I get 2500 a month in spousal support and 900 from SS each month. My x husband cosigned on my current house loan. I would like to refinance my house. I purchased it for $182, 000. I owe $65, 000. The house is worth $150, 000 according to other comps in area. Will I need a co-signer on this loan? Is spousal support counted as true income. I will be getting it until my x retires (he is age 63-should work until he is 70)

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I live in il- i purchased my home in my mom's name 6 mos. ago i have an 80/20 @ 8.5% and 12.75% (yeah, i know-but circumstance made this my only option) i want to refi asap as my mom's credit score should be better- all she really had was a debt that belonged to my brother that we had to pay off before closing ($6000.00) she owns her home outright and is going to semi-retire by july of 2007- she's 65.i'm thinking senior exemptions here. she does not mind if we refi in her name/credit if it gives me a better interest rate,the tax breaks, etc. i will be on title. is this a wise move?

Being you are the one who did it you will be able to use this when you file. You may have to file something showing this is so. When you refinance you want to get a better interest rate as it will cost you more money in the long run if you don't. You want to check out closing cost charges and things of that nature. It all will make a difference how much you will have to pay. Also you can get a lower monthly payment or a higher montly payment and this will make a difference in how much you will pay in the long run.

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I want to sell my current home & purchase a condo. i am a retired senior with a fully paid-up home. the condo is in construction to be finished in a couple of months. if i list my current home, it may not sell in time to simply pay for the condo. therefore i have been to see lenders. they all recommend against a bridge loan due to unavailability and also due to high costs. they also recommend against a home equity loan. the one i think would be the best is this scenario but i am asking for your guidance on which one is the better way to do this for any and all reasons. re-finance my current home and take a $100k loan at less than 5%. this loan would have no prepayment penalty. i would make a $50k down payment on the condo then sell my home and pay off the refinance loan on the home & owning the condo free & clear. the other alternative, is to take a mortgage on the new condo & pay it off when the house sells but that mortgage cannot be done until it is completed. again, there would be no prepayment penalty. also the seller will not do a contingency. if i would take the loan on my current home i would not have a problem making the mortgage payments because they would be low enough for me to afford to do this for a few months while the house is listed. but i'm not sure if it makes things more complicated to sell a home with a mortgage on it or not? i would like to keep the home & rent to my son for property taxes only but it would be less rent than fmv & i think the irs calls it my second home & the tax benefit is lost. what a shame not to be able to help out. thank you,

Hello Leeway, Seems the drop dead simplest solution is to get a mortgage on the new home. If construction has already started, then that seems to imply you have already given them a deposit, so why would you need a bridge loan with only 2 months remaining til completion - a "couple" means (2) to me? People generally get bridge loans at the beginning of the process so construction can get started. On the thought of refinancing your current home and then paying it off in a few months, lenders expect that when you refinance your home, you will remain in the home for at least 12 months and would not like the thought of you selling the home after making just a few payments on the loan. The lender could suffer chargebacks for that. Think about this. By refinancing your current home at the low rates for a primary residence, you are indirectly getting a bridge loan to buy your condo - but at a rate you would not otherwise obtain for a true bridge loan. But by telling the lender that you intend to occupy that home for the next 12 months, you would be committing mortgage fraud. I can't see why someone recommended against a home equity loan. I've had many clients get home eq loans to buy other property. Better yet, get a home equity line of credit. You'll get a really low start rate. Then pay it off after the home is sold. Be aware there may a fee involved to close out a home eq line of credit that soon. Be sure to get all the details. But more than likely, the fee for the early close-out will be less than the closing costs on a refinance - and no fraud would be involved. For the record, selling a home with a mortgage is par for the course. Most people who sell their homes have a mortgage outstanding. You should seek competent tax advice on the second home and rental issue. Good luck.

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My grandparents are 64 and 70 and are right now in the process of declaring bankruptcy. supposedly their lawyer told them to stop making their car payments to force the finance company to refinance their vehicle. naturally that backfired and they are taking their car on friday. my grandmother is on disability and my grandfather is partially retired. they have no retirement plan. my parents are exceptionally irresponsible and are in no position to help my grandparents at all. they can barely take care of themselves. i am already paying for the life insurance on my grandfather but i was wondering if there was any thing i can do to help them get on their feet and help them save? are there any programs to help low-income seniors? my husband and i try to help the best we can but we can only do so much. any suggestions would be fantastic! thanks!! they're not irresponsible or mentally deficient, that was really rude; my grandmother got unexpectedly ill and had to quit work when she was in her 50's. my grandfather was a bartender in miami until he couldn't do it anymore. now he works in retail and there is no retirement benefit in the company he works for. they're trying their best to make it and be self sufficient-no state aid or anything of that nature, but i was just wondering if there was anything i could do to help them in the mean time.

If a lawyer is giving advice like that, they need help--real, professional help. Your state may have a department of aging. The AARP may have resources. A local hospital may have a social worker who deals with senior citizens. (This is NOT a slur on their mental competency--senior citizens have special legal and health needs a social worker can help address.) Check into food stamps and Social Security benefits. My grandmother found she was eligible for virtually free meals on wheels even though she was not impovershed, just unable to cook for herself. (And the food was pretty good!) Again, local or state authorities can help with this.