each month [from this I gather it is an ordinary annuity problem]. Sam won Lotto - and won $30 000 and used it to pay off his home loan. He paid $30 000 into his home loan account on 1st January 2013. If he then continued with his same monthly payments (the payment plan he had before Lotto), how much longer after 1st Jan 2013 would it take to pay off the loan completely?
I really need the working out to fully understand.
Thank you!
Open Question: Advice needed regarding setting up my own small business (an olde worlde sweet shop in local tourist town)....?
Hi,
I have a great idea for opening an Old fashioned sweet/tuck shop in a local town with heavy tourist traffic. I am convinced it would do well.
However, I have no prior business knowledge and would really appreciate some advice.
How much can I expect to make per month?
How much do I need to realistically earn to make it worth it?
Do I have to secure a business loan on my home?
So many questions!
Any advice genuinely appreciated
Thanks
Jayne
Open Question: How do you go about getting a mortgage?
My house is currently paid in full. We are wanting to take out a mortgage to pay off and close out some credit cards the total amount needed is a liitle less than 20,000 our house we purchased for around 80000, not sure what all is involved in getting a loan and the steps someone said we would have to first have our home appraised before anything else also if anyone has any idea of the approximate monthly payment for this that would also be helpful I am thinking about only taking the loan out for 5 years though
Open Question: Which is the best Bank to get the Home Loan.?
I want to construct the home and need the home loan of 10 lacks,plz can u suggest me from which bank to get and what all r things should i care.
Open Question: I'm having a panic attack, so overwhelmed!! Feel like the whole worlds mocking me! Any advice plez!!?
I'm in my 20's and recently graduated college last may, and yes I have a job but it's only a seasonal temp position at a theme park that lasts till November. My field is graphic art. So for the past three weeks I've been job huntin like crazy. I put resumes out like everyday and been following up with postions I'm still interested in and theres been a few responses and prospects but no real offers yet!! and its driving me crazy. I just wanna job in my field thats more permanent so that I can get steady income and cause I'm still living at home with my parents like a f**king loser!! Everyone who I know thats my age already has their own place, well thats what it seems like anyway, so I just don't know what I'm doing wrong here. I've been working my a$$ off trying to find that job that will get me my own apartment. Yes I pay some bills now like my insurance, food, gas, and other necessity items. I have over $8,000 saved up to pay student loans and stuff. I'm extremely low maitnenance and don't ask a lot at all from my parents, but I still feel like a loser cause I haven't found financial freedom yet. Agggh, I'm going nuts here, trying to figure out what I want to do with my life before I hit menopause!!! Of course my mom supports me and praises my strong efforts in finding permanent employment, but I feel like shes saying that cause shes my mom and is just trying to make me feel better, that she's mocking me and doesnt really mean it. No one else around me judges me for still living at home, but I feel that deep down that they really do and just don't wanna be honest and come outta the closet and say that I'm a loser. I feel like such a dipsh*'t. My mom also says that if I keep acting all worried freaking out and living in fear, then it'll just take longer to find another job and push things away--WTF?--I tell her that I don't act nervous in front of interviewers and potential employers and I don't freak out in public or anything. I always act professional in emails, conversations, and know job interview rules, and dress and act for the part, I proofread resumes before sending, so I don't see how I'm pushing opportunities away--she then says it's not about my behavior in public, it's more about my way of thinking, that I think too negative and I'm projecting all this "negative energy" out in the universe and what I think about becomes bigger--I'm sorry but if I'm putting in my best effort in finding another job, I don't see any logic in that; I need a scientific explanation. I mean, what is the deal with this "negative energy" bullcrap?? So is there anything I'm missing here, as far as finding a job goes? Am I like seriously falling short of something or am I just putting too much pressure on myself? I appreciate anyones input.
Woo hoo!! Yay! A scientific explanation from the last answerer John! The serotonin and learned behavior thing makes a lot of sense now, lol. ;-)
Open Question: Knowledgeable answers please!!! Buying house & current owner breaking agreement!! Long due to details!?
I will try and sum this up as best as I can. I've rented the house I live in for 3 years now. No lease or contract of any kind was established (I moved in with the landlords' daughter who is my friend and within a couple of months backed out and moved back home to her parents' house).
One day an investor knocked on my door inquiring about buying the house. He informed me that he'd seen it for the 2nd time in a row on the foreclosure listing and wanted to know if it was up for sale prior to it foreclosing. What!?! That weekend (on Saturday) I look it up online and sure enough...2nd time in a row and it was scheduled to go to auction on that following TUESDAY! I call my dad and since it was pretty much going up for auction for 5-10K of what was owed on the note still (less than half of the worth of the house), he was interested in buying. I told him I'd speak to landlord and see what was going on. Well, sure enough landlord calls me to collect rent for that month and I tell her my findings. She made excuses, and I told her abuot my dad's interest in purchasing and she agreed immediately. She didn't want it to go bad on her credit and said we could just pay it off and that was fine with her. She was to LOSE the house in 2 DAYS! So, come Monday, chaos. We're trying to get it out of foreclosure and they asked for a chunk of change to reinstate it. The landlord didn't have the $ to pay so she calls me and then I talk to my dad and we agreed that if that was the only way to do it, then my dad would put up the amount they were asking with the agreement that she would turn around and sell the house to us once she was back in good standing and house was saved from being sold in auction. We succeeded at reinstatement and she signed a Promissory Note, which I notarized (I'm a notary). The promissory note states that they (her and hubby) were in agreement that the money we had just sent to her mortgage company was pretty much our "deposit" on the house. States that in the event that reinstatement did not occur or anything else prevented sale of the house to my dad, she'd be obligated to pay the entire amount back to my dad. The note talks about her agreement to sell the house for what was owed on the mortage w/out any further fees to be assessed or expected-besides closing costs, which my dad would be responsible for.
My dad hires a title company to do all the paperwork and they established the first set where the owners give consent to proceed with the paperwork and contacting their mortgage company in an effort to pay off their loan and transfer title, etc. So far so good...until it was time to sign away the house-they stalled. This is as of last week. Turns out her husbands didn't know anything. By that I mean, he didn't know the house was in danger to be lost much less knew about the sale of the house or anything until the very end. She didn't tell him either! We found out after seeing the pay-off quote to her mortgage that she had failed to pay a single payment for 8 months. Then she lied saying her mortage was $300 more than what I was paying in rent so she couldn't afford it....turns out her mortgage is like $8 less than what I was giving her..sure she wasn't making any profit, but she had the mortgage payment every month.
Anyway, title company called them to tell them to come in and sign and then she turns around calls me and tells me that they were going to need $5k at signing or her husband wasn't willing to sign. I asked her to tell HER HUSBAND to contact my dad so that THEY could discuss that. She said she would have him call...but she didn't...she ended up calling my dad herself telling him the same thing she told me. Greed! How dare she!
Now, my question (yes, I'm getting to it)...isn't she breaking the agreement to my dad by asking for more $ when the whole purpose of that contract was for her to not pull this kind of crap? If her husband is the one who refused to sign, why didn't she who the day and time she told the title company she would? I mean, if he doesn't sign and the deal doesn't follow through, then she loses out on the $ she thinks she's getting, will lose the house b/c apparently they can't keep up with the payments and still owe my dad $7500! If my dad agrees to her demand just to get it over with (which is what he plans to do), when she accept that money, isn't she breaking her initial agreement legally binding her to do as she said? Wouldn't my dad then have the grounds to turn around and say, you owe ME back the money that I put up front since you didn't keep your agreement to me??? FEEDBACK PLEASE! Sorry so long!
I knew I forgot something-I'm in Texas.
Yes, I know that it was a very risky thing to do this and that we are NOT realtory, investors, lawyers, a mortgage company or any other profession that would have allowed us the knowledge to know exactly what we needed to do and what steps to do it with, but keep in mind that I state we had 8 hours in which to work with or they would've lost the house if we'd taken any longer. Actually, we didn't get the money wired until literally, the last minute (might've been a few minutes past the deadline the mortgage company gave us in which to wire the $ to them).
Open Question: Can you use a home equity loan for a down payment on a new property?
Open Question: Cant afford to buy groceries with my mortgage! I need advice.?
I live in California and bought a condo in April 2006 at $310,000. Since then, the estimated value of the property is now about $240,000. I know now is probably a bad time to sell, and I really want to keep my home, but we are drowning in the payments to the point of not being able to buy groceries. Also, because BOTH my husband and I were laid off last Christmas, we fell behind on some payments, which led to near foreclosure. In order to stop this, we struck an agreement with the bank, and they raised the monthly payment of $1,210 an additional $734 (for a total of $1,944) in order for us to keep our home and to cover attorney fees, late fees, etc. This is just for 6 months though, and the payments go back to normal in January. To add to the misery, because of the late payments, my credit score has dropped from a 715 to a 520.
We now both have very good paying jobs and rent out a guest room, but even with all of that it is still not enough. What can I do to lower the payments?
I have heard of mortgage modification companies who work with the bank to modify your loan, but what's the risk with using those companies?
Someone please help. We believe its only a matter of time before fall behind again.
For the record, we are both working 10 or more hours per day and have a 16 month old baby. He is always on call and I tend to our daughter, so no can do on the second jobs.
Oh...and we are down to eating nothing more than lentils, beans and dirt cheap pastas. Often times, we (he and I) just dont eat.
Open Question: If I'm applying for home loan; How many quotes should I get?
If I'm applying for home loan; How many quotes should I get?
I'm applying for a conventional home loan under $200k and wells fargo game me an interest rate of around 6.35 on a 30yr. fixed. I'm putting 20% down. Could Bank of America give me a better rate ?
I'm considering getting a quote from
BofA and Citibank
Any advice?
Open Question: Can you get another VA loan if you have made late payments in the past?
My husband and I have been late on some of our mortgage payments do to financial hardship. We are on a repayment agreement. We recently moved because he got another job and are in temp housing for 2 months which is being paid for by the new company he is working for. We put our home up for sale and if it does not sell within 90 days his company will buy it. My question is will we be able to obtain another VA loan for another home?(We are going to request it for much less(50,000 less than our prior loan) However I don't want to look at buying another home if our past late payments will prevent us from getting another va loan.Any advice greatly appreciated! Thanks
Open Question: What percentage of 30 year fixed 300k loans are held by Fannie Mae or Freddie Mac?
The stories keep saying 50% of American mortgages are held by the two. I was shocked to hear people say "let them go under". Then I ask them about their home loan and they say it's held by Citibank or B of A....wrong! They service the loan, but they don't hold the paper, just collect payments and pass them on.
What percentage of typical loans 300k fixed rate for 30 years are held by FNMA or FHLMC. Why don't the candidates seem to know that?
The 50% that aren't held by Fannie or Freddie are Jumbo, FHA, hard money, sub-prime or negative ammortization ARMS.
Open Question: Should I stay or Go? Husband had long term affair.?
I am a 41 year old married women, my husband and I have one child together who is 8 years old and is a "Severe Brittle Diabetic", he was diagnosed at age 6. A few months prior to our son being diagnosed with Type 1 Diabetes I discovered that my husband and our mutual friend had been loveres since the time of our marriage, which is about 6 years. This lady was also his underling at work, they are painters and also are Mexican Nationals. I am American.
This lady was my friend and helped me around the house and also did a lot of childcare for us in our home. I did favors for her and her family such as I leased a nice house for her and her adult son to live in three houses down from our family home because they had been living in a trailer with cockroaches. When I took our son to Disneyworld at age 6 I invited this lady to go with us, and she did. My husband stayed home but "sent" her with me and our little boy on vacation. Of course I did not know she was his lover, If I had known that I would have driven her straight to the Mexican Border and threw her back to her "third world country", she was here illegally as is my husband.
When I discovered the truth about my husband and his Adultery I was devastated. The lady he had been with left the country that very day and I never had the chance to speak to her regarding her relationship with my husband, that of course was for the best as I wanted to kill her for the first month and probably would have physically attacked her If I had located her. I have struggled with horrible depression and tormenting thoughts ever since finding out, I oftentimes feel like my life is over with and that I'm ruined.
About the time I found out our financial situation began a "nose dive" into the proverbial "toilet" and now we are broke. Our cars were taken away, we lost our home. The constuction jobs in Myrtle Beach came to a screeching halt and although my husband works very hard and is dilligent we don't even have our $550 dollar rent money for September. I have not worked since our son was diagnosed because it's been a full-time job keeping him alive and he had a very dangerous time at school becuase he did not have the right kind of help in managing Diabetes and Diabetes related emergencys. Now though the school district has provided him with a full-time Nurse at school and at least when I drop him off he has protection.
I'm extremely hateful at times to my husband because he disgusts me and I have no respect for him at all, although I have tried to give it into the hands of GOD and allow GOD to heal me it seems that my husband has not truly changed in the aspect that he will still tell a "lie" now and then and then justify himself as all liars do. So in addition to all these things I've gained 150 pounds, so now I'm middle aged and fat and broke.
I have a dream to move to Woodville, Texas where my elderly Mother and sister live however they are not in a position to take us in and my Mother said that we could not bring my son's dog and cat. Also I am concerned that I'm being selfish to take my son away from his Dad, I fear that it will break his heart and hurt him beyond my ability to repair.
But I don't know what to do I am so desperate to leave this city and state, I want to go live near the few relatives that we have and I'm not sure If I'm just being a "dreamer" or not. I have no car, no job, no money, my little boy and I would probably have to try and live in a "long term" Womens shelter in the Woodville area and just build a life from nothing. This again would mean that my son would lose his dog and cat who he loves like siblings. I know that my Mother and sister would put us up in their small house but they live 8 miles from the school and without a car I would not be able to take my son to school and pick him up. Not only that but Woodville is a very small town and the jobs are few in number so it will probably be a real "crap-shoot" to get a decent job. I worked as a Pay-day loan manager/Check Casher and have office experience, I'm also bi-lingual and speak spanish.
I fear that the years will just go by and nothing will change here with my husband and I'll wake up an overweight 50 year old with no life. We have no family here in South Carolina and my grown daughter and grandson live in Los Angeles so I feel that Texas is much closer than South Carolina for at least once a year visits. The thing is that I don't know If I have a right to take our son to Texas and leave my husband behind. He told me that he was going to kill me and then kill himself.
When my husband told me that he was going to kill me and then himself I was raging at him over another of his lies and I told him that I would kill him If he "betrayed" me again in any way. So now what? Am I a "domestic abuser"....or is he? It seems to me that Adultery for our entire marriage, financial fraud against me and telling me I am "crazy" for years is some kind of abuse, perhaps mental a
Open Question: For 19 year olds to answer. Why won't my daughter contact me from college?
My daughter has been in college two weeks. She has never been good about answering her phone,but but she promised to write an email after the first week to let me know how things were going, but I have received only several texts saying "I will write this weekend", " I am working on it" or " I will send an email in the next couple of hours." Still nothing.
In the storm yesterday, she would not even let me know if she was OK and alive. I know I need to let her go, but all I wanted was some sense of how she is. I am really hurt that she cannot take time to talk to me after 19 years of raising her. Even worse, her loan documents are here at home and she will not even send her mailbox number.
I am really sad and angry at the same time. I know she is busy, but this is really worrying me.
If you are in college or 19, what might be going through her head as to why she won't contact me? Just let me down easy.
Open Question: i'm a single mother of 1 with notso good credit can i get a home loan?
my credit isn't so hot but i have a good job and trying to clean up my credit
Open Question: Is foreclosure taking place?
My sister has been having a little financial trouble lately (actually a lot) marriage broke up and all. She is a very modest person don't like to ask for help and all. Well, She told me she was moving out of her house, and renting it out for extra money. I thought it was a great idea. To make a long story short, I heard that she may be losing her house, I looked through a deed search and found that the last activity was in July. It said, the grantor was Quicken loans, grantee was her, and the instrument type Foreclosure.
Well, does that mean she is losing her home, and is there a way for me to help her get it back?
Thanks, I 'm really just don't want to see my nephews on the street. I going to help her and not looking for repayment. Thanks so much though.
Open Question: Foreclosure question?
My sister has been having a little financial trouble lately (actually a lot) marriage broke up and all. She is a very modest person don't like to ask for help and all. Well, She told me she was moving out of her house, and renting it out for extra money. I thought it was a great idea. To make a long story short, I heard that she may be losing her house, I looked through a deed search and found that the last activity was in July. It said, the grantor was Quicken loans, grantee was her, and the instrument type Foreclosure.
Well, does that mean she is losing her home, and is there a way for me to help her get it back?
Open Question: Am I just not grateful?
I met an amazing man, instant chemistry. We dated, met families, moved in together. We have talked about getting married and when we met we both said we are looking to settle down. I have a 16m old daughter from a previous relationship. They get a long great, she even called him Daddy which he loves. We're looking to get a home but we are having problems with the loan type cus we arent married. I want to get married and keep "nicely" bringing it up, he just says some time. Now he keeps saying that he isn't good enough..it's caused arguements. I feel like its going to drag out for years...should I stick it out or move on and try to start my life. (yes, I love him but I don't know what he's thinking anymore)
Open Question: Financial math strikes again... this time with formula + working out?
Thanks for even looking at this question - whether you answer it or not. I am at a point where I am thinking... burn the math block.
On January 1st 2008, Sam took out a home loan for $100 000 over 15 years at an interest rate of 6% p.a. compounded monthly. Equal repayments were made off this loan at the end of each month [from this I gather it is an ordinary annuity problem]. Sam won Lotto - and won $30 000 and used it to pay off his home loan. He paid $30 000 into his home loan account on 1st January 2013. If he then continued with his same monthly payments (the payment plan he had before Lotto), how much longer after 1st Jan 2013 would it take to pay off the loan completely?
I did get the right answer from someone, but I really need the working out to fully understand.
Thank you!
Open Question: Can I take over a mortgage with bad credit?
Help! My husband and I are renting a home and we are totally in love with it. The owner of the home is anxious to sell it but we have really bad credit (low 500's). He mentioned maybe the bank just removing his name from the mortgage and putting ours on it. Is this possible? Can a bank do this? He says he has a really good relationship with the bank. Is this called "assuming the mortgage/loan"? Thanks!!
Open Question: Am I responsible for my wife's debts?
My wife and I are separated but we are going to share our home, as we can't sell it at the moment. We will divide it, informally into two flats. She is always borrowing money and uses her credit card a lot. I don't buy things unless I can afford them or easily repay a loan. She says that I could be responsible for her debts if she can't pay them. Is this correct (UK law)?
Open Question: Unreasonable relationship demand?
My girlfriend is always freaking out about money - I dont really know why, she still lives at home and barely has any bills, anyways we were planning on getting engaged fairly soon, but she thinks because Im on a tight budget right now, that I wont be responsible or capable with money when we're together. I have some student loan debt and she told me point blank she doesnt want to marry me until I pay it off...I think she's being totally unfair, I live on my own, pay my own bills,etc but it will probably be years before I have paid off those loans. I'm not asking her to help me with them either. Do you guys think shes being reasonable?
Open Question: Help paying for school?
Okay, Im in a bit of a dilemma. I need to find out if there is another option for me to pay for school other than federal grants and loans.
The thing is, Im 20 years old and due to my age, I need my parents to get a loan. But, my mom is unwilling to co-sign on anything, and because she and my step-dad make a considerable amount of money, I get disqualified for a lot of financial help. And my dad is also unwilling to help. He has cancer, and since he is on disability and SSI I would have qualified for basically everything and have my whole education paid for. All he had to do was have a creidt check run on him then get denied because he has bad credit then I could qualify for all the grants and 2 loans in my name. But he didnt want to afterall.
So I need to figure out if there is another way to get a loan. I am not working, so I know that a bank will deny me. I live with my fiance and my 2 year old. I know there are some grants for young moms and stuff but I need more than that. Even my fiance makes too much to get federal aid. So marrying him wouldn't really help me out with this.
Does anyone here know of any other options? Im supposed to start school in October but I have no problem waiting until the next quarter starts. I just really want to go to school, Im tired of sitting at home all day waiting for my life to take off.
any help would be appreciated
Okay first of all, Im not waiting for hand outs. And I dont need judgement from someone who doesn't even know me. If you think a loan is a hand out you are seriously mistaken. You have to pay them back, smarta$$. I can't get a job, take care of my child and go to school. My priority is my daughter and Im not going to take away all of my time with her, sorry.
Open Question: I need to refinance my home in 5 years and owe only student loans. Will it be problem?
I have 1 credit for my husband and I (who had to file chapter 7 a year ago because he had lost his job and couldn't pay his credit cards after he got a new job due to the HUGE increase in rates for being late while he was off from work; he didn't receive unemployement either) and I've paid off all my credit cards but 1 for $2000. I do have $50,000 in student loan debt though. Do you think we will have a problem re-financing in 5 years (damn ARM) for around $100k ??
1 credit = 1 credit card
What is a community property state?
Open Question: Can creditors force the sale of my home if there are 3 people on the title but i am the only person with debt?
i am worried that i will default on some credit card loans. I have a home and the title has my sister and mother and father on it along with my name. If i end up defaulting on my credit card loans can they force me to sell our home which i am living in even if i am but one of 4 owners of the property??
Open Question: What exactly is "cash to new loan"?
I'm beginning the home search and have noticed that the terms listed will say "cash to new loan" and others will say FHA, Fannie Mae, CalVet, etc. If I'm planning on using an FHA loan, would that be included under "cash to new loan" terms?
Open Question: Someone who built their own home with their own hands, tell me?
your advice.
We are about to build 5 houses on our land. One for us, and one for each of our 4 sons on their own roadfront acre.
(They could rent it out, vacation there, fall back on it in hardship, sell, etc.)
My husband did help his dad to build his 56x30 ft house and he also built on rooms to our previous homes.
We're excited,but scared,too. This is our life savings, not a loan.
The houses will be
480 square feet (one of those)
320 square feet (four of those)
My husband says it'll be a piece of cake at those sizes.
It's all of our savings.
Thank you!
The land has no permits and no inspections. That's why we bought it.
(Grandfathered in by seller/farmer.)
Ashville, Alabama
Oh, we've been in these,so we know how they feel. They will be built onto later. Our lakehouse is 480.
We'll do plumbing and hire for electrical. But in the covenants, we can do it all if we choose. We looked for a very long time in effort to get these covenants. We were always blocked before by square footage requirements unless lakefront. We had our contractor to build our current 1600 Victorian in the center of 9 square acres that we're selling.
Oh, it's the city of Ashville that told us we'd have no permit/inspections. First the agent selling the property took us to it knowing what we were looking for. Then the farmer confirmed it with his old and yellowed covenants. Then the city confirmed. it wasn't easy finding this place. It has a little one bedroom cottage already on it that the farmer built himself, but we'll rent it out.
They said they'd call them "outbuildings" for property taxes,too. Does that make the difference?
and for insurance reasons,too.
We've talked with everybody at the courthouse practically. Why would they lie to us?
Are you just saying that they'd be letting us do something illegal?
my husnad just added that they never got a permit or inspections for his dad's house. Nobody even knows it's there. they built it in 1980. They have a lot of land,too.
We don't finance. It's cash.
we have nationwide on this house and they never came out. maybe things are just different in alabama. i don't know. But you've given me some good advice on checking up before beginning construction.
Open Question: Is there a limit to how much credit card debt you can wrap into a home equity loan?
If you have $40,000 in credit card debt, but the house has doubled in value from $130,000 to $260,000 could you get a loan for that amount and include your credit card debt? For the $260,000?
Open Question: fannie mae and freddie mac bail out ? is it a good idea?
i'm a firm believer that the gov should stay out of this, as far i see, people buy houses they can't afford and lenders have been reckless as of late because for some reason they imagined that the economy would keep growing at the speed it has been growing. so the way i see it, let the market crash, bringing real estate price down and have the government not be concerned about home values. I think of my mortgage as a sunk cost not an investment and people who speculate on the very home they live in make a big mistake by hoping basing they loaning decision on how much their home value might go up. what do you think ?
this is what you get trying to trick the market. you can't just try to put everyone in a house, this is not a communist country and banks have been stretching the lines because they know the government will back them up. to be honest the government has practically made fannie mae and freddie mac monopolies, they are allowed the special favor of keeping a lot less money for safety than other financial institutions. I think the housing market should take a blow this time, because the problem will get worst and worst if the government keep bailing them out. because the market is self regulatory if you if something is overvalued, it will find it way down to where it should be. as to the liquidity issue, believe me, a house will not sit for a month if it is valued at the true market value. people in trouble should not be trying to get their money back from the house, they should be trying to save their neck by selling them at market price.
Open Question: I have very bad credit and need atleast a $15000 loan. ?
I currently own my own home but have horrible credit. I have been late on some payments and I have one credit card that is in collections. Is there any lender out there that will give me a loan??
Open Question: I need help with with getting a new mortgage loan.?
ok so basically I'm going to do a short sale on my home so that it isn't going to count as a foreclosure against me and because of whats going on my credit isn't so good anymore. but I'm really looking to try to find a lender to give me a lesser mortgage so i can get into a home that's more affordable. any ideas on how i can find a lender in minnesota that is willing to work with someone with bad credit???
thanks for any ideas I'm a single mom and this is really stressing me out i don't know what to do.
Open Question: Financial Math??? Helppppppppppp :(?
Thanks for even looking at this question - whether you answer it or not. I am at a point where I am thinking... burn the math block.
On January 1st 2008, Sam took out a home loan for $100 000 over 15 years at an interest rate of 6% p.a. compounded monthly. Equal repayments were made off this loan at the end of each month [from this I gather it is an ordinary annuity problem]. Sam won Lotto - and won $30 000 and used it to pay off his home loan. He paid $30 000 into his home loan account on 1st January 2013. If he then continued with his same monthly payments (the payment plan he had before Lotto), how much longer after 1st Jan 2013 would it take to pay off the loan completely?
Open Question: I need help getting a car. To help get my life started.?
Hi, I'm about to be 21 and I still have no car. No form of transportation.... I've been stuck at home for four years now waiting on my mother, and brother to help get a car for me. So far they have not been able to do so. I'm tired of waiting for a car, most people have a car by the time they are 16 or 17; this really sucks.
I can't work with my mother, and I can't work with my brother. My brother is a plumber, and requires some amount of schooling (I only have a GED). My mother.... well her job is about to become obsolete (Hence no hiring).
I've thought about going to work somewhere around where she works during the day but either no one is hiring, the hours are incompatible, or require further education.
We can't get a loan to help buy me a cheap car, because my mother is in the debtor's corp, or whatever.
(She makes like 21k a year, but after taxes and Debtor's Corp, she brings home roughly 10k a year, barely enough for us to get by.) And my brother has debt out the yin-yang as well. So neither of them can loan money to help me get a car.
All I want is a half-decent car that gets decent gas mileage so I can go to ITT Tech, and become a Computer Hardware Technician (So I can finally get out of this hell-hole.)
In about a year and three months my mother will be out of the debtor's corp, so we will be better off.
Also I cannot ride a bus, due to the fact that I live in the middle-of-nowhere....
But I need a vehicle now, so that I can get on with my life, and so my girlfriend and her mom will stop fussing over the fact and stop calling me a bum.
Someone please offer some advice, or help?
I wanted to tell you guys again that I live in the middle of nowhere. My nearest neighbor lives about five miles away....
And the nearest stores are all family owned and operated, and don't hire.
And since I've never had a job, I have no credit. And as I've said before my mother, and brother have terrible credit....
Thanks anyway.
Open Question: Can your credit score be 0?
I applied for a home loan in June and was pre-approved. We found a house and submitted in offer we got it!!! Now they are telling me that we lost the approval because our credit report was a little over 60daysso they could not use it and had to run our credit again, now mind you that I have not done anything with my credit, not applied for anything since we applied for the loan. Now my loan agent tells me that our credit score droped drasticly on all three reports. One dropped all the way down to "0" is that normal? Can it happen?
Open Question: Should I give up on my dreams? Is it time to pack up and get serious? ?
I've wanted to work in the film industry since I was little. I love movies, and I loved escaping into them as a little girl with a semi-harsh childhood. I grew up in New Zealand, but have ended up here in LA - and yes, I work in the film industry. What I want to be is a writer, but that's a long and winding path. I'm working on it. I've been writing as much as I can, and never quite giving up hope.
I work for a production company here in LA, and I like the people I work with (for the most part), but although I'm a fairly integral part of the office, I don't see my bosses giving me the real money and position any time soon. And for that matter, I'm not sure I'd want to be a producer/executive in Hollywood. It's so full of BS and I'm a terrible networker. I do still want to be a writer, and I do still write. They did give me a kind of token title change and extra responsibilities lately, but that was only because they realized I was actually going to leave if they didn't do anything. They like me. I know how to keep my mouth shut and do my work well.
I have a metric shit ton of student loans that eat up most of my salary. I earn about $45k per year, plus overtime. But since the WGA strike I really haven't had much overtime to earn. $750/mth goes to my student loans. $610 goes to rent. I have $4k in credit card debt that I try to pay down (i put $600/mth on that bitch) but I always end up having to put shit on it (like my car (an 87 honda civic) needed new brakes and a bunch of stuff and that was $450) and so I never manage to get it down very far. Also, I'm not perfect and sometimes I put stuff on the card I really don't need... but never big stuff.
Anyway. I've been in LA for three years. Two years spent at this job, and it's is basically going nowhere. Who knows if I'll ever have the career I want. I'm a female, nearing 30 (just over a year away), in a youth/looks obsessed city, and I don't want to be answering someone else's phones when that birthday rolls along.
I just broke up with my live-in boyfriend and I have to search for a new place to live, and because of my loans, I have no savings to pay for a security deposit on a new place. I might have to end up living in my car, or sleeping at work providing no one notices.
So my question is: Is it time to just pack up and go home? I know I can write from anywhere anyway, but conventional wisdom says if you want to succeed in the movie biz, you have to live in LA. Or should I forget the dream too?
I have British Citizenship and could go live with my dad (I didn't grow up with him) who lives about an hour and a half south of London by train. I could commute (with a 12 month season pass it works out to about 14 pounds/day) to London and try and work there - god knows what I'll do, but hopefully something where I'm a little more autonomous. London is infinitely more interesting to me than LA.
I have a B.A. from an American University (not a prestigious one) in Film. Yeah. I know. I suck.
I also have completed one year of a Bachelor of Business Science from Massey University in NZ by correspondence. I could potentially finish that in two years.
Should I do it, move to the UK?
Will I be making a mistake career wise if I leave LA?
Will I be likely to earn enough to be in an equal or better financial position than I am now? (note, the majority of my student loans are in NZ$ now)
Does it matter?
Am I really about to pass my use by date when I turn 30? What hope is there for me for a secure future and a family and a real career if I don't have it sorted by then?
Should I just say fuck it all and go back to NZ and find a nice dairy farmer in the Bay of Plenty to settle down with?
Open Question: In A " Rent To Own Contract, What late fees are legal"?
My daughter entered into a contract to " REnt to Own" her home. The contract reads that she is esssentially renting the home for 2 years. After the 2 years she has the option to finance the home in a traditional finance or allow the owner to continue to " finance her". The lease also states my daughter, although " renting" for the first 2 years is responsible for all repairs to the home. Recently, due to starting a new job and when her first payday would be received my daughter fell behind in her rent. She was able to pay only $ 400 of the $ 850 monthly rent due on the 1st of the month. So she paid that and told the landlord she would pay the remainder on her next check in 2 weeks. Three days later the landlord sent a letter stating my daughter owed the remaining $ 400 PLUS 2% Compounded daily on each days new total in late fees. Her next check rolled around and my daughter then owed the past due $ 400 plus the compounded 2% daily late fees AND the next rent of $ 850.00 So what happens is that on the originial $ 400 late rent owed the landlord charges 2% compounded interest on each seperate days balance owed. Does that make sense? Is that legal in Florida? That seems to me like a loan shark practice?!
Please tell me if this is legal? I thought Landlords were allowed to charge a flat amount that was no more than $ 50.00 total for the month?
Please help
Open Question: Are There Such Things As Home Grants, Etc.?
My wife and I have 4 children and need a home with more room. Something like a 5 bedroom.
At this point we'd stand little-to-no chance of getting a home loan.
Are there outlets for getting homes through state or federal programs, grants, or other means?
If so, could you point me in the right direction or give details on the topics please?
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