A number of years ago a so called friend , now deceased did the dirty with us and we lost a lot of money. It seems now he did dodgy dealings for another friend which has now just came to light. On searching the Internet for information the company of the deceased person is on a list of defaulters with the FSCS. Obviously not the same as being bankrupt but does is mean the company could have been found out to be involved in scams etc?

My wife is pregnant with our second child and we’d like to move into a bigger place. Unfortunately, we are upside down $150k on our home. So we’re stuck. Like everyone else, we’ve struggled to pay our mortgage, but we’ve been fortunate enough to be able to pay it on time every month. I’m not sure how much longer we can do this. Upon hearing of the new housing bill few weeks ago, I thought it can help us avoid possible late payments and foreclosure. However, it sounds like the bill’s purpose is to help those who are already in foreclosure status. Because if that’s the case, we might as well stop making our payments on time. Why should we be punished for being able to pay our mortgage on time. If I’m not interpreting the bill correctly, please shed some light. Thanks

If they want to claim it and the other spouse is willing to pay the tax difference?

If I know I will only be in the house for a short period of time is there some type of mortgage out there that will decrease the payments. My goal is to make some repairs and upgrades and prefer lower payments until the sale is complete. Need to allow 2 to 3 years before sale is complete. Live in S. Texas and housing market is stable.

We are middle income and according to FAFSA we don’t qualify for any grants and only minimal federal loans. Commercial loans seem like an expensive option. What about something like an equity line of credit with our credit union? Are there other options?

Loan Modifications with Bad Credit

 Loan modifications are the perfect way for distressed borrowers to solve a delinquent mortgage problem.

Even if you have late mortgage payments, collection accounts, liens, judgments, or any other derogatory credit you can qualify for a loan modification.

Most homeowners in need of a change in their mortgage terms immediately think of a traditional refinance. However, many distressed borrowers cannot refinance because they do not qualify.

As most people know there are many qualifiers to be able to obtain a refinance of an existing mortgage. These qualifiers do not apply in the same way when it comes to a loan modification.

Some of those qualifiers are:

Good Credit Equity Employment Income

CREDIT

The beauty of a loan modification is that since you are working with your current lender who is already invested in you and your home the criteria are far less stringent.

The toughest mortgage qualifier for a borrower who is behind in payments is credit. When it comes to a loan modification your credit is not analyzed.

EQUITY

In today’s tough real estate market property values are plummeting. Many homeowners do not have the equity required to refinance. Remember if you are financially upside down in your home, your lender is too. Your current lender will not have an equity requirement when it comes to modifying your loan.

EMPLOYMENT

When it comes to employment, the normal mortgage requirements again do not apply. When applying for a new mortgage a lender will require a minimum of 2 years on the same job. In regards to a loan modification, the only requirement will be proof that you are indeed working.

INCOME

Income is also an important qualifier in the mortgage process. Although income is still a big consideration in a loan modification it is not considered in the same way as it is when applying for a new mortgage. Qualifying for a loan modification is simply a comparison of your expenses versus your income. If you can prove that you can pay your mortgage at a certain payment per month then the lender will modify your loan.

Always remember banks do not want to foreclose on your home. They take huge losses on foreclosed properties.

If you are behind on your mortgage, loan modification may be the perfect solution. Many a distressed homeowner have negotiated a loan modification and saved their family home from foreclosure.

You can too!

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When a company writes of part of a debt, it is then recorded as income to the IRS and you pay taxes on it. Does the loan modifcation work the same way?

I need this very soon and please put it in simple easy to understand terms!! thank you !

a. deposits
b. a car loan
c. demand deposits
d. a commercial loan

I believe c. demand deposits

I lost my job two weeks ago.Prior to that for the last two years we worked fewer and fewer hours so the budget was strained. I managed to make bill payments but am 1 month behind in everything including house payment,taxes and insurance. I hope to have a new job in two weeks. How long do I have before all is lost?