Monday, 5. September 2011
the money was used to build another house (occupied by my elderly parents) located next to my primary residence on the same 10 acres of land. Can this qualify as a "home or land improvement" and allow me to write off the full interest amount?
Sunday, 28. August 2011
I’m writing a book. One of my characters (a single mother of two) owns a house for 000 (with an annual salary of 000. One day, she gets in an accident and is paralyzed waist down. What would happen to her house? If all the money goes to her medical bills and what not? Her daughter will drop out of college and begin to work (she’s 18). Will the home equity be tapped dry? What does that even mean?
Friday, 26. August 2011
My home foreclosed and there is a judgment against me. How long can they attempt to come after me for that money? Do I have to declare bankruptcy? What does the mortgage company gain by forcing me into bankruptcy? Is there any advantage to going into bankruptcy? I never took out a second mortgage, how often do mortgage companies come after foreclosures for the remaining balance judgment against them?
Thursday, 25. August 2011
I took out an Home equity Loan of 60,000, so where on the 1040 should I report this.
As well, I kinda used the money from this to buy a car, 14000, and pay a medical bill for my mother in law for 20 000 (not my dependent)
Can I deduct these expenses anywhere on the 1040, if so where ?
Saturday, 13. August 2011
Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage. He recently told me that he found a lawyer on a radio station that has promised to get rid of all his debts. All the lawyer asks for is 00 now and another 00 later (this plus a number of different fees such as home evaluation fee over 0 plus 0 per visit and court appearance). To be honest this guy seems a bit shady to me, he says he is just starting and that his office is empty-looking because he just moved to this building. He has promised my father that in three years he will be debt free and that even though my father owes ,000 in credit cards plus the mortgage, that he will not pay more than 0 a month and thus he will have a lot of money left over to spend as he pleases. He has also told him to immediatelly stop paying everything, regardless of my father’s situation. The guy defined bankruptcy as practically total debt forgiveness and just a simple way to “start fresh.” I am not sure bankruptcy is the way to go for my father; he can afford his credit card debts and his first mortgage and is only really having troubles with the second mortgage of about ,000. This lawyer said “If what I promise you sounds too good to be true it’s only because you people are ill-informed.” He has promised debt forgiveness and more cash… I have a gut feeling that this guy is not well intentioned…
Thursday, 11. August 2011
We have been renting to own a house. We have been saving up for the down payment. We have been rent to own for over 2 years. The owners have been using all of the rent to make house payments. They told us we will only owe the balance of the loan. We have found out that the owners have recently taken out a loan using the house (is this a second mortgage?). They told us that it won’t affect what we buy the home for (they verbally quoted a price). How can they sell us the house if they borrow money against it to buy another home? How do we protect ourselves without getting robbed by lawyers? We have never done anything like this before so we are blind to what can happen to us. I read if they default on the loan that we could loose the home even if we buy it from them. Also, we heard they had some back tax problems from something else.
Sunday, 7. August 2011
The couple is unmarried and no longer living together. The house is for sale, but the one borrower that moved out took a second mortgage without knowledge or consent of the other. Specifically, what is the statute that would cover this?
I am not looking for the ethical or moral aspects of this, I think it’s absolutely terrible.
She cannot afford an attorney to help her, so I am looking for some reference.
The couple was never married. They purchased the house together using her money as the down payment. He moved out because they were not getting along and are no longer a couple. The house is for sale and the asking price is enough to cover the first mortgage and the real estate fees.
As the real estate agent was checking on the property, he discovered the second mortgage that had been taken out on the property….by the guy that moved out. She had no knowledge that he had done this.
As it stands, she cannot afford to keep the house and the market will not support to sell to cover all of the debt.
Again, can he legally take a mortgage out on a house without the other person’s knowledge?
Tuesday, 2. August 2011
We are thinking about either a cash-out-refinancing of our home loan or applying for a second mortgage but don’t really know the difference between the two options. We are going to use the money for bills we are upside down on. We aren’t so far under that we need to file bankruptcy but we are pretty far behind on all of our bills and want to catch up before its to late. We need info about how the two are different and the pros and cons of the options. Please no spam about your mortgage company. We just need the facts. Thank you