Tax implications for cash purchase of second home for family member?
Question by Penny76: Has anyone been able to get a Fannie Mae loan modification? My mortgage is current and always has been. I believe I meet all the requirements for a loan mod. I have applied through my credit union twice and have been turned down twice. Obama made it sound like everyone that met making home affordable requirements could get one! Do I need to skip a payment? I’m barely making it from paycheck to paycheck! Best answer: Answer by RebeccaThen you are over extending and need to sell and buy a home you CAN afford. The Credit Union surely gave you a reason for the denial for TWICE already. Don’t ruin your credit by skipping payments then finding out you still do NOT qualify. Know better? Leave your own answer in the comments! Question by Dave: Foreclosure Prevention Methods – Can the owner do a short sale on their own property? If some lenders are willing to take less from an outside investor, approved would they consider doing this directly from the owner? Possibly taking less for the home and refinancing it for the owner? We have not started foreclosure. In the last 6 months we have negotiated missing one payment and repaying another over 6 months. The mortgage has not been 1×30 as of recently, ask but was 1×30 about 6 months ago. Forgot to mention, visit yes we would like to keep the house and there is about 10-15% equity. Selling would not work, since hard prepay is very high, plus agent fees and other fess. Best answer: Answer by DJ BNo, they want what you promised to pay. They aren’t in the charitable business. If you default, it’s foreclosure. You could consider deed in lieu of foreclosure, but some companies aren’t accepting that. They want their money. Keep in mind as well, they could file a personal judgment lien or file a 1099 with the IRS for the balance if the property sells for less than the mortgage balance. If you need help call this number 888-995-HELP. It is a HUD approved counseling service that may be able to help you. Add your own answer in the comments! Question by gianinni: Best way (affordable) to purchase a home? My girlfriend and I are both 56 years young and neither of us have ever purchased a home…What is the best way for us to go? Our present landlord has offered to sell us the house and we are seriously thinking about it. I thought asking all you fine people for advice would be the best place to start…thank you. Best answer: Answer by alterfemegoI suggest you contact several local lenders to see what you qualify to purchase. Each lender will have different programs and you need to select the one that best suits your financial situation. You could write an offer on your own, treatment or have a Realtor help you. Or hire an attorney. Know better? Leave your own answer in the comments! Mortgage Rates: Italy's Election May Have Positive Results on Loan Rates Current FHA 30 year fixed mortgage interest rates are as low as 3.250%, pharm FHA 15 year fixed mortgage rates are as low as 2.750% and FHA 5/1 ARM loan rates are as low as 2.250%. While FHA loans are especially popular with first time home buyers because … More informaiton please visit here… Raising FHA's Game However, like it or not, the FHA may have averted an even steeper decline in housing prices and higher mortgage rates had it not stepped in during the crisis when private capital evaporated...
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A few nice apartment building photos I found: 0804 | French Apartment Building | 2009 | East Side Image by Facility Records | MSU Physical Plant 0804 | French Apartment Creating | 2009 | East Side For far more residences click here… Many Find Mortgage Refinancing Difficult The Home Affordable Refinance Program (HARP) was supposed to make refinancing easier for millions of struggling homeowners, health but as many have found the HARP rules are structured in a way that makes it hard for borrowers to shop for better deals. It also … If you would like more informaiton please visit here… No signs of HARP burnout The resilience in Home Affordable Refinance Program speeds defies recent talk of a burnout, page said analysts at Bank of America… » New lending rules could dampen Florida's housing recovery. A new set of tighter mortgage rules designed to prevent the … For more informaiton please visit here… Question by BuzzBee: Can property lease payments be added back to cash flow in a commercial mortgage? If an established business exists on a leased property (and will be moving into the new property after closing), and can the lease payments be added back to the cash flow when determining the approval amount for loan? I will not renew my lease if I can find a nice piece of commercial property. I dont understand why not. To me it is like telling a renter interested in purchasing a home that their qualifying amount is based on their income AFTER they pay their rent. It doesnt make sense. The only difference is that the business owner can take that expense off their taxes. Best answer: Answer by Your #1 fanNo. Anything a lesse pays goes to the owner. You receive no benefit from it as the tenant. Maybe less tax as it is a business expense. Give your answer to this question...
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