Your Questions About Check My Mortgage Statement

Sharon asks…

can you write me a letter of apology to my boss?

i am an exec. asst in one of the company in the philippines.my problem is my boss, i’ve forgot to remit his last month’s payment for his mortgage. i didn’t tell him right away because i got scared that he might think that it was intentionally or i’ve used his money. then because of that incident he checked his personal ledger of his monthly expenses and found out that there were some OR’s missing and he thought im responsible for that since im the one paying his monthly billing.but i’ve already asked him to call the bank and checked by himself his statement. i know i’m still responsible for the incident last month that’s why i wanted to send him an apology. we have a good relationship before this happened and i dont want it to be wasted.please help me ASAP.thank you

admin answers:

Dear Boss,

Please forgive me. I didn’t mention that I forgot to pay your mortgage because you scare the bee geezes out me. So this is really all your fault.

Michael asks…

What are my chances for qualifying for a home mortgage?

I am a new grad, just finished college in december and have started working. With this new federal tax credit I am very interested in buying a home. My credit rating was around 750 last time I checked but I did not have much income the last two years. 2007 i made 13,000 partime and only 8500 in 2008. In the last 3 months I have made $10,000 which I can show on my company income statement. I want to put 10,000 down (with some help from the tax cred.) and am looking at a 90,000 to 100,000 property. What are my chances for qualifying?
The tax credit can be used as a downpayment now. This is the same as in my state.

NEW YORK, March 13 (Reuters) – Several U.S. state homebuilder associations are trying to follow Missouri’s lead of enabling homebuyers to immediately tap a federal government tax credit as a down payment, a Minnesota association official said.

The Missouri program allows homebuyers to receive the federal government’s $8,000 tax credit for first-time homebuyers when they close on their house instead of waiting for their federal tax refund.

admin answers:

Hi congratulations on being a college graduate. I am a Realtor in CT for 7 years. Basically your credit score is just perfect. The one thing that is going to interfere with you obtaining a loan is your work history. You MUST have 2 years work history in the same field to obtain a mortgage with ANYONE.

You are on the right tract. Keep a steady job for two years or at least a job in the same field for at least two years. Apply then. Being a first time home buyer you will probably have to put down a minimum of 3.5% of the purchase price. There are alot of grants out there right now. So at that time inquire about grants or do a search online in your state about grants. You might be assisted with downpayment money and will not have to come up with that 3.5% downpayment.

I wish you lots of luck. If you are looking for a great real estate agent let me know as I can refer you to someone wonderful to work with in your area. Realtor Tina in CT.

Charles asks…

I think Chase is trying to screw us on our Mortgage! What do I do?

We have been in our house a year and just received our Annual Escrow Account Disclosure Statement. They are taking our normally 533/ month payments and making it 595 / month! We HAVE to get a home equity loan and there is no way we can afford this extra payment. I called but they won’t talk to me because the house is in my husbands name. Our payment without taxes and insurance is 462.92 but with it it’s 533.97 ON here it says our New Year projects for property taxes are 630.06 (I’m not sure what they are yet but I will def be checking!) And for 2010 they was 315.03 so I doubt they will be going up that much. And our YEARLY insurance is 385.50 WHICH IS STAYING THE SAME. But they have our “Projections” to be 1,015.56 But our insurance is staying the same amount. So what do I do? I tried calling them and they won’t talk to me. I did a small google search and found they are doing this to many many other home owners as well. How do I get our payment back down and do I file a complaint to the BBB? Help me please!!!
Also I don’t think we can pay our taxes and insurance monthly because when we signed up for the mortgage we was first time home buyers and it had to be put in escrow
But it says that our estimated insurance is going up by over half and it’s not that is where they are coming up with the new number.

admin answers:

Your husband has to deal with this since you are not on the loan. It does not matter if you are on the deed or not in the mind of the lender, they only care who is on the mortgage. You can appeal this increase, but it is common and you will receive a escrow refund at the end of the year for the unspent amount.

If you cannot afford $62 a month more for this house, you had no business buying it.

John asks…

Accounting Help. I just want to double check my answer. Thank you ! :)?

Which of the following most likely would be classified as a current liability?

A.Dividends payable.

B.Three-year notes payable.

C.Bonds payable in 5 years.( I chose this one)

D.Mortgage payable as a single payment in 10 years.

Moss County Bank agrees to lend the Sadowski Brick Company $200,000 on January 1. Sadowski Brick Company signs a $200,000, 6%, 9-month note. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 30?

A)Interest Expense 6,000
Cash 6,000 ( i think its this one)

B.Interest Payable 6,000
Interest Expense 6,000

C.Interest Expense 6,000
Interest Payable 6,000

D.Interest Payable 6,000
Cash 6,000

On October 1, Sam’s Painting Service borrows $50,000 from National Bank on a 3-month, $50,000, 4% note. The entry by Sam’s Painting Service to record payment of the note and accrued interest on January 1 is

A.Notes Payable 50,500
Cash 50,500

B.Notes Payable 50,000
Interest Payable 2,000
Cash 52,000

C.Notes Payable 50,000
Interest Payable 500
Cash 50,500 (i think its this one)

D.Notes Payable 50,000
Interest Expense 500
Cash 50,500

Dominic’s Salon has total receipts for the month of $16,430 including sales taxes. If the sales tax rate is 6%, what are Dominic’s sales for the month?

A.$15,444.20.

B.$17,415.80.

C.$15,500.00.( Chose this one)

D.It cannot be determined.

The following totals for the month of April were taken from the payroll register of Metz Company.

Salaries $20,000
FICA taxes withheld 1,533
Income taxes withheld 4,400
Medical insurance deductions 800
Federal unemployment taxes 160
State unemployment taxes 1,000

The journal entry to record the monthly payroll on April 30 would include a

A.debit to Salaries Expense for $20,000.

B.debit to Salaries Expense for $13,267.

C.credit to Salaries Payable for $20,000.

D.debit to Salaries Payable for $20,000.( I choose this one)

Which of the following is not an advantage of issuing bonds instead of common stock?

A.Stockholder control is not affected.

B.Earnings per share on common stock may be lower.

C.Tax savings result. ( I chose this one)

D.Each of the above is an advantage.

Bonds that may be exchanged for common stock at the option of the bondholders are called

A.options.

B.callable bonds.

C.convertible bonds.

D.stock bonds.( this one i choose)

If the market rate of interest is greater than the contractual rate of interest, bonds will sell

A.at a discount.

B.only after the stated rate of interest is increased.

C.at a premium.( this one)

D.at face value.

Hulse Corporation retires its $500,000 face value bonds at 105 on January 1, following the payment of annual interest. The carrying value of the bonds at the redemption date is $518,725. The entry to record the redemption will include a

A.credit of $18,725 to Loss on Bond Redemption.

B.debit of $18,725 to Premium on Bonds Payable.

C.credit of $6,275 to Gain on Bond Redemption.

D.debit of $25,000 to Premium on Bonds Payable.

The times interest earned ratio is computed by dividing

A.income before interest expense and income taxes by interest expense.

B.income before income taxes by interest expense.

C.income before interest expense by interest expense.( i chose this one)

D.net income by interest expense.

Larson Company issued $500,000 of 8%, 5-year bonds at 106. Assuming straight-line amortization and annual interest payments, what is the amount of the amortization at each interest payment point?

A.$3,000

B.$40,000

C.$6,000

D.$34,000 ( this one)

The following partial amortization schedule is available for Courtney Company who sold $200,000, five-year, 10% bonds on January 1, 2010 for $208,000 and uses annual straight-line amortization.
BOND AMORTIZATION SCHEDULE
Interest Periods Interest
to be paid Interest
expense Premium
Amortization Unamortized
Premium Bond
Carrying Value
January 1, 2010 $8,000 $208,000
January 1, 2011 (I) (II) (III) (IV) (V)

Which of the following amounts should be shown in cell (i)?

A.$20,800

B.$21,600

C.$ 4,000 ( i chose this one)

D.$20,000

Wolford Company borrowed $750,000 from U.S. Bank on January 1, 2009 in order to expand its mining capabilities. The five-year note required annual payments of $195,327 and carried an annual interest rate of 9.5%. What is the amount of expense Wolford must recognize on its 2010 income statement?

A.$46,555

B.$59,463

C.$52,694

D.$71,250 ( i chose this one)

Fornelli Corporation borrowed $240,000 from Central Bank on May 31, 2009. The three-year, 7% note required annual payments of $91,452 beginning May 31, 2010. Interest expense for the year ended December 31, 2009 was

A.$9,800.

B.$16,800.

C.$11,200.( this one)

D.$0.

admin answers:

I couldn’t understand the formatting for the amortization table on #12. Besides that, the only questions that you answered correctly were #3 and #4. You should take another look at all the others.

Maria asks…

advice about my landlord?

Hi all i live in a privately rented house and i have fallen out with my landlord as basically the house if not in a fit state, we have not had a boiler check for the first two years that we were there but have just received one this year, the fire has been condemned and one plug socket is powered by a wire going through the wall and plugged into a socket in the kitchen, there are no smoke alarms in the house and the back door was forced by an intruder and is now broken (this was reported to the landlord but was ignored) water leaks through a aerial socket in the conservatory, the drains back up in the kitchen, the toilet blocks all the time upstairs and downstairs….. need i go on, my landlord has now issued me with a hand written notice to quit, is this acceptable? he told me to vacate with immediate effect we havent had a tenancy agreement for two years! and we dont think the mortgage on the house is a buy to let as we have his mortgage statements coming here! could someone shed some light on this? we are pulling our hair out! (we have had some really good advice from a solicitor) but just want someones opinion who has been in this situation before!

admin answers:

According to Yahoo Answers…this is the USA language……..
Thus, we have no solicitors in the US; we have attorneys.

But to answer your question; you may not withhold rent cause the landlord is a jerk. YOU may:

Maintenance Issues with the landlord
a; Needs must be put into writing to make
them “official.”
B; the Landlord needs to be given 30 days
unless they are emergency needs like water
or ac/or heat or roof falling in/window/door out.
C; if the LL does not perform the repairs-
after 30 days, [non emergency ones]
call 3 licensed contractors who perform this
type of work. Hire one of them. Make sure
you are happy with their work. Pay them
when they are finished and get a receipt
which shows what they did.
D; when rent is next due, pay it MINUS
the amount paid for repairs].
E; send a copy of the paid invoice.
F; if the landlord complains about non payment
of rent [or insufficient rent], and sues you,
go to court and show the judge your paid
receipts. If you win [in 99% of all cases, the
tenant wins these cases], you get your filing
fees back and 3x what you pay in rent
for DAMAGES in a RETALIATION eviction.
G; IF this is not a regular repair, but one that
makes the unit uninhabitable–that is
called a “constructive eviction” and it permits
the tenant to call the landlord and inform him
that you are leaving, having been thusly
evicted by the condition of the unit.

HE must return unearned rent [the rent
for that day and all the rest of the month]
to you no later than 15 days.

When a unit is UNINHABITABLE, you have what in law is called
a “constructive eviction.” When that occurs, you inform the landlord
of the situation, and you move out. YOUR lease has expired as of
that moment. IF, on the other hand, he is getting it repaired in 1-2
days, and you wish to tolerate it till then, that is another matter.

YOU have to decide and courts don’t like wishy washy. YOU
either are EVICTED by the condition of the unit or you are
inconvenienced.

IF the LL goes to court to sue you for future lease payments
or to answer YOUR suit for UNEARNED prepaid rent,
you need to explain the situation. 2 mo is not acceptable.

[also, in any circumstances, if the small claims court
judges against you, you can appeal to the superior court
but i have never ever known anyone who has been
Constructively evicted to lose his case.

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