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Search: "Taxes"

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Asked 03/23/2007 11:47 pm CT (Fort Worth, TX)

Is it possible for an FHA mortgage to be approved if (1) the prospective purchaser's previous tax return has not been filed yet due to an extension, or (2) the tax return has been filed but shows the prospective purchaser owes taxes? If yes on 2, do they have to show those taxes paid or being paid?

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Asked 01/03/2007 12:02 pm CT (Rochester Hills, MI)

I have a 30 year jumbo loan for residential single family property for approx $446,000. The principle payment is around $3,000 mth (without taxes and insurance). The interest rate is 10%. How can I reduce my payment down to approx $1500 mthly.

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For some reason my screen name is not showing in my posts, I show up as "unknown". Please contact m...

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Asked 12/23/2006 08:19 am CT (Lithia, FL)

We have a house with a 1st and 2nd mortgage. Together they total more than the house could be sold at to break even and walk away clean. This includes prepayment penalties added to the total. We have talked with an investor who wants us to deed the house over to him and advised us not to make our payments as within three months the bank would start foreclosure proceedings and he could either find a buyer or purchase the house from our lender himself to resell at a later time. I am very leery of this suggestion and want to know if there are other options for us to pursue? We have worked very hard to get our credit where it is today which is respectable but we are facing a financial crisis and can not afford the house regardless anymore. The taxes came in way above expectations and I changed jobs and was unemployed for approx. 1 1/2 mos which hurt us financially. We just want to get out from underneath the financial burden which means giving up our house. Can you please help? We understand not making payments will affect our credit rating but it is going to suffer anyway as we have more outgoing than income coming in. How does it work if an investor gets your house deeded to him and when do we become not liable anymore?

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good news diane! brain and darrell have given you sound advice and I am proud they are on the bestin...

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Asked 12/20/2006 02:05 pm CT (portsmouth, OH)

I got a divorce in 2001 My ex was suppose to take me off the mortgage but, he didn't he let the payment fall behind and it almost was foreclosed on then we got back together but, don't live their ha never finished and it has sat empty and has mildewed.I haved try help him catch up everything but he has also not paid taxes or insurance so it has been put in escrow.I can't get my name off because the bank states he has to refinance it and he won't I don't think anyone would if he was agreeable. Is there anyway under the sun I can get off this thing he's ruining my credit . My credit score is only 560 and I just paid my car off it should be higher. please advise please!!!!!

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Linda, You are in a sticky situation. I would recomend that you sell this home. If I am reading y...

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Asked 12/16/2006 07:24 am CT (Turnersville, NJ)

My husband & I have 2 yrs. left on a 5 yr. fixed rate @ 4.75%. The lender, a savings bank, could not include our real estate taxes in the loan. What a mistake! Too hard for us to budget. I would like to know, if I can pay off what I owe(approx. $35,000) and maybe an additional $10,000 with another 5yr. or less fixed rate that would include our real estate taxes. Would I need to finance with a bank, mortgage co., or other to have our RE taxes included? Would I have to pay closing costs? Etc... Please respond! thanks!

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Michelle, You definitely do not want to pay closing costs simply to satisfy this situation. As Prest...

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Asked 10/11/2006 04:13 am CT (Stratford, CT)

Can a person who is on the mortgage deed file taxes to the IRS when the primary loan is in there sister name who became disable?

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I assume you mean take the home-interest deduction? If so, IRS wants a couple things...tax-filer mu...

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Asked 10/10/2006 07:32 am CT (Prospect Park, NJ)

How can I stop paying my taxes thru my mortage? And pay the taxe smyself. Thank You Barbara

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You can request to stop escrowing through your current lender, however, once the escrow is set up, t...

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Asked 09/21/2006 03:54 pm CT (round lake, IL)

This is an odd question,but there is going to be 2 different names on our mortgage. We are not related and we are both male. One of us is married and his wife d/n work. He makes less money than I. SO I am single. Who should claim the house for taxes, do you think?

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I'm not a tax advisor or attorney, so you might want to verify, but, I would say that BOTH borrowers...

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Asked 09/19/2006 09:22 am CT (Carrollton, TX)

What can a person do to purchase a 200,00- 300,000 house with a mortage payment that includes all intrest and taxes that would be $1500 monthly?

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Hi Towanda, In order to answer that question, you need to have a few more factors included. Your...

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Asked 07/12/2006 11:17 am CT (san diego, CA)

I need to know if the interest charge applies to only the principal or does it apply to the whole monthly payment which includes the taxes and insurance.

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Hi Alex! The interest charged on a mortgage is only on the balance of the loan. There is no intere...

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Asked 07/11/2006 09:07 pm CT (Humble, TX)

My girlfriend, her daughter, her sister and her sister daughter went and purchase a home only in the name of her sister. They have been in this home for a period of 4 yrs. The value of it when they first bought it was $3369,000. The mortgage payment was $3,500 a month. My girlfriend sister is a license realtor. They have had their home up for sale for the last two years and now the finally have sold it. My girlfriend sister comes to her July 6, 2006, last thursday and tells her that everybody in the house has to be out of the house by this coming Friday July 14, 2006, and said she sold the house for $318,000. and that they would have to pay the taxes on the house , which she said was $5,000 (get real) I know taxes on this house is not no $5,000, when you are paying $3,500 a month house note. Also she said that what she got for the house and the monies all four put down for house is far less than what she had left to divide for them all. "NO, body isn't a FOOL, I know that once you sell your house you have more than week to move out and find you another home, apartment & etc. Plus they don't even have money toput down on them apartment or anything because, of a surprise attack. PLEASE, GIVE ME AN ANSWER TO THAT I CAN HELP MY FRIEND. SINCERELY,----bigmoma

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Hi Mary, One question that immediately comes to mind, if the house is on the market for 2 years...

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Asked 06/12/2006 01:07 pm CT (Ann Arbor, MI)

My Aunt and uncle lived in a beautiful home in a prime real estate community. They had nearly 50 years of free and clear equity in this home. They were convinced to sign in to a "conversion loan" This was in 2005. They both died suddenly less than 16 days apart from one another. Our family is seemingly irreverseably grif stricken. While we were getting the estate in order (papers re: billings , insurances, taxes etcetera) we discoverd a letter and document from this company. The letter states that they" did not have in their files a ligiable copy of their signatures nor did they have a clear copy of ither of their photo I.D. " This letter ask for these items and for them to sign and send them. enclosed was a loan schedual; figures documenting approximately seventy thousand dollars in total payments (*what they would be owing ??) per the agreement to this loan. Evidently they never sent it in They both became ; were hospitalized and died. My question is... Is any of this matter legaly binding at this point ? Can the company continue to come into ownership of this land and property? I think they should charge it to the dust. There was no will that we can find yet. Some one in the family told us about an informal probate hearing to have the property put into the youngest sones name. He is attending university studies and is 27 years of age. no one is fighting .what is your answer.

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I would look into finding a real estate attorney. There is a lot of information that would be needed...

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Asked 05/13/2006 11:09 am CT (hastings on hudson, NY)

I just received a notice that my april town taxes have not been paid. I closed for a mortgage on march 16. The mortgage co. was supposed to pay that tax. what do I do now? Starting May 1 I have a co. automatically paying my taxes but not for April.

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Hello. It sounds like you closed on a refinance transaction on March 16th. I beleive in the State of...

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Asked 04/12/2006 11:45 am CT (Springfield, MI)

How can i remove my city taxes and my insurance from my mortage payment and pay them myuself?

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Actually it looks like the question was about "city taxes and insurance", not PMI. Ivy, different l...

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Asked 04/12/2006 11:43 am CT (Springfield, MI)

How can I be paying so much on Escrow and the mortage company keep telling me that I'm short when the city taxes are not that high and insurance has not go up?

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Maybe your escrow wasn't funded properly at the beginning. I would be happy to review yourpaperwork...

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Asked 04/07/2006 07:10 pm CT (oklahoma city, OK)

we have lived in our home for 13 years,we have only the abstract to the home,we have paid all taxes etc. we have tried over and over to get the title, we have only an agreement by mouth,but with several witnesses at hand.what can we do.

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Cntact a Real Estate Attorney in your area and tell him everything that has transpired. If you have ...

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Asked 04/01/2006 01:00 pm CT (Lafayette, LA)

I am taking the first steps into buying a home. I've enrolled in score watch with both Equifax and Citi for about 4 months now. I've been monitoring my credit a lot. My score dropped from a 607 to a 475 in one year, because of 2 collections and a past due on my credit card that only has a 250 credit limit. My score has improved, but it is only at a 556 and the lowest with Experian is 534. I know that by the time that I am ready to buy a home, which would probably be in July that I will have at least a 600 again. But I was just wondering, I have only been on my job a year I make $649.12 Salary every two weeks, plus commisions and bonuses usually an extra $250 a month after taxes and I receive child support in the amount of $307 a month. I also have poor history in 2000 gateway filed a judgement against me and it is in the amount of $3,100. I haven't paid it and don't know if paying it would even help my situation. In July when I am ready to purchase my home I will have about $8,000 to put down and for closing or what not. What am I doing right or wrong to prepare for this and worst case scenarion my credit score don't get to 600 what are my chances and with the income that I have what would be the best mortgae that I would be able to afford?

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Simone, it seems to me you are on the right track as far as trying to clean up your credit. However,...

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Asked 03/09/2006 10:16 am CT (manchester, NH)

I have a question that my current mortgage co. wont answer as my home is currently listed under my husband's bankruptcy but is due to be discharged by April 16th. I wanted to know if I could close my escrow account in order to pay my own taxes and insurance, the current mortgage balance is 205,000 and I have approx. 21% equity from original purchase? I would think as long as there is 20% equity it should be my choice?

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Yes and No... As odd as it may sound, most lenders will charge you to not escrow. The reason, if ...

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Asked 02/15/2006 09:52 am CT (Collingswood, NJ)

Hello, I had a general question regarding mortgages and was wondering if you can help me out. I was considering paying off a house. Can you tell me if I would still need to get a mortgage. I was not sure because of the real estate taxes and homeowners insurance part of the mortgage (PITI). How are these handled if one does not get a mortgage? And can you tell me how the closing cost would work? Thanks.

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To clarify on your question on how to handle your currently impounded taxes and insurance,usually yo...

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Asked 02/09/2006 05:27 am CT (Austin, TX)

Can I get a mortgage if I owe Federal and state taxes...and I have established a payment plan with the IRS?? Thanks

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Either a purchase or refinance the debt will need to be paid off to complete transaction. In some c...

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