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Recent Mortgage Loan questions

I need about 20-30 thousand to remodel my house. I have 2

I need about 20-30 thousand to remodel my house. I have 2 current mortgage loans, which one should I re-finance? The first one is with Wells Fargo. Current debt is $87,960 current home value is $200,000 the interest rate is 4.75%. The other is with Primary residential mortgage FHA risk based. Current debt is $155,697. Home value is $210,000 with interest rate of 4.375%. Or will it be better to apply for a line of credit instead of refinancing my house?

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PDtax

Owner

Master's Degree

7,374 satisfied customers
I am 62, had a heart attack. Asked the bank for a two month

I am 62, had a heart attack. Asked the bank for a two month forbearance . It appears to me that they are telling me not to make the payment and the paperwork is being processed. They did this to me about 8 years ago when I had an emergency appendicitis, but instead of a forbearance they did a refi, I really don't want 8 years of interest and or payments added to my loan . Any suggestions to what I should ask for?

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PDtax

Owner

Master's Degree

7,374 satisfied customers
I have a father in law that is 97 years old and owns a home.

Hi I have a father in law that is 97 years old and owns a home. He is using his savings that he has for his live in care. He is depleting his account quickly and would like to know what is his best option? He owns a home worth $300,000. Should he try to get a Reverse Mortgage on the property in order to continue paying for his care or should he take out aHome Equity Loan on his home to pay for his care? Which is easier for him to get being that he is 97 years old and only gets a fixed income from his social security check monthly?

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Mark Taylor

Certified Public Accountant

Masters

2,688 satisfied customers
My credit scores seem to have gone up slightly in the past

My credit scores seem to have gone up slightly in the past weeks. I still have a lot of outstanding credit although always paid on time. One thing I didn't know is that I have a lot of closed accounts (because I paid) from finance companies and those accounts still impact negatively in spite of having closed them. I got this warning from a credit service(Discover FICO) . Can you please tell me what I can do about this issue? ThanksSummary scoresscore657 Jun-15657 Jul-15642 Aug-15642 Sep-15642 Oct-15642 Nov-15648 Dec-15650 Jan-16650 Feb-16650 Mar-16662 Apr-16677 May-16

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
This question is about calculating the closing cost

This question is about calculating the closing cost for a condo.The exact questions are:- What is the closing cost that should be expected for a condo purchased in Boston in $1.9 Million.- What are the specific items within the closing costs for a condo and what are the approximate feesassociated with each item- Is the closing cost effected by the size of the mortgage loan, for example if I pay cash for the property will be closing cost be less

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

4,120 satisfied customers
My mortgage company is requesting monthly 2015 profit/ loss

My mortgage company is requesting monthly 2015 profit/ loss statements to help verify my income. I'm an independent contracting bartender/ cocktail waitress with no previous experience with this. Do you know of a good online program that could help? I want to make these statement look as professional as possible.Also, the engine of my car was destroyed as a result of the Texas floods in May, 2015. Unfortunately, my insurance company refused to pay for either the damage to my vehicle or the months of alternative transportation related costs. I'm assuming this would constitute a "loss", however, I'm unsure how to note the loss on either my 2015 profit/ loss statements or my 2015 taxes. Can you help clarify this for me?

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Lev

Retired

Bachelor's Degree Equivalent

24,198 satisfied customers
I bought a new heavy SUV and am using it % business

I bought a new heavy SUV and am using it for 80% business use. I also commute and small personal use with the vehicle. I pay the loan payments with a business check each month. Can I claim the loan payment on my taxes as a deductible business expense and if so, where? I use a schedule C with our 1040. I know I can put the loan interest but it is the rest of the payment that I am asking about. I am using the special 179 depreciation. Thank you, Kris

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
I have a tax question: My husband passed away in October

Hi I have a tax question:My husband passed away in October of 2015. I am on disability and also receive a survivor benefit through social security. I do not work so this is my only income source. I am 54 years old and have recently on April 1st of this month, soldMy home. After paying off the mortgage loan on my home and some other bills there was not enough to turn around and buy another smaller home without taking out another loan which I am trying to avoid because of my limited income. My question is: if I take some money out of my IRA's to help purchase a home. Will I end up paying a bunch of money back? Would I have to do an income tax return next year if I take out some of my IRA's how does that work? Or can I pay the taxes upfront out of the IRA account? Thanks.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,426 satisfied customers
Good Morning Lane,Attached please find the Sellers

Good Morning Lane,Attached please find the Sellers Settlement Statement for the "Inherited" home I was discussing with you yesterday.I'm still not 100% uncertain as to which items I can use as the adjustment. Can you please review the document and let me know which items are deductible?Chase is to pay off the mortgage loan balance and the Housing Authority is to pay off "Home Improvement Loan".Thanks,Kathleen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,804 satisfied customers
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