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Question by : What are the guidlines on the Mortgage Debt Relief act?
We had a house in FL it was our primary residence for 3 years and we moved in 2010 and rented and were forced to do a short sale. I have heard that if it was our primary residences for 2 out of the past 5 years, that we will be exempt from paying taxes on the loss. Is there any truth to it?

Best answer:

Answer by the tax lady
You appear to have blown it by renting it out. At the time of the short sale it was no longer your primary residence.You are still eligible to use form 982 if you are insolvent.

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debt management advice – mortgage

Question by : Mortgage with existing debt and no money down?
I have no money down and a good amount of debt (approx.. 60,000 with student, cars, and credit cards.) Would I be able to get a mortgage to buy a three family home and rent out two of the floors? If I was to roll my debt into the mortgage and take out a $ 200,000 mortgage (debt, house, and fix-up money) I could pay the mortgage with my paycheck each month, no questions. First time buyer

Best answer:

Answer by Peter B
Ummmm….A lot depends on the value of the property. While you might be able to afford a $ 200,000 loan with your normal income, what the lender will consider as more important is the value of the property. If the property is not valued at more than $ 240,000, they would probably not lend the amount you want.

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CEO, Garrett Puckett, Proudly Announces the Recently Launched VA Loan Websites with Security America Mortgage, Inc., for Veterans Relocating to North Carolina

Toll Free VA Loan Number

(PRWEB) February 03, 2012

Security America Mortgage, Inc. recently announced released the VA Loan calculations on YouTube to grow the knowledge base for American Veterans and Military War Heroes who are purchasing a home in 2012. The VA home mortgage company also launched an additional “VA Home Loan” websites. These changes were done to reflect more location specific challenging coming this year. With a proactive and supporting role, Security America Mortgage, Inc. announced the 2012 calculation changes to all of their affiliated military members in Florida as well as launching new location websites that support the need to spread the word to all military service members about how the VA Purchase in Florida will be affected.

For example, as of January 1, 2012, the Department of Veteran Affairs changed a few of their standards for how calculations tinned be made to VA loans by lenders, which are the methods used to calculate the VA loan maximal amounts/minimum amounts. But what will these changes really mean for veterans and fighting duty military members who are ready to buy a home using a VA Loan in Florida? It means that Veterans buying a home in cities like Miami, Orlando, and Tampa will need to re-learn what to expect (and how much they can receive) from their VA Home Loan.

The VA Home Loan experts take an unique approach to showing how much better VA Loan amounts will be in the year going onward by reminding military members how easy buying a home tinned be with simplified examples of the VA Loan Process and VA Refinance.

The good news is that the loan amounts are funded by lenders, like Security America Mortgage, Inc., and the amounts are all calculated by the mortgage company – not the VA. The VA only insures the VA guaranty loan up to a certain amount – which is kind of like a “promise” to the lender to pay a home loan for a veteran if they ever default on a loan for any reason. For expert mortgage companies like Security America Mortgage, Inc., who specialize in VA loan and Real Estate services for Florida home buyers, they can still hook VA loans that provide the lowest rates possible in 2012. Since the 2012 VA lend calculations do not alter the great VA benefits, VA loaned can inactive be obtained by eligible members in order to:

1. Purchase or build a new home
2. Purchase a residential condominium unit
3. Purchase a residential cooperative housing unit
4. Repair, alter, or improve a residence owned by the veteran and occupied as a home
5. Refinance an existing VA or conventional home loan
6. Buy a manufactured home and/or lot
7. Install a solar heating or cooling system or other energy-efficient improvements

The 2012 calculations also make it easier for Security America Mortgage, Inc. provide better Florida VA loan services to pre-approve VA internal and financing loans for military members buying a home in Florida cities like Miami, Orlando, and Tampa. In fact, there are actually the III different VA Refinance options available for military individuals who desiring to save money by lowering monthly mortgage payments significantly.

The Florida VA Refinance Loan options are as follows: VA Loan Refinance Option #1 – VA Streamline Refinance – Interest Rate Reduction Loan (IRRL), VA Loan Refinance Option #2 – “Cash-Out” or Debt Consolidation Refinance, VA Loan Refinance Option #3 – Conventional to VA Refinance Loan.

GET STARTED WITH A VA HOME LOAN BENEFIT WITH SECURITY AMERICA MORTGAGE EXPERTS NOW!

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Question by freeman: How did the mortgage debt crisis contribute to decline the value of dollar?


Best answer:

Answer by meg
Since we have a trade deficit we need a capital inflow the support the dollar. When the debt crisis occurred the US looked similar a more wild place so foreign investment declined and the dollar savage until a new equilibrium was reached with a lower trade deficit and cheaper US asset prices( in foreign currency).

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debt management advice – mortgage

My recent presentation on behalf of the mortgage team highlighted the potential benefits to clients of moving from the standard variable rate on to a new deal. The standard variable  is the rate that the mortgage converts to once the initial product has expired. There could also be massive savings for clients on high fixed [...]
LYNDHURST FINANCIAL MANAGEMENT BLOG

Question by JUN: will I owe taxes on debt that was discharged by chapter 7 bankruptcy including mortgage debt?
Will the mortgage holder send a 1099 for the difference on what we owe and what they are able to sell the house? Will we owe taxes on that difference? Is there a forgiveness program for the taxed owed, if indeed we would owe the taxes?

Best answer:

Answer by rpg
They *may* send you a 1099-C but they aren’t supposed to (this is a relatively common mistake made by lenders to debtors who have filed bankruptcy).You do NOT owe taxes for “debt cancelation” after filing bankruptcy and they should NOT be sending you a 1099-C (although, as mentioned, this is a common mistake that lenders make).This is I of the main differences between “settling” debts outside of bankruptcy (in which inspect you DO owe taxes on the amount forgiven, as though it were income) and filing bankruptcy (in which case you do NOT owe any taxes on discharged debt).Court ordered discharge of debt is not the same as debt forgiveness or debt cancelation, which is why it is treated differently by the IRS.

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debt management advice – mortgage

Question by I love Obama 3.75: What will Obama tell the families of the distressed home owners that committed suicide due to mortgage debt?
Yes, people are killing themselves over the stress of losing their homes. Many of these people are the same people Obama promised home relief to, but he has done little to help anyone keep their homes. Obama has been too occupying ramming his health care down the throats of Americans. What can he tell the families of the the dead, the very people he promised relief to? How can Obama explain to these families how and why he failed them? Will Obama help them bury their dead?

Best answer:

Answer by carolathome2099
Probably tell them the same thing he will tell the parents of young women who can’t get an abortion and end up committing suicide.

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Question by : Does she get half the mortgage debt?
In a community property state does she get half the mortgage debt if we divorce?

Best answer:

Answer by Silver Fox
It all depends on your state laws who has the better lawyer and what gets put into the settlement…really hard to say without knowing all the facts…for example if she does not have a way to support herself its doubtful..you may wind up with all the debt….if you have children she will be caring for you may wind up footing all the bills…If you have had an affair you are probably going to look really bad in court and may wind up totally screwed….It just depends on how the chips fall

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Texas Mortgage and Refinance Launches New Website

Dallas, Texas (PRWEB) September 16, 2008

Texas Mortgage and Refinance, an experienced mortgage brokerage firm, launched its new company website in July of this year. The website offers the lowest interest rates in Texas, along with experienced Texas mortgage broker specialists who provide fast service for Texan homeowners and home buyers.

Texas Mortgage and Refinance offers Texans the opportunity to find Dallas mortgage loans, to refinance their current Dallas home loan and to consolidate their debts. Having been in business for several years, this Dallas mortgage lender is noted for the low interest rates they offer and the superior service they devote to each client. Their Dallas mortgage offerings are developed keeping in mind their goal of helping Dallas consumers purchase homes.

Providing low Dallas mortgage rates to their customers is Texas Mortgage and Refinance’s number one goal. In order to achieve this goal, they offer a free online consultation service, allowing interested parties to enter information that Texas Mortgage and Refinance then uses to make a rate quote customized to the client’s needs.

Texas Mortgage and Refinance also specializes in Dallas mortgage loan refinancing. Analyzing recent market trends for a falling Dallas mortgage rate, Texas Mortgage and Refinance leverages that knowledge of interest rates into Dallas, Texas mortgage restructuring so that home owners can save money over the life of their home loans.

Debt consolidation can also occur at the same time a client refinances their Dallas home loans with an experienced Dallas mortgage broker at Texas Mortgage and Refinance. Faced with a money crunch caused by the overuse of credit cards, homeowners look to Texas Mortgage and Refinance for their high level of customer service in producing refinance options that allows them to take equity out of their homes and use it to pay down credit card and other debt. The expertise that the brokers at Texas Mortgage and Refinance bring to this task is highly valued by their satisfied customers.

The high level of customer service that one receives in person is equally applied to the online applications received by Texas Mortgage and Refinance. Offering the lowest rates for Dallas home loans, fast service, years of experience, debt consolidation and refinancing, Texas Mortgage and Refinance provides professional service by looking out for their client’s best interests in every real estate financial transaction.

About Texas Mortgage and Refinance:
Texas Mortgage and Refinance is a Dallas, Texas mortgage lender offering the lowest interest rates in Texas and serving the greater Texas area. They offer home loans, refinancing and debt consolidation.

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©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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debt management advice – mortgage