 Over my head in my mortgage what to do??? |
| I am at 100% LTV on my home. I cannot make the payment and live in California. I dont want to lose my home, but I dont have enough money coming in to make it. I refi'd my house, because I ... |
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 How do i find out who ownes a vancant home in my neighborhood? |
| i have the address 11411 146th st ct kpn gig harbor wa 98329... |
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 We are closing on a home on the 27th but so far the seller has not completed items in contract.? |
| We were originally to close on the 22nd but the appraisal got delayed so we had to reschedule closing. One of the conditions in the contract was that seller would complete repairs to front yard from ... |
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 Is there any hope for people who WANT a house and are ABLE to pay a mortgage? |
| With all the BS going on with the banks and such....what does someone do who really wants to buy a house right now and are financially able to pay a reasonable mortgage within their budget? Is there N... |
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 Does landlord need to sign lease? |
| Is my lease legal if my landlord has not signed it? Do both parties have to sign the lease for it to become legal or just the tenants? I know people will say well if you want to move out the landlord ... |
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 Help i currently am lock into a 30 year moragage at 10%? the loan is on a mobile home through green tree? |
| the orginal amount fin. was 38,000 it is for a mobile home my wife signed the contract before we met. our monthly payments are only 325 but at 10% we pay over 3,000 a year in interest alone and only ... |
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| Hello: My wife has a property management company. When she recommends workers to the landlord for repairs? |
| should she get a percentage for that. Should she communicate with the landlord about this mater. In other words is it ethical? Could it be a conflict of interest here with the landlord. P. S. I am ... |
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 Should I evict this tenent? |
| I have a fairly new tenent in one of my properies, and I allow dogs under 35 pounds in the house as long as it is not a pit/rott/pinscher because my insurance doesn't cover them. He signed the ... |
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 Is it a good time to buy a house? |
hi,
im 24 and coming close to buying my first house. i live in Andover, mn about 25 miles north of Minneapolis. Im lookin at buying a foreclosed house as a fixer upper. I probably wont live ... |
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 I have an adjustable rate mortgage. Stupid I know. If the time comes to reset how big of a change should I ex? |
| pect on my interest rate. Currently it's 9.14%. Current balance: $75,000. In March I will have had the loan for 3 years.... |
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 Please help! tell me what you think about this crazy idea!? |
Your Question
Is this an absolute insane idea? what do you think?
Okay, so my mom has just gotten out of a divorce and doesnt have great credit, her house is in recievership and if it ... |
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 I need advice?? |
| what are the best steps i should take??? i want to purchase property, fix it up, then sell or rent it out..... |
|
 What are your pros and cons on a one-story house and a 2-story house? |
| I am in the process of buying a home and I am confused between 2 houses. One is a single level and the other a 2 level. They are both very nice. My sister tells me that the single level because I ... |
|
 What to do with an Adjustable Rate Mortgage? |
| What can I do with my Interest Rate that is now variable? Now that my property decreased $15,000, the monthly payment is now way higher, I don't want to pay the mortgage anymore, and I can'... |
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 What are the differences between a 30, 40 and 50 year mortgages? |
I want to refinance my home for a 40 or 45 year mortgage. What are the avantages and disavantages of this type of mortgages?
T... |
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 Really need your help on buying a house.......? |
| My offer on a house has just been accepted for £91,500. Was orginally on market for £105,000 in Jan this year then was reduced to offers over £100,000. I have paid for Surveyor and Valuers fees ... |
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 I have a shmuck for a landlord!!! Help is appreciated.? |
| My landlord really stinks when it comes to making repairs. I've reached my wits end and waiting for my lease to end in another 6 months. Gas company recently did test on gas lines in my area. My ... |
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libertino85 | House Flippers? |
Do house flippers have to pay a penalty tax or fee for reselling the house so soon, as opposed to waiting for, say two years?
Additional Details
What if I only got a six month loan as opposed to a 30 year loan? Would that make any difference? |
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Searchlight Crusade
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Just a higher tax rate for stuff that you keep less than a year, as short term capital gains might as well be ordinary income. Of course, there are always 1031 exchanges to effectively roll your overall holding period into something longer.
Need to own and live in it 2 years to take advantage of Section 121, which is a tax break for personal residences.
So it's not that you have to pay higher taxes or fees, although you do have the expenses of selling. It's what you *don't* get - the tax breaks for holding it longer or for living in it - that are the difference. |
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Kathleen M
 |
You have to pay taxes on homes you don't live in. If you lived in it for 2 out of 5, don't run a business out of it and sell for under $250,000.00 you don't have to report to IRS, otherwise you'll be paying taxes. |
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dualspace
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Yes, they pay capital gains if they have not lived in the house as their primary residence for at least 2 out of the past 5 years. |
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newmexicorealestateforms
|
Boy; understanding IRS taxes is like understanding women (no offense ladies, that's a compliment, I think) In any event you best go read these IRS publication links provided by our research department.
IRS: Gain and losses on real property:
http://www.irs.gov/publications/p544/ch01.html
IRS: Deductible costs when purchasing real property:
http://www.irs.gov/publications/p551/ar02.html#d0e2000
IRS: Tax information when buying a home: http://www.irs.gov/publications/p530/ix01.html
Buena Suerte |
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Price is what you pay for value.
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Would you reconsider house flipping? As housing market continues to slump, it will be difficult to unload it. Especially you want a loan as short as 6 months. Usually, it takes years for housing market to resolve, let alone 6 months.
http://money.cnn.com/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513 |
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Jedi Master <S I T H><
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20% down... |
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zocko
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principle residence has to own for two years to escape taxes. Best way is to move in and fix while living there for two years. Option B is to fix and sell. tht's a business...... |
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Alterfemego
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The two year rule applies to personal residence, not investment property. Flipping is risky investment and typically you have to have a higher % down payment. |
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skywatcher
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I agree with the other responses, well said |
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