If you need to keep the house, call me and I do arrange real equity lending - meaning I will use the equity on your property to momentarily ease your financial status until you get back on your feet. Check with your bank as they may add additional interest on the late payments or foreclose you. You can also skip a payment at no charge (most banks offer this feature) I think once a year. Also check with your mortgage insurer if there is a plan available for you to momentarily get you out of trouble. email me - debtfree@victorcatalan.ca if you need further information.

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I have recently graduated from a graduate program and got a job offer with approx $100,000 salary before tax. i also plan to purchase a house that will cost me $1,600 + 180 (property tax) + 150 (home insurance) = $1,930 per month. my question is: how does the house payment benefit me in terms of tax credit? please use calculations and numbers in my example.

There is no guarantee that it will "benefit" you. However, mortgage loan interest and property taxes are deductible on your income tax return if you itemize your deductions. For most people in that situation, itemizing deductions results in less tax liability than taking the standard deduction. Your monthly mortgage payment amount is not relevant. The amount of loan interest and property tax paid is what matters.

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Who cares about the value? whatever. i get $950 a month from ssi and i have to pay $700 for apartment rent a month. plus food and phone bills and water bills. and i can't afford to buy anything. and it isn't good for economy. and half of my rent goes to owner and other half to the government or bank. that is why stores are closing because most of people can't afford to buy stuff there. every time i go in the store, i see people go way in the back and look for clearance sale. i don't understand why you guys are happy with the economy... i think the house prices are ridiculous. and the apartment rent is ridiculous. we need to reduce the price of the home and reduce mortgage payment and reduce apartment rent. because it is ridiculous. it is sad to read news about people trying to kill themselves because they lost their jobs and can't afford their home anymore. don't you guys have any compassion? why you guys keep saying, "oh well they can't afford it, then move." move to where? obama and mccain need to talk to people about their situation. because we are the ones are voting for them... and they need to listen to us. not the banks. california, i live in a studio apartment with no kitchen.

lower prices...{gradualy rising}....more consumers....higher economy what state do you live in that you pay so little??

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My property taxes for $600, were due feb. 2007. i did not have the money to pay them. i tried to refinance my house twice (in feb & march)to pay the taxes and get a better interest rate. i was refused, because of the housing market. (basically, my house appraised $40,000 less than it did, 6 months before...and this was with the $25,000 main bedroom & office addition that i paid cash to do! my life savings were used to do this addition. i considered it an investment into my property). i asked my mortgage co. to put my taxes into escrow (i did this so my taxes would be paid & so i wouldn't lose my house.) it took my mortgage co. 4 months to do this. i expected my house payments to rise an extra $100 a month. (it would be hard, but i would do it, until the market got better and i could refinance). yesterday, i called to ask why i have not heard anything on why my payments have not changed. i was informed, that my payments would be going up $200 a month starting dec.1st. i cannot afford this. my income is $891 a month. they want to raise my payments to $720/mo. (payments were $517 w/o taxes & ins). i am on ssi. i was told i should get some type of tax relief. i have seen none. i talked to my tax assessor in march, she told me i was a month late in asking for relief. they cannot help me. someone please tell me what i am supposed to do? this house is not worth a $720 a month payment. it is a dump. but i have been renovating for 4 yrs and its my blood, sweat and tears...and it's my home. i have had thoughts of suicide. torching the house and going to prison. i am so distressed over this. i can't understand how being a few months late on $600 taxes could result in taking $200 a month more in house payment! i would have sold my body for $600 if i knew they were going to do this to me. i think i am being scammed by chase. what do i do? the addition was done june 2006. i expected to refinance in feb. w/ no problems...i was wrong. i have a back disability. i've had 2 back surgeries and chronic pain for 10 yrs. i can stand and walk, limited (but i am a fighter and do as much as i can). i have been in physical therapy for 3 weeks and it is helping, but i will never be totally well. if i could get a job that someone would accept my disability...it would help tremendously. but people view me as a risk because i can't stand or sit for more than a few minutes. i am single. i like how you say i took your tax money! no, i earned every cent of my money. the reason i am disabled is because of working hard all my life! ask my doctor why i am disable, because i believe it was his error too, but hard to prove. i don't need judgement. i have integrity and have lived that way my entire life. i would sell the house, but would never get the price to pay it off. i am in rural michigan. house appraised $120,000 nov. 2006 appraised in feb. 2007 for $74,000 i owe $63,000.

Wow. To those who are sticking their noses into your disability business, they can SHOVE IT. Remember to call United Way in your area for financial help from churches, etc. Also: Remember this... There is what is called the ADA, i.e., Americans With Disabilities Act. Employers may NOT discriminate you based upon your disability if you could perform duties stated in job description. Please get help with your depression. I'm on ssdi for mine.

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July 2007 my girlfriend & i bought a house together. i paid the full downpayment & fees required to get the house, she paid zero dollars. she is listed on the mortgage & the title as joint tennants. 2 month later sept 2007, she dumps me & moves out, of her own free will. for the two months she lived in the house she paid $300.00 per month towards the mortgage & utilities etc.., total of $600.00, the mortgage payment is $1340.00. it is now 4-5 months since she left & she is now attempting to move back in, & bring several friends with her, as she wants me to sell the house, & i refuse to sell it as i have $30,000 invested into it. i have been told legally i have to let here in the house, which is fine, but does she have anyright to move a bunch of people in to attempt to pressure me into selling? my understanding is, she can live there as long as she pays half of the bills, but we both would have to agree to subrent a room out & her friends cannot live there unless i agree to it. ha ha funny guy, that was a typo

If you took out a mortgage on your girlfriend, no wonder she's an ex. Out of curiousity, how much did you get? I have a couple of coworkers that I'd love to get repo'd.

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Is there a formula lenders use to determine how much loan someone qualifies for? for example... buyer a: john doe has a fico score of 750, he makes $150k a year (or take home of about $8,000). he has no other loans besides a car loan ($15,000 for his dodge charger), which is about $300 a month. buyer b: jane doe has a fico score of 680, she is a doctor, and makes $300k a year (or about 16,000 take home). she has 5 credit cards with $10k balance total. she also drives a financed 2008 sedan bmw (with $600 montly payments). which buyer qualifies for a higher home loan, and how much would that loan be ($300k, 400k, 500k... etc). thanks!

Yes, there are formulas. It depends on product, down payment, etc. how much a borrower qualifies for. Without knowing sales price, which determined taxes and down payment, it's very difficult to pre-qualify. We use gross monthly pay. There are 2 ratios that qualify. Housing payment which is PITI and all debts which is PITI and all other payments. Ratios are general 28/33%. Just looking at the numbers you've provided, Buyer B qualifies for more loan, because buyer b makes more money.

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My wife credit score is 647 with not one negative thing one her report , my crdits score is a little lower at 622, our combined income is 3800 a month , after we put the 10% down we still will have 20,000 saved in the bank, we both have car payments that both equal 600 dollars a month with no other depth, what kind of income on our w2 forms do we need to qualify for this townhouse. the taxes on the town house are 3500 a year maybe a lttle less the insurance on the townhouse is 1000 a year and the hoa fees are about 100 a month , is any mortgage person out there able to help us get approved , please feel free to email me your contact info so we can speak some more , duffytahoeatyahoodotcom

First, you should put 20% down so you will not have to pay Private Mortgage Insurance, and you will qualify for a better interest rate. Second, why are you sitting on $20K in the bank when you have car debt? Surely you have no credit card debt, right? You definitely make enough to afford this home, but put 20% down! Then, work hard to get those cars paid off and stay out of other debt. Debt keeps people from building wealth, and once you get out of it you will be amazed how much money you have to spend and invest. If you haven't read Dave Ramsey's book, Total Money Makeover, please read it soon. Check the library.

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I live in zip code 95132. rents might go to $2000 for a 1790 sq.ft., 4/2 house. my property, unmodernized, built in 1965, might sell for $125,000 less than last year (now <$600,000) i have an interest only mortgage at 6.375% on $160,000 plus t&i. mortgage payment is 90% of income from ss which is only $1350; i am a senior. i am also in earthquake prone area on the hayward fault. no insurance for that.

Unless you're in a position that forces you to sell, you should hold onto your property (and your mortgage) unless you have a guarantee of better, less expensive housing. The real estate market fluctuates in cycles. It always has. If you stay put, you will recover the equity you lost through devaluation. But, if you don't stay, you cannot recover your loss. If your credit scores are great, you can contact a mortgage broker to learn if refinancing would get you a better interest rate. I would not rent out the house, simply because you would then have all the same responsibilities of a homeowner, plus additional landlord duties, and the expense of alternate housing. You've got 4 bedrooms, and an extra bathroom. Why not consider renting out a room, or two. I'm sure there are other seniors interested in sharing living expenses. Just be sure to have a written agreement that allows you to immediately evict someone you can't live with (legal if you also live in the residence and share a kitchen) and don't commit to anything longer than month-to-month. As far as not having earthquake insurance in an area prone to earthquakes ... the truth is we cannot predict what will or will not happen that affects us in life. You choose to worry about what might happen, or you choose to not worry about what might happen. It's a hard lesson to learn. But, after relocating to Central Florida, and experiencing 3 hurricanes within an 8-week period, I finally accepted that certain things are beyond my control. And, it doesn't do me any good to worry about what might happen. You know ... I might step into the street tomorrow, and be hit by a bus. If you really want to move, then do it. But, consider moving to a geographic area that you can better afford, without worrying about Acts of God that might come calling. Good luck to you.

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2 1/2 years ago i purchased a house for $294,000. i put $30,000 down and took out a loan for $264,000. it is interest only. the monthly payments were managable ($1,600). a few months ago the payments went up by $750 per month. when i went to refinance thay say the house is only worth about $270,000 (real estate in my area took a nose dive) and with a $10,000 prepayment penalty they can not refinance. i looked into a short sale but the mortgage company said they wanted 90% of the balance.. the realtor said that there is no way i will get that in this area. she won't put me or my family through that aggrevation. i can't afford this house. what do i do? my credit score is very good! please don't say to rent out a room. the house is only 1,000 square feet and we already have myself, my husband, and 2 children living there.

email me andre@prioritynotaryinc.com i'll help you.

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When i got the house, it had 20 years left to pay off. (it was a 30 year loan.) i have been paying extra money every month for 3 years. (that’s how long i have had it). every extra penny goes to the house loan including extra savings in my bank every month. in 3 years i have paid off $50,000 off of the principle and owe $33,000 (in principle) left on the loan. i want to pay it off next year because i want to get pregnant with my first child and would like to be 100% debt free. if i pay $2350 a month for 15 months i will pay it off next october. do you think this is a good idea, or should i make the minimum payments instead? the minimum payments are about $600.00 a month. but then i will be paying interest on a house that could be paid off. the interest wouldn’t be worth the money it would save me in taxes. some people have told me not to pay it off, but isn’t it best to have no mortgage at all?

You will surely get alot of different ideas for the answer to this question...The reason is it is a rather personal decision. There isn't a concrete right or wrong... My personal answer is PAY IT OFF! You can alway take money back out later if you needed it...To live in a paid off house is a really comforting thing and we all need more places to reduce stress, especially if you are about to have a child... My house is paid off....and I never regret it...I breathe a great big sigh of relief every time I think about it....I don't know how other people are making it with a mortgage... Good Luck...You'll be fine what ever you do...