Will an underwriter approve a mortage without 2 years of past tax returns?
Posted February 6th, 2010Tanya asked: We have applied for an FHA mortage, It is currently with the underwriter and everything seems to be going fine. Today he asked for permission to look for copies of tax returns from the IRS. The problem is we haven’t filed in 2 years. I made an appointment to have them done tomorrow, [...]
need some answers about recourse and non recourse loans?
Posted September 2nd, 2009h20.sign asked: I built my house and divorced my wife about the same time, when the construction loan turned to mortage ex wouldn’t sign off const. loan unless she got her half of estimated profit if sold. This was in nov. of 2005 so my lender gave me a 1st and a equity line of [...]
We bought a house this year and filed our taxes through H&R block. Are we supposed to get money back?
Posted August 24th, 2009mrsfcsn asked: We bought a house this year and when we filed with H&R block our refund is $1418. I am not sure if I understand or not but I was thinking we was going to get a bigger refund. The mortage interest was $4062, the the points paid was $1999 and the [...]
Refinanced Mortgage and paid down some prior loan – what’s deductible?
Posted July 6th, 2009Must Win asked: I just refinanced. No Points, no PMI, just some typical fees, prepaid interest. But as a part of this refi, I had to pay down some of my prior loan balance down to the appropriate level so that my new mortgage didn’t exceed 80% of the assessed value. At closing, this [...]
How do I calcuclate end of year Fed Inc Tax amount?
Posted June 23rd, 2009Unreal asked: What is the formula the IRS uses to calculate how much I owe them at the end of each year? I know how to calculate how much I AM paying based on exemptions etc…but how to calculate what the IRS says I should be paying? If I know the two amounts, I will [...]
mortgage interest and tax?
Posted June 19th, 2009Kim asked: I’m a first time home buyer, so I’m not clear on how the mortgage loan interest deductible works.
For example, if I pay $6000 federal tax per year and the mortage loan interest is $9600 per year, do I get $6000 back when I file tax? Or $9600 is simply deducted [...]
Home Mortage Interest?
Posted June 5th, 2009Brian Da Dog asked: I am divorced and the ex got the house. She is still working on refinancing the loans to get my name off. She is having trouble because now bank is saying “loan value higher the house value”. Well, the mortage interest statement came in and had my SSN. [...]