Do i have to refi as a new loan to take him off .So how i can remove my brother in law from the mortgage loan?
Not necessarily. You maybe able to go back to the original lender and see if you are able to get credit approved without him on it. This all depends on the lender that holds your loan right now. I would contact them to see if you have any options with them before trying to get refinanced.
Another question that pops into my mind is that he my also be on the deed of the property. It is possible to have just a loan on the property without being on the deed. You may want to double check with the city or the township...ect. To see if he is on the deed. If he is you can file a quit claim deed and get his name removed from that as well. This way you don't run into problems if you do choose to refi later on.
Hope this info helps!!So how i can remove my brother in law from the mortgage loan?
Jesse, the answer is NOT going to change. In order to change ANY of the signers to a mortgage, you will need to refinance the complete mortgage. Lenders will NOT remove a responsible signer to a mortgage without a full refinance of the mortgage in the names of one or more different persons.
Yes that is the only way to remove him from the loan. If you needed to remove him from just the title that would be different story.
You could try to refinance to see if you would qualify alone (without him).
Yes you do.
yep refinance, new contract new leans and so forth
Wednesday, November 23, 2011
I was discharged from bancruptcy in march can i get a mortgage?
i was only bancrupt for 6 months , is there a mortgage company that will touch me? i have worked for the nhs for 13 years and have a good wage .This is a UK question.I was discharged from bancruptcy in march can i get a mortgage?
Not impossible there are still a few lenders around who will consider you. However, some insist on 12 months, some up to three years AFTER your discharge from bankruptcy before they will take an application from you. Also be prepared to find a 25% deposit.
Suggest to talk to an Independent Mortgage Adviser.I was discharged from bancruptcy in march can i get a mortgage?
Before the credit crunch, I would have said that you'd be ok. Now, however, banks and mortgage companies are more reticent about their lending.
You will need to shop around, and show bank statements and wage slips to prove your income. How long ago was your bankruptcy? I know you can't get a bank account for a certain time after being made bankrupt, but if you now have one, so long as you offer full disclosure to the company you approach, hopefully you shouldn't have too much of a problem. Good luck, and happy house hunting :)
If anyone in the US is reading this- in the states it takes 3 yrs after a BK before you can get an FHA loan. In the UK- I am unsure, but the mortgage market in Europe, Canada, and the states seem to have similar guidelines.
If you have a substantial amount to put down- say more than 30%- which I'm guessing you don't given your recent BK-you would be OK.
to be honest you will have to work on rebuilding your credit score and this will take time, plus with mortgages hard to get at the moment you will need a healthy deposit no 100% mortgages at the moment anywhere.best of luck.
We have recently been discharged also and would like to start rebuilding our credit history but NO ONE will touch us - even the ';bad credit'; agencies. Any advice? How did you manage to get the credit card?
Try an Independent Bank first. The Cooperative Bank is very good.
I'd have thought at the moment that this would be highly unlikely...
Not impossible there are still a few lenders around who will consider you. However, some insist on 12 months, some up to three years AFTER your discharge from bankruptcy before they will take an application from you. Also be prepared to find a 25% deposit.
Suggest to talk to an Independent Mortgage Adviser.I was discharged from bancruptcy in march can i get a mortgage?
Before the credit crunch, I would have said that you'd be ok. Now, however, banks and mortgage companies are more reticent about their lending.
You will need to shop around, and show bank statements and wage slips to prove your income. How long ago was your bankruptcy? I know you can't get a bank account for a certain time after being made bankrupt, but if you now have one, so long as you offer full disclosure to the company you approach, hopefully you shouldn't have too much of a problem. Good luck, and happy house hunting :)
If anyone in the US is reading this- in the states it takes 3 yrs after a BK before you can get an FHA loan. In the UK- I am unsure, but the mortgage market in Europe, Canada, and the states seem to have similar guidelines.
If you have a substantial amount to put down- say more than 30%- which I'm guessing you don't given your recent BK-you would be OK.
to be honest you will have to work on rebuilding your credit score and this will take time, plus with mortgages hard to get at the moment you will need a healthy deposit no 100% mortgages at the moment anywhere.best of luck.
We have recently been discharged also and would like to start rebuilding our credit history but NO ONE will touch us - even the ';bad credit'; agencies. Any advice? How did you manage to get the credit card?
Try an Independent Bank first. The Cooperative Bank is very good.
I'd have thought at the moment that this would be highly unlikely...
Is a silent 2nd mortgage included when determining the equity in a home?
I bought my home with a silent 2nd mortgage and I need to know how much equity I have in my home. Should I determine the equity with the 2nd mortgage added to the price?Is a silent 2nd mortgage included when determining the equity in a home?
your equity in home is the value of house minus all mortgages and liens.Is a silent 2nd mortgage included when determining the equity in a home?
Your equity is the amount you have paid off, that you have a leagal claim too. It does not matter who holds what balance in what ever mortage arrangement you have. Your starting fresh from the point of contract you hold till it is paid off, that is the extent of your equity.scary mask acne scars
your equity in home is the value of house minus all mortgages and liens.Is a silent 2nd mortgage included when determining the equity in a home?
Your equity is the amount you have paid off, that you have a leagal claim too. It does not matter who holds what balance in what ever mortage arrangement you have. Your starting fresh from the point of contract you hold till it is paid off, that is the extent of your equity.
I'm a home daycare provider. Can I claim my house mortgage payments?
There's a place for rent payments. Can house Mortgage payments be listed there as well? I'm also wondering where to enter amount for meals. Is that under other? My CPA had my pastdue taxes for 9 months, without doing them. I bought Turbotax %26amp; I'm trying to figure it out myself. Thanks for any help!I'm a home daycare provider. Can I claim my house mortgage payments?
You can't claim the mortgage payment--that's a combination of interest (deductible) and principal (only as depreciation).
As for use of your home, as a licensed daycare provider you are able to use publication 587.
Standard meal and snack rates. If you qualify as a family daycare provider, you can use the standard meal and snack rates, instead of actual costs, to compute the deductible cost of meals and snacks provided to eligible children. For these purposes:
A family daycare provider is a person engaged in the business of providing family daycare.
Family daycare is childcare provided to eligible children in the home of the family daycare provider. The care must be non-medical, not involve a transfer of legal custody, and generally last less than 24 hours each day.
Eligible children are minor children receiving family daycare in the home of the family daycare provider. Eligible children do not include children who are full-time or part-time residents in the home where the childcare is provided or children whose parents or guardians are residents of the same home. Eligible children do not include children who receive daycare services for personal reasons of the provider. For example, if a provider provides daycare services for a relative as a favor to that relative, that child is not an eligible child.
You can compute the deductible cost of each meal and snack you actually purchased and served to an eligible child during the time period you provided family daycare using the standard meal and snack rates shown in Table 3, later. You can use the standard meal and snack rates for a maximum of one breakfast, one lunch, one dinner, and three snacks per eligible child per day. If you receive reimbursement for a particular meal or snack, you can deduct only the portion of the applicable standard meal or snack rate that is more than the amount of the reimbursement.
You can use either the standard meal and snack rates or actual costs to calculate the deductible cost of food provided to eligible children in the family daycare for any particular tax year. If you choose to use the standard meal and snack rates for a particular tax year, you must use the rates for all your deductible food costs for eligible children during that tax year. However, if you use the standard meal and snack rates in any tax year, you can use actual costs to compute the deductible cost of food in any other tax year.
If you use the standard meal and snack rates, you must maintain records to substantiate the computation of the total amount deducted for the cost of food provided to eligible children. The records kept should include the name of each child, dates and hours of attendance in the daycare, and the type and quantity of meals and snacks served. This information can be recorded in a log similar to the one shown in Exhibit A, later.
The standard meal and snack rates include beverages, but do not include non-food supplies used for food preparation, service, or storage, such as containers, paper products, or utensils. These expenses can be claimed as a separate deduction on your Schedule C (Form 1040).
Table 3. 2007 Standard Meal and Snack Rates
Location of Family Daycare Provider Breakfast Lunch Dinner Snack
States other than Alaska and Hawaii $1.06 $1.97 $1.97 $0.58
Alaska $1.69 $3.20 $3.20 $0.95
Hawaii $1.24 $2.31 $2.31 $0.69I'm a home daycare provider. Can I claim my house mortgage payments?
VB pretty much explained it all.
on schedule C: profit or loss from business
your daycare supplies go on part II - #22. line 23 is where you put your daycare licenses - 27 you might have other expenses.
schedule 8829 - you can't put mortgage payments - but put your mortgage interest on part II line 10 (b) and under that you can do the real estate taxes - house insurance - utilities - etc..... you will have to figure out your timespace % to see how much of this you can take off.
Dont forget schedule SE for self employment tax -
and heres a great URL if you need to learn something.
as a daycare provider, you are running a business -- the tax aspects go on schedule C to form 1040.
there are special rules for the office in the home deduction for daycare providers, which replace some of the other possible deductions [rent, mortgage interest, etc.]
see the instructions. you might want to search the irs.gov website for ';daycare provider'; as well.
You can't claim the mortgage payment--that's a combination of interest (deductible) and principal (only as depreciation).
As for use of your home, as a licensed daycare provider you are able to use publication 587.
Standard meal and snack rates. If you qualify as a family daycare provider, you can use the standard meal and snack rates, instead of actual costs, to compute the deductible cost of meals and snacks provided to eligible children. For these purposes:
A family daycare provider is a person engaged in the business of providing family daycare.
Family daycare is childcare provided to eligible children in the home of the family daycare provider. The care must be non-medical, not involve a transfer of legal custody, and generally last less than 24 hours each day.
Eligible children are minor children receiving family daycare in the home of the family daycare provider. Eligible children do not include children who are full-time or part-time residents in the home where the childcare is provided or children whose parents or guardians are residents of the same home. Eligible children do not include children who receive daycare services for personal reasons of the provider. For example, if a provider provides daycare services for a relative as a favor to that relative, that child is not an eligible child.
You can compute the deductible cost of each meal and snack you actually purchased and served to an eligible child during the time period you provided family daycare using the standard meal and snack rates shown in Table 3, later. You can use the standard meal and snack rates for a maximum of one breakfast, one lunch, one dinner, and three snacks per eligible child per day. If you receive reimbursement for a particular meal or snack, you can deduct only the portion of the applicable standard meal or snack rate that is more than the amount of the reimbursement.
You can use either the standard meal and snack rates or actual costs to calculate the deductible cost of food provided to eligible children in the family daycare for any particular tax year. If you choose to use the standard meal and snack rates for a particular tax year, you must use the rates for all your deductible food costs for eligible children during that tax year. However, if you use the standard meal and snack rates in any tax year, you can use actual costs to compute the deductible cost of food in any other tax year.
If you use the standard meal and snack rates, you must maintain records to substantiate the computation of the total amount deducted for the cost of food provided to eligible children. The records kept should include the name of each child, dates and hours of attendance in the daycare, and the type and quantity of meals and snacks served. This information can be recorded in a log similar to the one shown in Exhibit A, later.
The standard meal and snack rates include beverages, but do not include non-food supplies used for food preparation, service, or storage, such as containers, paper products, or utensils. These expenses can be claimed as a separate deduction on your Schedule C (Form 1040).
Table 3. 2007 Standard Meal and Snack Rates
Location of Family Daycare Provider Breakfast Lunch Dinner Snack
States other than Alaska and Hawaii $1.06 $1.97 $1.97 $0.58
Alaska $1.69 $3.20 $3.20 $0.95
Hawaii $1.24 $2.31 $2.31 $0.69I'm a home daycare provider. Can I claim my house mortgage payments?
VB pretty much explained it all.
on schedule C: profit or loss from business
your daycare supplies go on part II - #22. line 23 is where you put your daycare licenses - 27 you might have other expenses.
schedule 8829 - you can't put mortgage payments - but put your mortgage interest on part II line 10 (b) and under that you can do the real estate taxes - house insurance - utilities - etc..... you will have to figure out your timespace % to see how much of this you can take off.
Dont forget schedule SE for self employment tax -
and heres a great URL if you need to learn something.
as a daycare provider, you are running a business -- the tax aspects go on schedule C to form 1040.
there are special rules for the office in the home deduction for daycare providers, which replace some of the other possible deductions [rent, mortgage interest, etc.]
see the instructions. you might want to search the irs.gov website for ';daycare provider'; as well.
I am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
How will a global recession or depression effect me?
Given a 5 year recession and given a 20 year recession.I am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
Owning 50% of a house is pretty good, and as long as you stay employed you should be fine.
But think about this, What if you owned you house outright and had $20K in cash assets....NOTHING COULD HURT YOU. Find a way to pay your mortgage in an expedited way.
My first Mortgage took 4 years to pay off, My next house took 3 1/4 Years to pay off (Moving up in price, not having 2 houses) The money I didn't pay for interest or payments after paying off the houses, I saved and invested.
I am just completing a house deal, I will pay $700,000 cash and then I will sell my house that I live in Now for $750,000 (actually it is done) I will own 2 houses for two weeks, no Mortgage all because of managing debt properlyI am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
it depends ... are you planning to move ? Assuming you stay put and you can afford your mortgage payments I wouldnt worry about it !
Given a 5 year recession and given a 20 year recession.I am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
Owning 50% of a house is pretty good, and as long as you stay employed you should be fine.
But think about this, What if you owned you house outright and had $20K in cash assets....NOTHING COULD HURT YOU. Find a way to pay your mortgage in an expedited way.
My first Mortgage took 4 years to pay off, My next house took 3 1/4 Years to pay off (Moving up in price, not having 2 houses) The money I didn't pay for interest or payments after paying off the houses, I saved and invested.
I am just completing a house deal, I will pay $700,000 cash and then I will sell my house that I live in Now for $750,000 (actually it is done) I will own 2 houses for two weeks, no Mortgage all because of managing debt properlyI am homeowner with 50% of current house value in a mortgage and 20k in cash assets, working as a professional
it depends ... are you planning to move ? Assuming you stay put and you can afford your mortgage payments I wouldnt worry about it !
So how i can remove my brother in law from the mortgage loan?
Do i have to refi as a new loan to take him off .So how i can remove my brother in law from the mortgage loan?
Not necessarily. You maybe able to go back to the original lender and see if you are able to get credit approved without him on it. This all depends on the lender that holds your loan right now. I would contact them to see if you have any options with them before trying to get refinanced.
Another question that pops into my mind is that he my also be on the deed of the property. It is possible to have just a loan on the property without being on the deed. You may want to double check with the city or the township...ect. To see if he is on the deed. If he is you can file a quit claim deed and get his name removed from that as well. This way you don't run into problems if you do choose to refi later on.
Hope this info helps!!So how i can remove my brother in law from the mortgage loan?
Jesse, the answer is NOT going to change. In order to change ANY of the signers to a mortgage, you will need to refinance the complete mortgage. Lenders will NOT remove a responsible signer to a mortgage without a full refinance of the mortgage in the names of one or more different persons.
Yes that is the only way to remove him from the loan. If you needed to remove him from just the title that would be different story.
You could try to refinance to see if you would qualify alone (without him).
Yes you do.
yep refinance, new contract new leans and so forth
Not necessarily. You maybe able to go back to the original lender and see if you are able to get credit approved without him on it. This all depends on the lender that holds your loan right now. I would contact them to see if you have any options with them before trying to get refinanced.
Another question that pops into my mind is that he my also be on the deed of the property. It is possible to have just a loan on the property without being on the deed. You may want to double check with the city or the township...ect. To see if he is on the deed. If he is you can file a quit claim deed and get his name removed from that as well. This way you don't run into problems if you do choose to refi later on.
Hope this info helps!!So how i can remove my brother in law from the mortgage loan?
Jesse, the answer is NOT going to change. In order to change ANY of the signers to a mortgage, you will need to refinance the complete mortgage. Lenders will NOT remove a responsible signer to a mortgage without a full refinance of the mortgage in the names of one or more different persons.
Yes that is the only way to remove him from the loan. If you needed to remove him from just the title that would be different story.
You could try to refinance to see if you would qualify alone (without him).
Yes you do.
yep refinance, new contract new leans and so forth
Is anyone giving out 90% mortgages?
I'm looking at buying a second house but can't seem to find anyone that does 90% are the going? Or whats the highest amount people are giving out? I don't mind if it's interest only.
I'm in England.Is anyone giving out 90% mortgages?
Northern Rock are doing so, Allegedly.Is anyone giving out 90% mortgages?
If you had a few millions spare would you offer someone a loan secured on a property which is likely not to worth even 80% of its ';valuation'; in a distress sale situation. If you were lucky enough to obtain such a loan the cost in terms of higher interest mortgage insurance and upfront charges would be enormous.
Man! If I had to come up with 25% down I wouldn't be able to buy for ages! I just bought a place (I actually take possession in one hour), and we put 5% down, plus about $8,000 in mortgage insurance. The total was around $24,000 CDN. 25% would have been almost $80,000 CDN!
2nd houses - you will probably need at least 20% down and you won't be getting a rate less than 6-7%. The 5% rates are for owner occupied primary residences only
no they aren't, i just got a mortgage and i could only get a 75% one! so good luck
try The Post Office or Yorkshire Bank
try lloyds tsb they are pretty good when we were going to have a mortgage we went to them. x
I'm in England.Is anyone giving out 90% mortgages?
Northern Rock are doing so, Allegedly.Is anyone giving out 90% mortgages?
If you had a few millions spare would you offer someone a loan secured on a property which is likely not to worth even 80% of its ';valuation'; in a distress sale situation. If you were lucky enough to obtain such a loan the cost in terms of higher interest mortgage insurance and upfront charges would be enormous.
Man! If I had to come up with 25% down I wouldn't be able to buy for ages! I just bought a place (I actually take possession in one hour), and we put 5% down, plus about $8,000 in mortgage insurance. The total was around $24,000 CDN. 25% would have been almost $80,000 CDN!
2nd houses - you will probably need at least 20% down and you won't be getting a rate less than 6-7%. The 5% rates are for owner occupied primary residences only
no they aren't, i just got a mortgage and i could only get a 75% one! so good luck
try The Post Office or Yorkshire Bank
try lloyds tsb they are pretty good when we were going to have a mortgage we went to them. x
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