I have a mortgage and sell my home. I plan on buying another home but I haven`t found one in time. do I have to pay a penalty to close out the mortgage or can I put a mortgage on hold?

Yes you can sell and transfer your mortgage to another property. This is called "Mortgage Porting". Make sure you speak to the bank rep first to show the offer of the property to make sure the bank doesn`t have any issues with the new home.

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Hi, i and my wife bought an aparment in 2007 for 350,000 cash,no financing,( plus 8000 in lawyer fees, property transfer tax, etc..). on may of 2009, we bought another one on for 343,000 (plus 8000). i am getting $1500 for rent and paying mortgage for second property. i would like to sell my first property for about 450,000. do we have to pay capital gain tax since my first property has been rented since may 2009? is there any way to save paying tax? i currently make about $55000 a year and my wife does not work. any advise will be highly appreciated. i bought it on january 6th, 2007.

If you are actually in Canada, as per the category, please IGNORE vb's answer, as it applies to the US. If you ceased to use it as your primary residence in May 2009, there will be cap gain on the sale, based on a basis of the value of the apartment on the date you bought the SECOND apartment. A real estate agent or appraiser will help you determine what this value was. Assuming this May 2009 value was $425,000 and you sell it in Sep 2009 for $450,000, the taxable capital gain would be $25,000. If you are still residing in the FIRST property, and it has been your primary residence the entire time you owned it, there is no capital gain on its sale.

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. what does leasing a car involve? (points: 2) purchasing a car from a car dealer rather than from the previous owner using a loan to buy the right to use a car only on specific days of the week paying off the car loan over a period of time that's longer than the car is owned renting the car for a specific period of time and paying for its depreciation 2. when can a bank repossess someone's car? (points: 2) when the owner buys a used car when the owner gets into an accident when the owner cancels the insurance when the owner defaults on the loan payments 3. which of these makes a student loan different from other types of loans? (points: 2) students don't have to provide any collateral to get a student loan. student loans are sponsored and guaranteed by the government. the principal on a student loan is paid off before the interest is applied. the payments on a student loan can't be shown on an amortization table. 4. which of these describes how a five/one arm mortgage works? (points: 2) the monthly payment is one-fifth of the total purchase price of the house. the interest rate is fixed for five years and then changes every year afterward. the interest rate charged on the mortgage is five times the normal interest rate. the annual fees on the mortgage are only charged during the first five years of the loan. 5. what is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage? (points: 2) government mortgages are easier to get approved than conventional mortgages. government mortgages allow home buyers to spend more money on their house. government mortgages charge lower interest rates than conventional mortgages. government mortgages prevent the government from taking the property for public use. 6. what is one advantage of using a credit card to make purchases? (points: 2) you earn interest on your purchases. you can buy something now and pay for it later. you automatically improve your credit history. you get instant access to your checking account. 7. match each of the fees below with the situations where a credit card customer would get charged. (points: 2) matching: answer potential matches: : annual fee 1: the credit card company requires a yearly payment for the right to use the card. 2: you use a new credit card to pay off the $1,000 balance on another credit card. 3: you pay your minimum payment one week after the due date. 4: you withdraw $500 from an atm using your credit card. : balance transfer fee : cash advance fee : late payment fee 8. why is it important for people to maintain a good credit history? (points: 2) so that the irs won't investigate them for tax fraud so that it's easier to list the expenses on their personal budget so that they know all of the fees associated with their credit cards so that they have an easier time getting loans and credit cards 9. which of these credit card features would be best for customers who think they might not be able to pay their balance at the end of each month? (points: 2) no fees for cash advances a high balance transfer limit a low annual percentage rate an annual fee that can be waived 10. match each of the credit card terms with its definition. (points: 2) matching: answer potential matches: : annual percentage rate 1: number of days to run a balance before fees or interest are charged. 2: a listing of a person's financial information and history 3: a credit card with money in a savings account to act as collateral. 4: the amount of interest paid on unpaid balances. : grace period : secured card : credit report

Okay, I've listed them as if your choices were a, b, c, d in that order: 1 is d, 2 is d, 3 is b, 4 is b, 5 is c, 6 is b, 7: 1 is annual fee, 2 is balance transfer, 3 is late payment and 4 is cash advance. 8 is d, 9 is c, and 10: 1 is grace period, 2 is credit report, 3 is secure card and 4 is annual percentage rate.

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I have an existing mortgage, i cannot do title transfer without it being paid in full, i am allowed to rent the property though. i have a conventional mortgage at 6.25 percent apr my balance is 62,000. i am hoping to sell it to my friend who cannot get a mortgage as she does not work and her husband is from another country. they make plenty of money. we are selling for 90k, realtor said she would list at 99,900 so we figure taking 10k off will cover what her fee would have been and negotiating room. we want to charge 6.25 percent and have her cover 130 or so of the taxes which run 150. we would cover our insurance and she would need to cover her belongings separately. basically, instead of having rent option and it being due in full in 3 or 5 years we will carry up to 30 and she will pay extra when she can to get it paid down. if she ever wished to get a mortgage and by that time could(she is going to school) she would have that money towards equity. is this poss?any better way

Why would you want to carry for up to 30 years? If they make plenty of money and can't pay it off to you within 5 years (or get a loan of their own) you're about to get in a messy situation. Realtor should not list for $99,000 if the market can't handle that because your serious buyers will know how much your balance is and what the equity is. We Realtors pay for information. The renter/Buyer should have their own representation because it sounds like the Realtor is listing it to get paid, yet you want to work out a side arrangement with one particular person who even a lender wouldn't touch.

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I moved with my husband to charlotte nc about 3 years ago from fl. we purchased a house from the bank (3 years ago) that we thought was a great deal, we only paid $115, 000. since there was not urgency to move we decided to refinance the house for a lower interest rate about a year ago which brought our loan to $123,500. i have since lost my job, and my hubby is able to transfer back to fl so we want to sell and move asap as we are using our savings to cover some bills. the problem is that so many houses in my neighborhood went into foreclosure and sold for an average of $80,000 as early as march 2009. we would have to sell our house for $133,000 to even break even with all the realtor fee's. as you know that seems almost impossible. we considered renting, but our mortgage with escrow is $1000 per month and we would only be able to rent for $800. that leaves us paying $200 out of pocket, and paying the property manager 10% on top of that. plus we would be responsible for maintenance and repairs. we can not afford that. what other options do we have aside from foreclosure and a short sale that will not effect our credit as bad, and will allow us to purchase another home in fl within a year? i have heard of deed in lieu of, is that a realistic option? are there any government programs that would assist since i am not working? i do not want to do a loan modification since there is also a fee for that by the bank and it will end up hurting us more then helping us.

None of the options will leave your credit untouched. None of the options will allow you to buy a home in FL within a year. The one that does the least damage to your credit, the short sale, does enough damage to prevent you from buying a house for a few years. Plus you usually have to be in default before they'll talk to you about a loan modification. A deed-in-lieu is almost as bad as a full foreclosure. This is going to be a huge problem for you. good luck!