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Home Equity and Refinancing

Home equity is the ownership value accumulated in a property. A refi involves restructuring a debt, usually to take advantage of lower interest rates.

5,740 Questions

What is the Bait Bus?

Bait bus ia abput these girls who trick straight guys into haveing sex with the gay guys the put a blind fold ont the straight guy while a gay guy sucks there dick and when the take the blindfold off there not to happy but the girl ofefer them 2 or 5 grand to screw a gay guy but in the end they just drive without paying them

Can you bankrupt a mortgage?

No, a mortgage is a debt, and can't be bankrupt. Only a debtor can be bankrupt, i. e., unable to meet obligations as they become due.

If you mean, can you file bankruptcy and either surrender the property (c. 7) or get caught up by a c. 13 plan, yes, of course.

What guarantees may a mortgage company insist on?

Lenders can require a variety of conditions such as:

  • that you live on the property
  • that you pay your property taxes to the lender so it can make certain they are paid
  • that you not make changes to the title without notifying the lender
  • that if you breach your agreement the lender can accelerate the loan payment

Why would you not just do a 1031 Like Kind Exchange if your real estate is involuntarily converted?

First of all, a §1031

Like-Kind Exchange only applies to

property used in a trade or business

or held for investment purposes.

Therefore, you cannot take

advantage of §1031 if your home

is involuntarily converted. Second,

the rules under §1033 are much

more flexible than the rules under

§1031. For example, the sales proceeds

in a §1031 Exchange must be

held by a Qualified Intermediary

such as the ES Group until they are

used to purchase the replacement

property. However, the property

owner can hold their own funds

in a §1033 Involuntary Conversion

Exchange. Also, when dealing with

property that is used in a trade or business, or held for investment

purposes, the taxpayer has 3 years

to purchase the replacement property

instead of the 180 days one

would have in a §1031 Like-Kind

Exchange.

What if a landlord doesn't pay mortgage with tenants money?

Then the landlords mortgage will go into default and if he/she continues to not pay the mortgage the property will be foreclosed on, and yes, you will be left in on the street. there is nothing that says (unless it is in specifically in your rental agreement) what your land lord has to do with the money.

What is considered a tax credit and what will reduce the taxes you owe?

When any one has a credit amount that you could possibly receive it could be a good thing for you.

Tax credit is a possible amount that you could qualify for IF you meet all of the rules that have to be met for that purpose. You can have a refundable credit amount or a nonrefundable credit amount. And it could be possible that either one could reduce the amount of your federal income tax liability once your federal 1040 income tax return is completed correctly down to the last line on the 1040 income tax return.

Should you be worried that you drank dish soap?

I drank some by accident I'm freaking out man!!!!

The worst thing that can happen to you is that you get a bout of diarrhoea.

How do you avoid paying capitol gains tax when selling a rental house in Canada?

You will have to complete your income tax return correctly and pay any income taxes that may be due when the income tax return is completed.

Can you refinance one home to buy another?

Generally, yes, it is permissible to refinance your first home to get the cash to buy another. Finance companies are not as generous with the money as they were two years ago. And you must disclose your plans for the money during refinancing.

How much of your equity can you use in a reverse mortgage?

The answer depends on your age (the older you are, the more equity is available), the current interest rate being offered (lower means more funds available) and the current value of the home. AARP (aarp.org) has a calculator on their site that will give you a general idea based on answers to questions that you provide. Their calculator is referred to by HUD (Housing and Urban Development) on the governments website.

Does ninja mortgages still exist?

Ninja mortgages, which stands for "No Income, No Job, and No Assets" mortgages, were popular during the housing bubble but largely disappeared after the 2008 financial crisis due to stricter lending regulations. While some lenders may still offer low-documentation loans, they are not the same as the original ninja mortgages and typically require some level of verification. Today, most mortgage products require borrowers to provide proof of income and assets to mitigate risk for lenders.

How do you modify mortgage?

The lender owns the mortgage and only the lender can modify it. You need to discuss it with the lender.

If the house was originally in the husband's name and he dies then the survivng spouse dies no will there are 3 childrenthe dad was only 1 of their biological father who does the house go to?

It depends on the laws of the individual state.

In general, if she was the mother of all three children, then the house would be split between the three of them.

If she was not the mother of all his child, then the house would probably be divided between the spouse and his child.

Consult an attorney in your jurisdiction.

If the debt-equity ratio is 1.0 then the total debt ratio is?

The total debt ratio is .5; total debt would be .5 as well as total equity (both added together equal 1). Total debt ratio = .5 (total debt)/.5 (total equity)= 1.

Are rates fixed on home equity lines of credit?

The majority of HELOC loans still have a variable rate. They may be tied to either the LIBOR or Prime index. Many lender will have an option that allows you to convert the rate to a fixed rate loan. Also, you may be able to find a lender in your area that will allow a fixed rate option from the beginning, however they are harder to come by.

How long should you wait to apply for a new credit card when purchasing a home?

you won't have to wait long, they will just start showing up in the mail on there own without you even applying for them, it usually happens when you purchase a new home

How are reverse mortgages calculated?

HUD uses actuarial tables based on age and zip code to determine. The equation is quite complex but the older the borrower, the greater percent of their home's equity is available to them. Minimum age is 62, no max age. Current calculations indicate max LTV is in 75% range for 90+ year old.