Iive in ca and my house is about 200k underwater. i want to try short selling it if possible but how do i make sure that i get the cancellation of debt AND don’t get taxed in the end? my last option will be foreclosure or bankruptcy but not sure if i would even qualify [...]
Category Archives: mortgage reduction
how do i make sure the lender doesn’t go after me for the remaining mortg balance if i short sale my house?
Posted by admin on June 25, 2010
5 comments
How could removal of the tax reduction on mortgage interest affect the housing market?
Posted by admin on June 25, 2010
2 comments
It will make our tax expense larger so we can’t afford as expensive a home so home prices will have to come down a little or not rise as fast. I pay about 16K in interest and property taxes so since I am in a 15% bracket save about $1,500 a year from owing on [...]
What is the difference between Principal Reduction and Additonal Payment for my mortgage?
Posted by admin on June 25, 2010
2 comments
I just recently bought my first condominium, and I am paying my first mortgage bill. On the bill, it has a box that says: APPLICATION OF EXTRA MONEY (‘X’ CHECK ONE) __ PRINCIPAL REDUCTION (C) __ADDITIONAL PAYMENT (P) I am wondering what is the difference between the two and if anyone has any suggestions on [...]
Can i get a reduction in my mortgage interest rate, if my monthly payments is more than 31% of my income?
Posted by admin on June 21, 2010
6 comments
I heard this the other day on the suze orman show that, if your mortgage, insurance and property tax, is more than 31% of your income you can ask your bank for a reduction in your interest rate. Is this true, and if so what’s the catch? you can ask for it, but it doesn’t [...]