Benefits Question please?
I am on Job Seekers Allowance. I am suing my former employer for Constructive Dismissal. Having been on Job Seekers Allowance I applied for Support for Mortgage Interest and I received a letter today telling me it was granted BUT I also received in the same post a letter telling me they were deducting the same amount from my Job Seekers Allowance. I have checked the internet and everything I have found says that it is an Additional benefit. Is this correct , surely not. Please advise.
Check with the CAB when they open. They give the most comprehensive advice available.
How do I do a short sale on interest only loan?
Hi, I need advise on my mortgage situation. I got an interest only loan for 565K for my condo in 2005 and the value of my condo has gone down to around 500K. I would like to find alternatives on walking away from the loan. I hear that short sale is my best option. Currently I am not behind on my payments and I earn good money to pay the mortgage but I have other debts so I live pay check to paycheck. I would like to find options on getting out of my mortgage. Any advise?
I assume you are living in the condo and that when you bought the condo in 2005 you were happy to enter into that mortgage situation. What has changed in your circumstances since then? The fact that the value of property has gone down generally does not alter the circumstances. The condo is still the same and your repayments are still the same. Once people have confidence in the economy again, the value of property will get back to what is was before this financial crisis arose.
Not sure what you mean by ‘walk away’- do you mean to move out and stop paying the mortgage? This is not a good option, as the mortgage holder will then most likely have a ‘fire sale’ of the property and sell it at any price. This could be much less than the $500,000 you mention. You will then still be liable to repay the difference plus their costs involved. If you have taken on further debts since you negotiated this mortgage, then you should be looking at trying to consolidate those at a more attractive interest rate then you are currently paying.
If you are having trouble meeting all your debt repayments, go to the mortgage providers and ask them to refinance and consolidate all your debts. They may be prepared to help you in this way rather than have you ‘walk away’.
Which of the 3 credits scores is considered my FICO score? How is my FICO calculated?
My mortgage is a 5 yr ARM @ 4.75 and I want to lock in at the best rate. I have a vehicle lease that matures in June and want to make a new car purchase. Both attempts will require a credit check. Which credit score do mortgage companies and car dealerships use to help me get the best interest rate?
Nobody but FICO knows what formulas are used to calculate FICO scores.
The score you purchase from them is a consumers version of a score.
The scores lenders use is often different from the consumer version.
Different types of lenders may use different types of scores.
Mortgage companies and car dealers usually pull more then one of the 3 scores and often will pull all three.
YOUNG First Time Buyer Questions?!!?
I have quite a few questions about being a first time buyer in the real estate market, but i’ll start with some background.
I am moving from Oklahoma to Ohio in December to join my long term girlfriend (19 years old) who has already moved back and is living with family.
We both work full time and make a decent income. We also have very good credit (checked reports and scores for both of us the beginning of Oct 2010) mine is in the upper 600, and hers in the low 700.
I am expected to recieve an inheritance from the sale of my recently deceased grandmothers home, of about $10,000.
I work in healthcare, and can very easily and quickly get a job upon arriving in Ohio.
I initially planned on renting, but upon further research have decided that it is more cost effective to buy.
We are looking at purchasing a condo in the Lakewood area just outside of Cleveland, OH.
The particular condo at the top of our list is on the market for a steal of about $34900, located in a high rise condo building just off the shore of Lake Erie equiped with a GREAT view of the lake, Balcony, 1 bedroom 1 bath, 720 sq. ft. and a parking garage, with great amenities and all appliances included.
I don’t plan on living there for more that 5 years max, so I’m thinking of getting a 5/1 ARM to finance, with 5% down. And have taken into account the HOA fees, insurance, and taxes. I’ve also been estimating my budget based off of an mortgage interest rate of 5.5%.
The condo could use a few touch ups (fresh coat of paint, new flooring, updated fixtures) but is definitely move-in ready.
HAHA, sorry thats a long background. Now for the questions.
1. Will I have trouble obtaining a mortgage? If so, why?
2. How long should I expect closing to take?
3. What should I negotiate in the offer (upgrades, closing cost, first year taxes, first year HOA fees?)
4. Will both of us be able to sign on the loan, even though we are not married?
5. What kind of interest rate can I expect to get as a YOUNG first time buyer?
Any answers, suggestions and further inquiries are WELCOMED AND APPRECIATED.
I will rate and choose a best answer for you Answers points fans. 😉
The current ARM rate is higher than the fixed rate, so I ponder why you want to go with that. Fixed rates are around 4%, at the moment. You might have trouble getting a loan, but if you have a letter of employment that shows you have a job lined up there, and there is no actual lapse in employment, you might be okay. Or you could try to get the mortgage in your girlfriend’s name, since she has a place there. Talk to a lender and see. A lot of foreclosures want a preapproval letter along with the offer, why not start there? Generally you choose a closing date when you submit your offer although it can be negotiated. I would say 30-60 days to give you enough time to get things done, a bank will likely require an appraisal and you may want an inspection. Go for what you can get in the offer but not to the point of jeopardizing the deal, if you really want it- that’s my advice. Best of luck.
Personal Tax Return Filing question w/ attached K-1?
My wife and I have always filed jointly and plan to continue to do so in the future. In 2007, my wife obtained a % interest in an existing S-Corporation; therefore, she will get a K-1 this year to file with her 2007 personal returns. Our problem is that the Corporation will probably file an extention but we have everything else (i.e. W2s, mortgage interest, etc..) we need to file our 2007 joint personal return. Question: Is it OK to go ahead and file the personal return now, without the K-1, and then file an amended return later in the year when the K-1 is ready? Her % ownership is relatively small and I doubt they’ll be a lot of taxable income associated w/ the K-1 so I don’t think it’ll affect our eligiblility on the tax rebate checks due in May.
I would recommend that you file using an estimate of the S-corp income and then amend later if there is a significant difference between your estimate and the actual number
Powered by Yahoo! Answers