Archive for February, 2010
… as a first time Home Buyer ? My husband(military veteran) and i would like to buy our first home . It’s almost overwhelming with all the diffrent kind of loans / mortgages . We don’t know who to trust …?
Hawthorne Ca Real Estate
I refinanced w/ my ex-husband on our home when going through our divorce in 2005. We did not want our 2 kids going through both a divorce and a move all at once -a decision i now regret. We did a subprime loan so I could afford the pymts. He is listed first on the loan. Per the divorce decree, he had to sign a quick claim on the house BUT I was to be moved out of the house by 07/10 and we’d split any equity. Well, the mortgage has gone up $400/mo since and there is no equity. Matter of fact we probably owe $20,000-$40,0000 more than what the house is worth. I signed off on this mortgage thinking we could sell in a few years but I did not know that w/ this loan, mortgage balance increases instead of decreasing. It started out around $220,000 and now is like $240,000+. I want to walk away from the property before another increase but what are my options? I’m not too worried about my credit at this point because it is no longer good from trying to keep up with these outrageous payments.
Sarasota Florida Real Estate
1. When someone other than the checking account holder signs a check it’s considered to be what? (1 point)
bounced
forfeited
authorized
forged
2. When a check is not honored by a bank because there isn’t enough money in the account, it’s called a ___________ check. (1 point)
bounced
forfeited
authorized
forged
3. The amount of money you’re approved to charge on a credit card account is called what? (Hint: It’s shown on the monthly statement) (1 point)
overdraft
available balance
collateral
overdraw
4. What does it mean to say that paper currency is negotiable? (1 point)
you can barter about the price
there are very few available
it can be easily transferred to another person
it is an optional fee
5. If an item on sale is priced 2 for 1 what type of calculation should you use to figure out how much each one will cost? (1 point)
division
multiplication
subtraction
addition
6. When you get in an accident, and you have to get your car fixed, what is your contribution to the bill called? (1 point)
premium
contribution
deductible
supplement
7. What MAXIMUM percentage of your “take-home” or net income should be spent on housing? (1 point)
10%
35%
28%
40%
8. When using an Automated Teller Machine or ATM – what is used to confirm the identity of the user? (1 point)
Personal Identification Picture
Private Internal Number
Personal Identification Number
Private Identity Number
9. The state ________ tax is added to the total on most purchases. (1 point)
income
sales
fuel
subsidy
10. Which of the following is NOT a basic necessity? (1 point)
Electricity
Running Water
Groceries
Cable Television
11. When a bank holds the title to an asset in order to secure a loan, what is the asset called? (1 point)
default
collateral
peripheral
principal
12. What type of debt uses collateral to ensure repayment of a loan, and generally offers lower interest rates? (1 point)
secure debt
revolving debt
equity debt
refinancing
13. A debt that is sent from the lender to a collection agency is called a what? (1 point)
bad debt
late payment
overdraft
repossession
14. Calculate the total price of an MP3 player that costs $178.95 if the sales tax is 9.5% – what is the total? (1 point)
$195.95
$194.55
$199.24
$190.75
15. 45% of $125.50 is how much? (1 point)
$75.00
$62.75
$56.48
$80.54
16. Another name for a check is which of the following? (1 point)
I.O.U.
promissory note
invoice
instrument
17. If you fail to pay a bill by the statement due date you may be charged a what? (1 point)
overdraft fee
finance charge
interest rate
late fee
18. A guarantee that a product will work as described for a certain period of time, or the manufacturer will replace it is called a what? (1 point)
promissory note
lease
warranty
premium
19. When you visit a doctor, or you fill a prescription, the amount that you pay out of your own pocket in addition to what your insurance company pays is called a what? (1 point)
deductible
co-pay
premium
coverage
20. Which of the following is an example of an involuntary salary deduction? (1 point)
retirement account contributions
federal tax withholding
optional health care coverage
car payments
21. When the elderly or disabled depend on governmental assistance to live, and it doesn’t change from month-to-month, they’re considered to be living on a(n) what? (1 point)
fixed income
fixed expense
fixed revenue
fixed costs
22. Another word for bankrupt is what? (1 point)
insolvent
incoherent
broke
impoverished
23. The type of loan a bank gives a homeowner to purchase a house is called a what? (1 point)
secured loan
mortgage loan
refinance
jumbo loan
24. When you earn more than you spend, you’re considered to have a financial what? (1 point)
deficit
shortfall
surplus
excess
Vancouver WA Realtor
My boyfriend and I have a bank account with a 5 figure sum in it. He wants to buy a truck with 1/8 of our net balance but i think we should go ahead and apply for a house loan while we have the current balance. I don’t want to get less money because he took a few grand out. does a few grand difference even matter? i want to buy a home and don’t want to spend any more money until we get a loan/mortgage because it’ll take our balance down and we might get a smaller loan.
for your information ***** who’s answer i thumbs-downed, it is my man’s idea to get a house. he’s not trying to leave me by telling me he wants a truck too. you’re a ****.
Brigantine Real Estate
I am 29 and my wife is 23. We recently got married a year ago and this April will be our first tax season. Here are the facts:
I make 70k a year. I have a credit score of 800. I have no credit card debt. However I do have 5k in student loans remaining and I pay the monthly mortgage on my parents home (100k remaining), which is where my wife and I live. We have no plans of moving in the near future. The mortgage and home is in my parent name. My parents don’t work due to diabilities. So I am the primary bread winner.
My wife recently graduated college and does not work. She has a total of 60k in student loans. 20k is under her name (that I pay the monthly payments for) and the remaining 40k is under her parents name (which I assume they take care of). She has 2k in credit card debt. She also plans on going to grad school in a year.
We currently do not have kids and are not planning on it for another year or so.
Our questions are:
Should we file our taxes jointly or seperately? Which is more beneficial?
How and/or Will her outstanding student loan affect my credit and credit score?
Will my ability to get a future loan (mortgage, MBA student loan, car loan, investment loan for a rental property) be affected by her student loan?
Does getting a joint checking or savings account impact how we should file our taxes or does it affect our credit score?
How will putting her on my credit card or bank debit card affect me, my credit or credit score?
I am sure I will have lots of follow up questions and I am grateful for any honest and sincere advice or links.
San Diego Foreclosures
Hi this is a story for my friend. My friend bought a property about two years ago. Now her monthly mortgage payment is almost double than first payment, also principal balance has increased (about$30,000) She asked loan expert to review her doc. Expert said that my friend is in MTA program which is really bad loan program.We didn’t know what that means.So my friend asked me to call a mortgage agent and title company(my friend used these people when she purchased property) to ask about MTA program. I was acting like a ordinary customer and asked about MTA. They both said”Oh my god,that is a horrible loan program. I bet you that if someone is in MTA program they should be in serious trouble.” My friend was shocked. OK Here is a situation .My friend was a first home buyer. She chose morgage agent to apply for a loan. Mortgage agent said”I will try to give you a better loan. Just sit back and relax” Also said” I know really good title company. Why don’t we use them” So my friend allowed.
At the settlement table nobody explained about the loan program. Title agent pushed and rushed to sign a settlement document. Even though there were a mortgage agent and my friend’s realtor(he was a rookie). It took about 15 minute to finish.Now I know that mortgage agent and title agent are close friend., also I found out that mortgage agent recieved a lot of commission from a lender because he put my friend in MTA program.
I don’t think this right. But I don’t know what to do. I really want to help my friend. Please help.
PS . My friend’s realtor and I could be a witness, because we were ther at the settlement.
*Someone will say that my friend was stupid because she didn’t ask any question about a loan…
She was a first time home buyer and we trusted that name AGENT&DUTY
San Diego Real Estate
Agh…Heres what i have recieved in January,
Form 1099-G Tax year 2006 Report of State Inc. (163.00)
Form 1099-G Tax year 2007 Report of State inc. (97.00)
Form 1099G Certain Gov. Payments (EDD) 2008 Unemployed comp. (5,140.00)
Form W-2 wage and tax statement 2008 State wages 14,612.50 State income tax 207.66
Form 1099-INT 2008 Countrywide Home Loans: Interest income 10.37
Form 1098 2008 Countrywide Home Loans: Mortgage interest recieved from payer/borrower
Can i e-file all this for free? And if so,where? Ty. ;p
Also,i have a 45 year old female dependant that does not work.
Form 1098 2008 Countrywide Home Loans: Mortgage interest recieved from payer/borrower: 8,193.73
Does irs.gov charge for State??
No,they want to charge me for filing State.I need a total free e file please.
Body Thermage
My maternal grandparents left my twin sister and I a house which had been fully paid for when we were both fifteen. Our mother was our guardian. Four years later, our father was having financial difficulties and he asked us to help him by granting him the deed to our house. We did, and he took out a loan which soon went into foreclosure. He put us back on title to the house and now the three of us are on title. I would like to be able to stay in my home, but I don’t have access to any of the loan documents. My dad is keeping that information from me. I do know the loan is with Wells Fargo. I am willing to pay the loan myself but how can I go about this? Will the bank provide me with information? What should I tell them? Any advice will be appreciated. Thank you!
We live in California.
Thermage Stretch Marks
I applied for a home loan. I’m a first time home owner wannbe
I applied for a home loan & was denied. The letter said I was denied by Dept of Housing & Urban Development & Federal Home Loan Mortgage Corp. Can anyone tell me what that means? My bank won’t be open tomorrow & I can’t find anything online. Thanks for any help.Chula Vista Home And Condos
Hi this is a story for my friend. My friend bought a property about two years ago. Now her monthly mortgage payment is almost double than first payment, also principal balance has increased (about$30,000) She asked loan expert to review her doc. Expert said that my friend is in MTA program which is really bad loan program.We didn’t know what that means.So my friend asked me to call a mortgage agent and title company(my friend used these people when she purchased property) to ask about MTA program. I was acting like a ordinary customer and asked about MTA. They both said”Oh my god,that is a horrible loan program. I bet you that if someone is in MTA program they should be in serious trouble.” My friend was shocked. OK Here is a situation .My friend was a first home buyer. She chose morgage agent to apply for a loan. Mortgage agent said”I will try to give you a better loan. Just sit back and relax” Also said” I know really good title company. Why don’t we use them” So my friend allowed.
At the settlement table nobody explained about the loan program. Title agent pushed and rushed to sign a settlement document. Even though there were a mortgage agent and my friend’s realtor(he was a rookie). It took about 15 minute to finish.Now I know that mortgage agent and title agent are close friend., also I found out that mortgage agent recieved a lot of commission from a lender because he put my friend in MTA program.
I don’t think this right. But I don’t know what to do. I really want to help my friend. Please help.
PS . My friend’s realtor and I could be a witness, because we were ther at the settlement.
*Someone will say that my friend was stupid because she didn’t ask any question about a loan…
She was a first time home buyer and we trusted that name AGENT&DUTY
Orlando Florida Real Estate
