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I feel that I am especially qualified to answer this question as I am not only a licensed mortgage advisor (CA real estate license); in addition, I am also a California Registered Tax Preparer and as a bonus - you are asking a question on my two favorite subjects: mortgages and taxes! My answer, however, applies to IRS 1040 returns so this question
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This is a very common question. The short answer is "no" and here's why: A time share by definition is a "shared" or part-time membership to the use of real property - namely a vacation condo unit or hotel suite. A purchase of a time share is essentially a lessee agreement and not a "true" ownership or real property
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Fees are always part of any loan - purchase or refinance. Ask your lender to provide you with a copy of the Good Faith Estimate and/or the HUD Settlement Statement . These statements are an itemized list of all fees. You have a right to know each and every fee listed on these statements. Ask your loan officer for an explanation of each fee - especially
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Should an investor structure an LLC, Land Trust...or both? This is an excellent legal question and I turned to William Bronchick, one of the best legal experts in real estate to provide the answer. Basically, Attorney Bronchick states that the land trust is a privacy devise that keeps the public from knowing what you own. The land trust creates a layer
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Refinancing with a great low rate and being up-side down is a mortgage paradox for many. We have the lure of a great rate (which was a national average of 5.10% on a 30 year fix conventional loan on 12/31/2008) and the inability to qualify because the home's current value is less than the outstanding balance. For some homeowners, they may already
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The language on your contract or note dictates the terms in how you agree to repay your loan. If the note states that the payment shall be considered paid only if it is the regular scheduled payment or the payment stated on your monthly mortgage statement. This contract or note IS the law - you agreed to it and it is legal and binding. It sounds like
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The short answer is: You don't. But let's explore the question because there are various implications involved. A measure of one's credit worthiness includes the amount of debt they hold as compared to their gross earnings, timely payments, number or credit lines (how many credit cards and loans you have outstanding), and if you pay on time
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The old adage, "everything is negotiable" applies to mortgage transactions. Why do you think we call them "deals"? What you need to know is what are you really paying overall . You first need to know how we make our money. We can charge you points - one point, in my opinion very reasonable. One point means one percent of the loan
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To help you, tell me the state you are located and if you are a consumer or exploring career opportunities? Quickly, however, go to www.bankrate.com and eneter "mortgage basics" in the search box (top right of the page) and it will give you a menu of easy to understand mortgage concepts. Let me know if this helps :)
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In a nutshell, a Mortgage REIT is an investment corporation (AKA Real Estate Investment Trust ) with tax advantages or exemptions as outlined in the Internal Revenue Code. These entities essentially invest in mortgage products in three basic classes: equity (direct investment of property), mortgage (real estate and construction) and hybrid (a little