current 2nd mortgages guide

Your 2nd mortgages Guide

Recent blogs on this topic:

Is buying a property safe when I have debt?

I have a mortgage foreclosure and several defaulted credit card accounts from 2 years ago. If I buy a very small home for $20k outright with no mortgage will I have to worry about creditors seizing the property or putting a lien on it? Or is there any way to protect myself from that?

what is it like to buy a house in cash?

hypothetically, let's say that there is a house that has been in the listings for 2 years and it costs $1.2M. let's say that I had that much money, and wanted to buy that house. let's say I call the broker and say I will give them that amount in a bank transfer or cashiers check. this would be my first time buying a house. what type of costs are involved in buying it that way verses having to get a mortgage? property tax?

Considering joining the navy reserve, 24 yoa, 2 kids and a wife?

I am a 24 year old married man with 2 kids ages from 1-4. I have been a Police Officer for the past 3 years, but have always wanted/regretted not joining the military when I was younger. My grandfather recently passed away and he was a Navy man and was very special to me which made joining even more significant. Looking for serious answers from vets or active sailors who may have a similar situation with family (kids, wife...etc) The only negatives that I can think of is I have mortgage, car payments, bills....etc and during bootcamp, and job training I dont think I could swing all those bills on navy pay. I dont think my police job would cover all the time missed. Anywho, looking for advice I appreciate anyone's input

Can someone file for bankruptcy when they are 78 years old and own their house?

My step-father in-law is in debt with a 2nd mortgage on his home and credit card debt totaling about $120,000. His wife just passed away a few months back. He is 78 years old and is not to handle all of this with creditors arousing him. He has someone wanting to buy his home, but i am afraid he will be left out in the cold. I need some legal free advice.

Of the 4 choices below, who do you see as the party primarily responsible for the mortgage...?

...mess we are in, and why? 1. The federal government 2. The financial ignorance of some consumers 3. The creative craftiness of some mortgage banks; e.g., Countrywide and many subprime lenders 4. The demand-creating mortgage-backed securities engines of leading investment banks; e.g., Lehman Bros., Bear Stearns, Morgan Stanley, Deutsche Bank, etc.

Are there any special programs that help younger people with disabilities buy a home?

As a two part question: #2 What is the best way for 2 people (one unemployed due to disability) and (one making about 1600 a month but has only had the job for 2 months) to get a home under these circumstances? Living with the parents becomes very irritating very fast and we must get out. We don't want an apartment because we need to have decent land and in NJ the cost of an apartment is just about the cost of a mortgage anyway. We have a home we are interested but no only 1000. saved. Most of the money goes to current rent and bills at the parents which we pay half of. Today the new rule is that we can't do laundry and need to go to a laundromat. This only costs us more money and almost defeats the point of being here and paying the bills. Not only do we pay but we also are the only ones to clean, take out trash, do dishes etc. Any ideas or advice is greatly appreciated. BTW There is no discussing anything with the parents. They do not want to hear anything. Thanks.

Resolved Question: I accepted a Job offer, but the starting date isnt till April 5, When do I call unemployment to stop benefits?

1 month ago the company I worked for went under, I was laid off and allowed to file unemployment. Yesterday I was offered a good paying job that's in my field. My first day of work is not till April 5th, so my question is am I allowed to collect unemployment until that time, or am i suppose to call unemployment immediately and have my benefits turned off. I'd prefer to receive unemployment until the 5ht as it helps with my mortgage and bills, esspeically seeing as I wont get my first paycheck till mid April. But at the same time I cant honestly say Im "available to work" and "actively looking" for a job when I just accepted one, even though the start date isnt for another 2 weeks. So what is the proper thing to do?

Am I qualified for long term homeowners credit?

My husband and I am thinking of buying a mobile home. We have been married 1 1/2 years. I own a singlewide on two acres and have lived in it 29 years. Both names will be on the new mortgage. Are we qualified for the long term homeowners credit since his name is not on my land or trailor? Thanks

mortgage, ch7 and foreclose?

In Utah I need some advice. I will try and make this short. I have a pre-fab home that was built prior to 1976 and since buying it in 1994 (which was easy) it is now VERY difficult to find lending on it. My wife fell ill several years ago and we needed to get at some of our equity. Our only option was to take a new mortgage for 11.5%. We thought we would be able to weather the storm and improve on the situation later. Well that has never happened and now we just filed CH7 (due to medical debt) and are now considering walking away from the house since we cannot sell (due to nobody wanting a loan at 11.5%) and the house is way too small for my family. The only reason we have held on to this house this long is it's remote location and the lot size. I am going in this Monday 3/22/10 to meet with my lawyer about the re affirmation on the house. The lender said they will not budge on the interest rate but are not requiring any of the arrears (I quit paying months ago to get them to negotiate). But I have continuously told them I want to keep the house. Would do you think the mortgage company would do if I put my foot down and said I want this payment and this interest rate or just take the house. My loan is $160K I pay $1600 a month. I am thinking about telling them I want my payment to be $1000. I really don't see the place being worth more than $160K for 2 reasons.... the current econmy AND is it worth that if someone cannot get a loan for it? The only way I see this place going is if a cash buyer stepped in. One more question.... I have read that is is fairly easy to buy a home right after ch7 but what if you now have a forecloser?

How do I increase my credit score?

My credit score is 600. I had a Target and Sporting Goods credit card which were late, 30 days, on occasion. I also have a car payment which was late, 30 days, once in the two yrs I have had the loan. I had liens from owing State Income tax placed on my property. I paid off the credit cards and the State liens. I know the liens will show paid but will remain on my credit report for 7-10 yrs. I alos had a mortgage which was late but this too has been paid off, however still on my credit report. There are some items on my report which are in good standings, motorcycle, vehicle, 2nd mortgage and personal loans. These have all been paid in full. There are medical bills which are still unpaid and on my credit report. (I had no health insurance). I was told by the banks in my area that they do NOT take medical bills into consideration when giving credit. The only credit I have now is a car payment which has been current but like I said above was late once. How do I increase my credit score? I know I need to continue to pay my car payment on time and not open any further credit but with my current situation how can I increase this?

house advice needed - what do i do?

me and partner split - 3 children, joint mortgage - and i have been living in property since, both paying 50/50 mortgage. now he is preassurising me to sell, he says he cant afford it. i want to sell too so told him i would get it valued. problem is i look after the children all the time apart from the 4hrs he has them on a wkend and work a full time job, as well as being ill recently. i had 2 valuations during the week i had to cancel due to meetings and parents evenings, then one today which i cancelled purely for the reason that it needs a jolly good clean before id even let family in never mind an estate agent! all appointments have been resheduled for this week. this morning he shouts at me, tells me im dragging my heels on purpose and its costing him money - im not. he then shouted as a parting insult that if its not on the market by the end of the week he is giving it to the mortgage company. i do really want to sell, im just finding the time harder to control. what do i do? continue to get the valuations and try to get it on the market asap? im sure he cant carry out his threat any quicker than getting the valuations done anyway. i did concider buying him out and selling at my own leasure but i dont know if i could remortgage as i think my credit rating is iffy from when we split and ive mensioned it before and he said he wanted more than id offer.

Mortgage Companies are just wolves in sheep clothing!?

I have a mortgage and luckily have been able to pay it for the credit crunch duration so far, but my husband has had to cash in all pensions big and small, small being the operative word. My husband was offered a Job on the mainland, we were in Northern Ireland. We decided to rent the house out. We informed our mortgage company, they immediately said we would have to pay an extra 1% on our mortgage which was already £885 per month...the letting certificate they required they said they never received and the letting agent said they definitely sent...cost us 2% on our mortgage, we are now being asked to pay £1,192, we also rent where we are living which is a further £500, we pay rates in Northern Ireland and council tax here. It seems whatever we do, and honestly do, we are penalized from all corners. My question is, why are companies allowed to fleece the people the way they do...the only answer it can be is "Honesty doesn't pay". We found that out the hard way...

are there jobs for a 15 year old in Texas?

I am in desperate need of money right now. We almost got out house forclosed on twice. My dad has two jobs, my brother has 2 jobs, and we owe the mortgage $5,000 that we cant pay. I need a job but i am only 15. Please help.

getting a used car from a local dealer?

hello guys & gals my question pertains to buying a used car from a dealer. the dealer is a "buy here, pay here" i looked at the credit application they have & i guess all "buy here, pay here" dealers have the section where it says it needs mortgage, rent information. i don't rent or own a property yet. does not renting or owning hurt my chances to lease a car & pay it off monthly? i can easily pay off the car in a year or 2 ..but has anyone been in this position? the car is a 2005 toyota corolla 5-speed ..low miles ..at $8k i could try co-signing with some1, but i want to pay it off myself

Can someone discharge a small claims judgment by filing chapter 7 bankruptcy?

our prior landlord did not return our deposit after we moved out...we left the place spotless and in better shape than when we moved in...we sent him a letter as per the michigan landlord tenant act stating where the deposit money should be sent to...we never receive a list if there was any damages and reasons for him to keep the deposit as he would be required by law to do if he was going to keep the deposit...the guy completely mismanaged his rental properties and they were foreclosed on...he has now filed chapter 7 bankruptcy...we got a small claims judgment of $2,000...he did not even show up for the proceeding...the strange thing is that he filed for bankruptcy 5 days before the small claims court date...he listed us as a creditor...how could he know that he "owed" us anything if the court had not ordered that he did yet?...i also find it strange how we can be called a "creditor" when we did not lend him money...in my mind he "stole" that deposit from us...yesterday we went to the "meeting of creditors"...we were the only ones that showed up, but after he gave all the info to the judge, the judge asked us if we had anything to add...i said, "well, the only thing i can really ask is if there is a chance that we will get our money back?"...the landlords lawyer said, "absolutely not!"...is there any chance of us collecting our money?...can he discharge a court ordered judgment?...is there anything else we can do, or should we just forget about it?...in my opinion, this scumbag is getting away with legalized stealing!!!...i just wanted to add that he screwed over so many people...all his tenants were left without a place to stay when he stop paying his bank mortgages for the places and they got foreclosed (luckily we had moved out before that happened)...the landlord was spending the money on monthly trips and drugs...it is just terrible that this guy "stole" money from so many people, banks, insurance companies, etc., and now he just gets to have all his debts erased...i really feel this scumbag should be in prison, but that is not how the system works i guess?!?!... oh, and when we found out that he declared bankruptcy was when we received a letter in the mail the day after the small court proceedings that we won...

how can I increase my credit score?

I filled for bankruptcy in 2005, so i understand that it will show for another 2 years, other than that, i have a mortgage in good standing, have never been late, I do have a line of credit with the mortgage company of 15000, I have a credit of 14000 on it. I don't use it for purchases, i just pay the monthly amount on it just as I do my mortgage. I don't have any credit cards and my school loans are all up to date. Is the bankruptcy the thing holding me back? I mean, my credit score is 525, that is horrible, how can i improve that?

Question about a lawsuit?

My wife is being sued from a car accident that happened almost 2 years ago. We lost our home from hurricane Ike and are living in a FEMA mobile home. Our house was totaled out and it looks like we will have to buy a home. Will this pending lawsuit affect us getting a loan for a house? We really need a house to live in. There are 7 people living in this tiny mobile home( me, myself and our 5 kids) and we really need a house. My credit is good enough to get a loan but I am not sure how my wife's credit will be after this lawsuit. They are asking for more then our insurance paid up for ( $100,000) What should we do? It will cost almost $1700 a month to rent a 4 bedroom house and if we can buy a house, it would cost less in the long run. Could I get the mortgage in my name only? We have no assests. We have 1 car and we live in a FEMA mobile home and have about $8000 in our bank account.

consumer math. anyone no it?

1. Real Property is NOT: (1 point) attached to the ground often mortgaged taxed capable of being moved 2. When a large value item or asset is sold voluntarily, it could be called what? (1 point) foreclosed repossessed liquidated auctioned 3. If you break an automobile or apartment rental lease before the contract expires, you could be subject to what? (1 point) prepayment penalty early termination penalty finances charges higher interest rates 4. When you begin paying a 30-year loan, what part of the loan are you paying first? (1 point) equity interest principal assets 5. If you don’t own your residence, what kind of insurance do you need? (1 point) Homeowners insurance Supplemental insurance Renters insurance Private Mortgage insurance 6. What are expenses like telephone, electricity and natural gas called? (1 point) assessment expenses utility expenses luxuries budget items 7. Insurance approval and evidence of coverage is required to get a mortgage. (1 point) True False 8. When you rent your residence, taxes are paid as part of your rent payment. (1 point) True False 9. When you pay finance charges, or interest payments on your first home the amount is deducted from your federal income tax. (1 point) True False 10. What are good reasons for buying/mortgaging a home? (1 point) to build equity as savings you expect to reside in the same area for a long time your credit is established and you can get a very low interest rate your income is high enough to claim a deduction on your income tax all of the above

Marraige and Mortgage in PA?

I am currently married and we are purchasing our first home in Pennsylvania. Even though my income was needed for the approval, I was told I was not needed to sign on the loan. 1) If i do not sign the loan or include my name on the deed then what rights do I have down the line should we get divorced? 2) If I left him at some point then would I be obligated to mortgage? Thank you kindly.

Resolved Question: Which loan should I choose? The FHA loan or the conventional one?

My lender offered me these two options and I really want either one of those two for sure,but which one? Both these loans are 30 year fixed.The FHA loan would consolidate my 2 loans (I have a 30 year fixed 1st mortgage @5.875% and a 20 year fixed @9.00% second mortgage and I've paid on both for 7 years right now) into one,but with the FHA loan,I need to pay PMI for the first 5 years.with the conventional loan,I would just re-fi the first mortgage and leave the 2nd one completely alone,since it's only a 20 year loan and I've already paid 7 years off on that.Now,the question is,which loan is a better option for me here.I'm not planning on staying at my place for probably more than 5 more years,probably less.So,what loan should I choose,if you were in my shoes?

I need Help!!! History is anyone good at?

i've been doing online school buti have been out of it for a while because i had a very hard death in the family. I don't have the book yet so if someone could help me out it would be more than appreciated. 1.Why did Hoover not want to create millions of public works jobs to help the unemployed? A.He didn’t care about unemployed people. B.He did not think there was enough work for people. C.He opposed a large increase in government spending. D.He thought enough people were already doing public works jobs. 2.How did Hoover’s creation of the Reconstruction Finance Corporation affect businesses? A.It didn’t solve the money crisis initially, but after a few months businesses had the resources they needed. B.It helped a handful of businesses, but had little impact on overcoming the economy’s decline. C.Most businesses were only able to obtain loans from the federal government D.It had no impact on business and caused many citizens to believe Hoover was not helping the economy. 3.How did society react to the increasing problems in the economy as Hoover continued to limit the amount of relief funds provided by the federal government? A.Society turned to the federal government provide loans to families. B.Churches requested funds from the government to provide relief to needy individuals. C.Many individuals became dissatisfied with the federal government and conducted protest marches. D.Many people chose to work for commodities rather than currency. 4.Hoover’s decision to create public work jobs affected American society in what way? A.Most employers looked to the government for solutions to their hiring problems. B.Many employees were able to return to their jobs due to public work jobs stimulating economic growth. C.The decision provided jobs but had little long-term impact on overcoming the problems caused by the Depression. D.There was a major increase in the amount of training available to middle-class workers. 5.Why were nearly one million farms foreclosed between 1930 and 1934? A.Low agriculture prices meant farmers were losing money and couldn’t pay for farming necessities like seeds, equipment and feed, or their mortgages. B.Greedy banks tried to force farmers off their land when they owed too much money. C.All the farming strikes and riots destroyed food and dairy and closed highways. D.An increase in housing prices following the stock market crash.

should my name be on the deeds to the house?

Was talking with friends today and came across a problem. My name isn't on the mortgage or the deeds of the house that I live at with my soon to be husband and 2 children. My friend said that if anything happened to my fiancee that I might have a fight on my hands for the house and that my daughter may get rights to the house before me. Should I have my name on the mortgage or deeds, what are my rights? My husband to be doesn't think I need to be on the deeds, but I think I should. Can you help me. We are due to get married this May and we moved into the house together 2 years ago. My fiance already had a mortgage on the house he lived in before we met. to make my question more clear as the last answer made me feel like I'm just intrested in the house I just want to know what would happend if anything happened to my fiance, what would happen to the house, would I be homless because i'm not on the deeds. I see the house as both ours even tho my name's not on the mortgage or the deeds. I'm not after his money or the family home, I'd be devistated if anything happened. We moved into this house as a family and are gettiing married this May.

I have four question on Macroeconomics?

Problem 1: Suppose a worker is paid according to the following pay scheme: For every unit produced, the worker gets $8. Assume a worker can produce three units per hour. a)Express the worker’s earnings as a function of hours worked. b)Graph the equation for earnings. c)Graphically depict equilibrium, and show the earnings and hours worked by the employee. d)Do you think that from the firm’s point of view, this scheme is better, worse, or the same as paying the worker a wage of $24 per hour. Explain carefully. Problem 2: While at a discount shoe store, a customer asked a clerk, “I see that your shoes are ‘buy one, get one free- limit one free pair per customer.’ Will you sell me one pair for half-price?” The clerk answered, “I can’t do that.” When the customer started to leave the store, the clerk hastily offered, “However, I am authorized to give you a 40 percent discount on any pair in the store.” Assuming the consumer has $200 to spend on shoes (X) or all other goods (Y), and that shoes cost $100 per pair, answer the following questions: a)Illustrate the consumer’s opportunity set under the “buy one, get one free” deal and under a 40 percent discount. b)Why was the 40 percent discount offered only after the consumer rejected the “buy one, get one free” deal and started to leave the store? c)Why was the clerk willing to offer a “buy one, get one free” deal, but unwilling to sell a pair of shoes for half-price? Problem 3: Airlines give away more than 10 million tickets each year through their frequent flyer programs, with the typical airline awarding a free ticket for each 25,000 miles flown on the airline. The average airline ticket costs $500 and is for a 2,500-mile round trip. Given this information, evaluate the following statement: Airlines could have the same effect on demand by eliminating their frequent flyer programs and simply lowering the average ticket price by 10 percent. Problem 4: Suppose you are the manager of a home-building company and the government is considering eliminating the tax deductibility of mortgage interest payments. A typical consumer’s marginal tax rate is 25 percent, and the elasticity of demand for new homes is –1.5. Your boss wants to know the impact of the proposed government policy on your business. What do you tell him?

Can an ex-fiance sue you for money she contributed to purchasing a house although not on the deed?

I was just served with a notice to appear in court. My ex-fiance filed with the local magistrate for monies she claims is owed to her. We had been in a relationship for almost 3 years in December we both decided to end the relationship. She moved out of the house on her own will. In May of 2009 I purchased a home for "us" her and her two children, since she had bad credit and did not want to be legally responsible for the mortgage I purchased the home on my own. She put $ towards closing, however under the agreement that I would take care of the current rent payment ($1150) and the first months mortgage($1300) as well as purchase items for the home to get us moved in. She was added onto my bank account and we split all living expenses after moving into the home. Now that the relationship is over, she has filed for the money put towards the purchase, however went 2 months(as reimbursement) with not having to contribute to bills in the household. I also asked for my engagement ring back, and she refuses and stated it was a gift to her. Does she have the right to keep the ring, and am I legally required to now reimburse her any monies? FYI...we live in PA, she was fully employed and I have bank statements and utilities showing we both paid towards the expenses.

how much of a house half in my name am i entitled to?

just over ten years ago my ex and father of my 2 sons and i bought a house, we broke up about 3years later. since then he has lived in the home and payed the mortgage. he now wants to sell and has offered me an amount which i think is way less than i am entitled to. we were never married,i understand if i'm not entitled to 50% but surely i am entitled to a fair share legally, does anybody know the law on this at all?

Investment question.?

You have $200,000 to invest and are considering four alternatives: convertible bonds, preferred shares, common shares, and a mortgage. (a) A convertible bond has a 9% coupon interest, a face value of $1,000 and it matures in 10 years. The conversion ratio is 30. The stock is trading at $32.50. Similar nonconvertible bonds yield 8%. All bonds pay interest semi-annually. Assuming that you invest the $200,000 only in these convertible bonds, what is the maximum number of bonds you can purchase? (b) A share of preferred stock has a par value of $100 and a dividend rate of 8% of par value. If you invest the $200,000 only in preferred stock and require a rate of return of 10%, what is the maximum number of shares you can purchase? (c) Granville Company common stock has a beta of 2.25. The company just paid a dividend of $3 a share and the dividend is expected to grow perpetually at a rate of 5% per year. The yield on Treasury bills is 1.5% and the market risk premium is 6%. Assuming that you invest the $200,000 only in common stock, what is the maximum number of shares you can purchase? (d) A 25-year, $230,000 Canadian mortgage was taken out three years ago with a quoted rate of 4.95%. If you want to invest the $200,000 only in this mortgage and require an EAR of 6.95%, would you have enough money to buy the mortgage?

I am retiring this summer at age 56 1/2, should I use my 401K to pay off my mortgage?

Should I pay off my car?

I've got right about 2 years left on my car loan with a balance of about $10k. I have in the bank in total around $15-16k of combined savings/checking accounts and CD's. I also have my 401k, but I dont plan to ever touch that which is small right now, about $8k. My monthly payments on my car are $460 with an int. rate of 5.9%. We've got a 30 yr mortgage that has 25 yrs left on it. Im tired of shelling out the $460 each month , so should I just get the payoff from the bank and pay my car off? Its an 05' Honda.....reason Im still paying on it....cause I got screwed on the loan when i first got it late in 05' with a 12.50% rate! I refinanced it about 2 yrs later to the now 5.9%. Should I just stick it out for the next 2 years or just pay it off? Thanks

Mortgage repayment after selling the house...?

Hi Guys, Here's my question. I have a mortgaged home since the last 2 years (Jan, 2008 to be precise). I opted for a fixed rate 5 years term, which will expire in 2013 and the rate is 5.9% (fixed). Now, I am thinking to sell my house. My question is if there would be any penalty apart from what I owe to the bank? If I sell my house, say for $350,000 and I owe bank $303,000 does it mean I will have a balance of $47000 in hand, or would I incur any penalty as I believe it's the case. I will also contact Bank for all details, but want to ask some experts here first to have some opinions. What's the best way to go about in this situation? Will I be in loss here? Please suggest. Thanks in advance.

Young person trying to get mortgage?

Alright, I recently got a new job, about 2 months ago. It pays pretty good, and I need a new place to live. I've never rented before, just lived with my mom. So, I'd really rather try and buy a condo or something iinexpensive like around 70,000 or so. Probelm is, I havent had extremely steady work, usually because school and work was always coinsiding wrong, as Im only 19. Anyways, I will have a cosigner, my mom, who will also be living there, and helping out with about 800-900 extra a month. But she has HORRIBLE credit. What are our odds of getting a mortgage? What can I do to help us get one? Any help or info on ANY of this is appreciated!! Keep in mind, in total we're bringing home around 22,000-25,000 a year.

Resolved Question: Mortgage dilemma- How do I refinance a 2nd mortgage when I don't have much equity?

I'm moving in with my fiance, and we NEED to refinance both his 1st and 2nd mortgages to get his X-wife off the deed/mtg. We are basically buying her out for nothing, but every lender we talk to can't refinance the 2nd mortgage or combine the loans because he doesn't have a lot of equity, and the X will definitely not agree to stay on the mortgage. What are our options for refinancing when we're at about 95% equity? Would an FHA loan cover up to that much? PLEASE HELP!!!

Resolved Question: What's the difference between a refinance and a cash-out refinance for an FHA mortgage?

I'm getting conflicting info from mortgage companies. I have a 1st and 2nd mortgage through bank of America (2nd is balloon mtg.) All I'm looking to do is combine the two through another company, not take any additional money out. I don't have much equity in the house, and have been told 2 different things regarding an FHA loan. One lender says they can refinance up to 97.75% of my home's value. Another said They can only refinance up to 85% on what they consider to be a "cash-out" refinance. Do they consider it cash out when you're paying off a 2nd mortgage along with your first? I'm clueless about this stuff- please help!!! Thanks :)

Finally closing on the sale of my condo--7 weeks past the contract date. Is this common? extreme?

When I signed the contract the closing was to occur within 50 days--any change was to require the signature of all parties. I was never notified that the closing would not occur as scheduled, let alone asked for my signature. The buyers were ready on time. My realtor and/or lawyer are responsible for the delay, e.g., the lawyer did not even request the final payoff statement from my mortgage company until 2 weeks past the date in the contract--the request for payoff info on a home equity loan was submitted even later. During those 7 weeks I was repeatedly told that the closing would be "soon." This was more than an inconvenience for me. I work from home and had terminated my internet connection in anticipation of the move, therefore, I was out of work for those 7 weeks. I understand that closing can be delayed for any number of unpredictable/uncontrollable reasons, but failure to request payoff info in a timely manner is neither unpredictable or uncontrollable. Neither the realtor or lawyer is admitting that there is anything unusual about the length or cause of the delay. Can this possibly be true, i.e., do buyers/sellers routinely spend weeks not knowing when the closing will occur?

Accounting extra credit question, very confused please help!?

So the question is: On January 1, 2010, ABC Corporation purchased a building costing $300,000, signing a 10%, 5-year mortgage note payable on December 31, 2009. Five ANNUAL payments will be made each year to pay back the mortgage beginning on December 31, 2010. A. What annual payment is required at a 10% rate? Hint: Remember, in computing the price of the bond, the stated interest payments represented an annuity, so to discount those future annuity payments, we did this: Annuity Payments x PVA Factor from table = PV of the Annuity Well, the mortgage payments are the annuity payments and the loan of $300,000 is the PV of those annuity payments. Can you figure out what the annuity payments must be?" I'm very confused by the wording of this question. I used the provided equation, and plugged in "300,000" for PV of the annuity, and for determining the PVA factor, I used: semi-annual rate = 10% / 5 = 2% semi-annual time period = 5 x 5 = 25 I then looked at the PVA factor chart using the above variables to get 19.52346, and plugged the 19.52346 into the equation as PVA factor from table. So I have: (X) x 19.52346 = 300,000; X = 15,366 So is $15,366 the correct answer for the annual payment required at 10%? I'm really confused, please help!

How can I change property title from one person to another?

What is the name of your state (only U.S. law)? Pennsylvannia In regards to property title, I'm asking on behalf of my mother and father. Currently my father is in a mortgage paying it off and we(my family) have been living there for 5+ years, and his name is the only one on the property title. He wants to pass on the title to my mother, so her name is on it. Whats involved and how can I start on this process? My mother had told me for the realtor's or for someone to do it, it would cost a couple hundred dollars for them to do it. Any way I can do this myself or is there too much to take into consideration? So..1)If dad was TRANSFERING title to mom and taking his name off, whats involved? 2)If dad was ADDING my mom's name onto title, whats involved? Thanks a lot. What is the name of your state (only U.S. law)? Pennsylvannia In regards to property title, I'm asking on behalf of my mother and father. Currently my father is in a mortgage paying it off and we(my family) have been living there for 5+ years, and his name is the only one on the property title. He wants to pass on the title to my mother, so her name is on it. Whats involved and how can I start on this process? My mother had told me for the realtor's or for someone to do it, it would cost a couple hundred dollars for them to do it. Any way I can do this myself or is there too much to take into consideration? So..1)If dad was TRANSFERING title to mom and taking his name off, whats involved? 2)If dad was ADDING my mom's name onto title, whats involved? Thanks a lot. Edit: So If my dad keeps his name on their, and add's my mom's name, that would be the easiest option correct? He wouldn't have to worry about the bank collecting the full mortgage or refinancing if he transfered the deed? Edit: So the easiest/simplest option here is to just add my mom to the title and have BOTH mother and father on the title, instead of dealing with transfering from one person to another correct? And if so, how do I go about in doing that and whats required? Is it just going to any title company (I'm not even sure what a title company is or where to begin looking) and they will do it for me for a small fee?

I am not sure if my real estate lawyer is doing something "shady"?

We took extra money out on our mortgage and the closing date was march 15,2010, when i called our lawyer to see what when we could pick up additional funds they said the next day but they had gotten the funds and paid out our creditors. So the next day comes, she said she was so busy she hadn't had a chance to go over fees and would have the funds to us at the end of the day or the next day....still nothing, so today i called she said she would have the chq ready for us today. After hearing nothing we called and she said it was ready to pick up. When we got there the chq was $2000.00 less than what we should have had and when asked she said they always hold back a portion just in case our creditors had a little more interest to be paid out, which i can understand (but not 2 grand!) and also they hadn't had time to figure out their fees yet because they were so swamped! When i asked when we could expect them she said anywhere from weeks to months as they were still doing peoples' files from january!! meanwhile we are paying interest on our mortgage every month based on the this full amount which we don't have access too! My mother has been doing real estate legal work for 30 yrs and says she has never heard of this and we should have had an account of services (their fees ect) with the remainder going to us on the closing day.Is this legal? I contacted the law society and am waiting for a call back.

What shows are these quotes from?

Quote 1: "What does a mortgage broker do?" "He goes to jail for picking up 17-year old girls from bars." Quote 2: "We don't know, we had the windows up." "You mean they ripped you off while you were in the car?" *laughs* "I'll get you some hubcaps." If you can get at least one, that would be appreciated.

Entitlement for his ex girlfriend?

My other half brought the house that we currently live in with his ex 4 years ago - He put down 98% of the deposit and she put down the other 2% but when they broke up and she moved out 2 years ago she claimed that she wasn't interested in the money and would be happy to stay on the mortgage until he needed her off to maintain the status quo. He then sealed the deal by signing over their car to her and forgiving her forgotten payments to him for the mortgage for the final few months she was there. She never officially paid the mortgage, just a small amount to him each month. She's now asking to come off and we're wondering what her rights are and what we have to give her now that we're remortgaging or selling. We'd also like to know how a transfer of equity works in relation to a remortgage. Any advice would be fantastic! Thank you in advance for your help! I suppose a better thing to ask is, is she STILL entitled to anything if she's been gone for 2 years and is with somebody else? For example, if we were to win the lottery in 10 years time would we still have to expect her to knock on the door? What can she take and how long does she have the right to do so? UK laws please. Thanks!

Regular 9-to-5'er + small business owner = how much tax allowance?

I am single, no dependents with a regular 9 to 5 job and have claimed 2 tax allowances in the past which gives me an approx. $800 refund. In Nov. 2009 I entered a small business partnership with family. Due to credit issues, the business is in my name only. I intend to keep my 9 to 5, while family manages the business. Essentially, the business is mine in name only, but I will have to claim it on my taxes. My question is how does this effect the number allowances I can claim on my W-4 for my regular 9 to 5? I should add that I am a homeowner with a mortgage. Please advise, and thanks in advance for all the help! And please no cracks about how risky it is to go into business with family or having the business in my name only....the situation is....more than complicated.

What will my life a Physician Assistant be like?

I'm going to earn my Bachelors of Science in Physicians Assistant when I'm 21. Then I'm going to work for 2 years and then earn my Masters in Physicians Assistant. I am going to go work in the Emergency Room as a Physician Assistant and Work Lotsss of hours hopefully from a round 7am-6pm or even longer. A doctor told me physician assistants make about 60-80$ an hour in the ER room. I want to move to Bayside NY and buy a nice house for about 800k after saving up a Lot because I'm going to live with my parents and they will pay for the mortgage on the house we currently live in, food, clothing, etc. But I still want to be able to get nice stuff for my future family, a car and an occasional vacation. Do you think I'm going to have a pretty nice life when i'm older? Please give me any advice. Thanks.

Why is the difference between the interest rate and the APR large with some lenders and small with others?

I went to one lender's website and ran a hypothetical mortgage calculation, and the rate they gave me was 5% but the APR was 6.2%. Then I went to another lender's website and ran the same exact hypothetical and was given a rate of 4.875% and the APR was 4.935%. Why is the difference between the interest rate and APR with Lender #1 so much broader than the difference between the interest rate and APR of Lender #2?

My friend is having a tough time going through a separation. Especially when it comes to his son. Live in PA?

He has been separated for almost two years. His son is 2 1/2. The hardest part about this time is his wife uses his son to get him to come back. She does not want a divorce. She makes it very difficult to visit or gain any type of custody. She claims she will make everything impossible unless he comes back. She won't let him see the son unless he stays with them. He still pays bills, mortgage, support, daycare, ETC...EVERYTHING! There is no legal separation in PA. He would prefer an amicable/agreeable split. Can you still use mediation if you take the other spouse to court for ordered custody? What can he do so all parties are dealt with fairly? Again, she won't let him see his son unless its on HER terms. There is no possible endangerment. She claims she has Amo on him. If he doesn't come back, she will use it against him. She also was getting paid under the table for A LONG TIME and receiving unemployment at the same time. This can be proved. Can these claims cancel each other out?

Credit Collection Businesses?

Just read the answer 7 month's ago regarding Viking Collection Svs. in MN. The "hang up" immediately answer was good but I've had to take it one step further. I've been on disability for 2 years, and about the time I was able to go back to work, there were no jobs!! Yes, I AM extremely lucky, not!!! When I bought my home in 2004 my credit was just about perfect and now it is in the trash. Still trying to get the mortgage modification and have been unable to pay credit cards and medical bills. These Viking people are by far the worst of the lot, but one day I went to a free reverse phone directory and looked up all the numbers I did not recognize in my caller i.d. They appear to have several different numbers that show up different ways. The answering service provided by my phone company is full, so I turn off my home machine and let it roll over to the "message full" one. I hope it frustrates them no end. I care a great deal about my credit but it is bizarre that one company that was written off my credit report many years ago has just now come out of the woods and has asked for money. I'm trying to find out now which costs more, a credit counseling service (pay off 40 cents on the dollar sort of thing) or paying to file bankruptcy. Any insight on this?

Resolved Question: Joint tenancy, does he have to pay me rent?

My ex and I broke up beacause he was abusive and physically caused me harm. We are joint tenants in the ownership of our house. He works away and we were going to share occupancy of the house. I would live there and care for the pets while he was away and reside somewhere else while he was home. One time while he was home he got 2 tenants in to take the 2 bedrooms and refused to allow me back in to the house ever again. He now wants me to sell my share of the house to him based on the market value of the house when he kicked me out, not the current value because I have not paid any mortgage. Am I wrong in beleiving we settle based on current market value? I should then pay him for mortgage expenses less the fee of occupying my share of the house?

Government is now considering raising the maternity grant and child benefit for twins - Do you think this is?

Do you think this is wrong that rthey are only doing this for twins born after the rule comes into place?! I have twins who are now 8 and a half months old. At the moment, with twins, when you get child benefit they are seen as 2 different children even though they are from the same pregnancy. Therefore, you get 1 amount for the first twin born and a completely different one for the second twin born. They are the same pregnancy so in my mind they should get the same amount, there is not 9 months between them just a few minutes (or 14 in my twins case). Now they are changing it so parents of twins born after a certain date will get increased benefits, the same amount of child benefit for each twin (the highest, same as for the oldest child) and help with rent or mortgage etc. Am I the only one whoi is infuriated with this? We are absolutely broke because I am the only one working since my partner got made redundant. We are unable to get help with the rent, council tax, bills, Jobseekers Allowance etc just because I am working (In fact, out of 4 families in our block of flats, I am the only one working!) and now they are giving away more money to people who maybe don't need it instead of helping those who clearly do! I think the chld benefit thing is right but more maternity grants, more income for the home etc, that's wrong. Child benefit should be getting paid into a child's trust fund and be givent o them when they are 18. Why should the older twins get more money than the younger one? Surely this should be carried across though for all twins under 5 or something? Social Science Lady - You say we should put child benefit under a different heading and only give it to families who really need it but what about us low income families who are unable to get any help as it is and are helped by child benefit payments which help to tide us over until pay day? What are we meant to do as I'm sure as hell that we wouldn't get that either!

Best way to split custody and get divorced?

I cheated on my wife and after 2 months of sorting through the mess, she has come to the conclusion that she hates me and doesn't want to stay married...which is understandable...I would do anything to win her back...but i am a complete dick and she cannot forgive me. The bigger issue is that we have a 3 year old daughter and a mortgage . Can anyone recommend the best way to go about splitting custody...what is best for the child...and also, what to do about our house? we are middle class people...we dont have the money for multiple living spaces, or to just bail on the house, since it would destroy our credit...any suggestions...?

What are some ways to get out of debt?

When my husband and I were younger we used out credit cards for a lot of useless things. Combined we have about 10,000 in credit card debt. We also have 2 auto loans and a mortgage, We have stopped using them completely but we are still having trouble paying off the debt. Any advice on how to pay it off and get out life back in order. We are barely making ends meet and I fear that we could lose out home or cars if we don't start making some changes.

Is there a tax penalty for owning a home and a piece of property?

The area my husband and I want to live in is a little expensive for us, considering we don't want to live in town and want at LEAST 1/2 an acre with our own custom built house. If we moved to another state we could buy a house MUCH cheaper, but we don't want to live there forever. So I was thinking that a good idea would be for us to buy a house in the state we can afford, and a piece of land in the state we want to live in. Then we can pay them both off in less than 10 years, sell the house and use that money to build on the land. Is their a hidden problem with this? Paying a mortgage on both properties would be cheaper than paying one mortgage on a decent house in the area we want to be. Well we have to plan for something! We can't just live at my mother in laws for the next nine years!

Can someone help me answer these basic Economics questions?

Recently, my professor sent us over 30 questions to answer as part of a mini-project. I answered all but 5, so can somebody please help me? 1. What secures a mortgage? 2. How much must you receive to beat the inflation effect? 3. You love to invest in stock but you want to minimize your risk, so you... 4. Why do shareholder need to receive a larger reward than bond holders? 5. The reward to invest in bonds and shares: Thank you. :)

Resolved Question: Why do I have to pay both PMI and MIP on a FHA loan?

I am in the market for a house. My mortgage person told me that with FHA loans, you will have to pay PMI because I am not putting down more than 20% of the mortgage and I will also have to pay 1-2% of the loan for MIP. This goes to the government and can be added in the mortgage. I live in NY. Does this sound right or am I being ripped off?