I am semi-finalist for a beauty pageant, heading for finals in August 09. The final selection will be based on the stage presence (as in any beauty pageant) & online voting (similar to “dancing with the stars” and other competitions). I wish to secure a lot of votes. How do I get people to vote for me ? How can I use the power of internet ?
Thanks
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How To Secure Online Votes For A Beauty Contest?
admin
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Is Student Loan Repayment Tax Deductible?
admin
I repaid all student loan during grace period so I didn’t pay any loan interest. I wonder if I can itemize it in my tax return. Is it tax deductible?
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Roderick W
Only interest is. I deducted loan interest for a while. You will get a tax statement from whomever your loan is through telling you what you paid in interest and what you can deduct. If you didn’t pay interest, you cannot deduct. THIS IS A FACT. Paying it off quickly is better than the tax advantage you get though. This is also a fact. You did real good by paying it off. I was getting about 400 back in taxes for every 800 i paid in interest. Again, you did good. No debt is a great thing.
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char
tudents and parents of students: Chances are you will borrow student loans and likely more than one. Good news: you can save money on your income taxes when you know how to leverage your student loans the right way.
Tax Relief
Income tax deductions are one of the best ways the government has found to offer Americans relief from some of the more burdensome costs associated with education, like student loans. You have to file your income taxes every year anyway, so -
Product & Services Reviews
The interest you pay on the Student Loan is deductible in most cases, and only for the first few years of the loan repayment. However, since you paid it back without interest there is nothing to deduct. But you can take comfort in the fact that you no longer have that debt and have probably helped your credit report.
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Judy
Interest paid on a student loan is deductible, and since it’s taken as an adjustment, you can take it even if you don’t itemize. But principal payments aren’t deductible.
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crazypyr
YES IT IS!!!! Go for it! read up on it…this site will tell you everything you need to know
http://www.collegescholarships.org/loans/taxes.htm -
Stephen T
You can deduct it as educational expense if you haven’t done that yet. But if you already have, you have nothing else to deduct because you paid no interest.
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Chuckie O
The interest is.
The principle isn’t. (You received the money tax free in the first place) -
StephenW
No.
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IchLiebe
I’m pretty sure it is.
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What Can Someone Do When They Can't Afford The House Payment?
admin
My friendand her husband bought a house last year and the monthly payment was high but they were told to refinance it to a lower payment in a year when they built equity.
Well, they never built equity and their savings is gone because they used money from savings every month to make their house payment even though they are both working.
So next month and every month after they will be short $600/month on their house payment. They cut back on their spending, but they still can’t make the high payments.
What options do they have?
Sell it? Rent it out? Can they refinance for a 40 year loan?
Any ideas? If they sell it then they will take a loss since the market slowed down in their city.-
acermill
Your friends are the typical victims of lenders who gave ARM’s to such buyers with the notion that they would build equity and then refinance conventionally. Of course, the lenders NEVER imagined that housing values would head ’south’ instead of continuing to increase.
If they took a 100% LTV loan at the time of purchase, chances of them refinancing the entire amount are slim, since the house will no longer appraise at the value it did when they purchased it.
They are not in a pretty situation here.
They can TRY to rent it out, but generally speaking, rent values follow home values, so the amount of rent they obtain may not cover their monthly outlay, which lets them in the same boat.
Basically, they either have to come up with some cash. If not, they can speak to the lender about a short sale to get out from under the payments, but they will remain financially liable for any amount owed which is not covered by the proceeds from the sale. -
Pengy
Basically they are in a no win situation, cannot sell it, if they do they will still be responsible for the difference, If they try to refinance their credit has already taken another hit so the rates will be even higher. THis is what is happening all over the country with low credit 100% financing. (ps there are no 40 year mortgages) Declaring bankruptcy might help but will not necessarily mean the do not lose the home. Best bet is to call the mortgage lender, they possibly will accept interest payments only for a few months in order for them to get back on they’re feet again. Whatever they decide they’re credit is going to, if it has not already, take a big hit.
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Betty-Bob Budreau
Have them check out Fed. Gov. Home Loan programs. If they are in a designated Rural Area (they can still live in a city and qualify), the can refinance at a reduced interest rate and for a longer than average mortgage period. This will help them keep the house.
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financin
If they dont have the equity in this market it might be hard to sell. They could possibly rent it, but normally you will make negative cash flow. They can do a 40 year loan. They have to get out of their high payments.
I agree with ACE *thumbs up* this is happening because of lies that some loan officers sold. Its becoming a major issue.
Im sorry I dont have alot of solutions, I dont know the loan, but there are solutions. Just tell them not to go back to the same company/loan officer that got them into this. -
Maya I
They can try to rent it out or refinance the current
mortgage.But if there is no down payment on the house
and no equity they may not get better deal .(lower payment)
Refinance depends of the credit score and Loan To Value ratio,employment history.
Contact the mortgage broker or local bank in their city and find out.
Maya Ivanoff
mivanova@mbdfinancial.com -
Brynne M
I would talk to a broker about refinancing it….but in my opinion RENT it until they can refinance it. Most of the time they can charge 200.00 to 300.00 above what there mortgage is for rent. Which could help them dramatically either with rent somewhere else or to pay some off on their mortgage. I was in that situation and I rented it out for 2 years making an additional 7,500.00 over my house payments and applied that towards my mortgage and then refinanced it and saved ALOT of money. My house payments dropped big time.
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bullet b
if 40 years lower their mortgage significantly and enough so they can live comfortably then that would be what i would suggest.
selling it would get back most of the cash they put into the house depending on some locations because some housing markets too a hit.
they probably been swindled by their financial advisor, because in any case a house mostly never builds any equity the first year. most of the money is put to paying the interest off. take like 15 years to build up a few double digit thousands so if the house wasnt bought that long then your friend probably got swindled unless the refi lowered their payments significantly because they rolled it up all debt such as credit cards to a new mortgage.
if they can rent it out for an amount that would help reduce their own out of pocket significantly, that could be the way to go.
the other option is to have a forclosure expert help structure a deal with the bank. so you have many options that you can offer your friend.
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How Many Skipped Mortgage Payments Before The Bank Can Begin Foreclosure?
admin
Lost job in the begining of May. Paid May mortgage payment, but only a fraction of June’s. It is now July 21. Can the bank foreclose already? I just sent $600 but still owe $1,000 of June’s mortgage.
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dioncorn
Depends on your state, but here in California, once you are 30 days behind, the lender can file the first notice called a “notice of default”. This must be published in your local newspaper and then once it is recorded with the county recorders office, you have a 90 day window in which you can bring your mortgage current.
Once the 90 day window from the notice of default has elapsed, the lender then must file the next notice called a “notice of trustee’s sale”. Once this is filed, you have 21 days to come up with the entire balance or your home can be sold at auction.
Now, typically, the lenders never file these documents on the exact 30 day and 90 day time frames, but if they do, you can expect to have 121 days from the time you become 30 days behind before your home is sold in a foreclosure sale.
You must contact your lender now and start negotiating with them. Request a forbearance agreement now and request the delinquent payments be added to the end of your mortgage. A forbearance is note modification where you make arrangements to take care of delinquent mortgage payments before your home is lost to foreclosure.
Your lender, like all lenders today, does NOT want to foreclose your home. They will work with you as long as you work with them.
Good luck. -
marina C
Usually it is 2 – 3 months of mortgage default. But before it’s too late inform your lender / bank about it. It is your responsibility to notify your lender, so that he can explain you the entire process and what to expect. Don’t delay, for the longer you take, there will be other fees and chargers that you have to incur.
Another reason why your lender should know about your situation is because he should get a fair idea as to why you are not being able to make your payments so that you can buy some time from him to get your finances right in place. -
farmgirl
Why haven’t you called the lending institution to see about working something out? Not paying or underpaying without any sort of communication to them is a VERY BAD idea. Call your bank and see what they can help you with–the longer you wait the less sympathetic they will be, you should have done this right away! Hopefully though, you’ll be able to work something out–at this point especially, banks don’t WANT to foreclose, so they may be more than eager to help you out if it means keeping your business.
Good luck! Hope you find a new job soon! -
bbwebpup
The note you signed is your contract with the lender to repay the money. In there you will find the foreclosure process spelled out.
I agree with the othe posters, calling the lender, especially in these times, has the best potential for you working something out so you can keep the house. -
dave
It’s time to have a serious conversation with your bank, so you don’t lose your home.
There’s a terrific article at eHow on steps you can take to avoid foreclosure:http://www.ehow.com/how_2256426_foreclos…
How to Avoid Foreclosure During the Subprime Crisis
Read through it carefully, follow the steps outlined, and make full use of the Resource links provided.
If it’s not too late, you might to look at this one, as well, on renegotiating your mortgage with your bank:http://www.ehow.com/video_2277196_renego…
How to Renegotiate Your Mortgage and Lower Your Monthly Payments
Lastly, you might want to check out ways to earn some extra cashhttp://www.ehow.com/how_2254361_money-in…
How to make money on the internet, scam-free
Hope that helps. Best of luck. -
cloutmas
You can also contact a loss mitigaton company to work on your behalf. It can be time consuming for an individual to contact the lender. They can work out a loan modification for you.
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golferwh
every state is different some as little as 60 days most wont do any thing until 90 or days down. Get a job and ask the lender to work out a forebearance agreement so you can keep your home
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trying to please
I’m in the same boat. I think it’s 3 months before they do anything. But, you need to call them and discuss your situation with them, maybe they can help in some way.
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Sunshine
3 months believe me been there before… The bank doesnt want the house they want you to pay for it, therefore dont be to concered as long as you send them something showing that you are trying…Hope this helps…
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Wheres The Best Place To Get A Loan On A New House?
admin
Planning on buying a new house, about 250,000-300,000 short- planning to get a loan. Wheres a good place to get loans with no big payments at the end?
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rashirac
You could check with most any bank to see what their mortgage offerings are. To avoid a big payment at the end, simply avoid a balloon mortgage. Look for a 30-year fixed rate loan.
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FLRealto
As long as you get a standard fixed rate loan, you will not have any balloon payments.
As far as the difference in banks, I dont really believe any one to be better than the other as they all have their own faults, however ask your Realtor for a recommendation. Many real estate brokerages have mortgage lenders directly in their office, or have relationships with outside companies. This will just make it easier for your approval and closing to deal with an in-house lender, or a referral and should make the home buying process seamless. -
pete g
I would not use the realtors recommendation. They usually have a “relationship” with that lender that is NOT always in your best interest. Get more than one quote, and use a BANK…NOT a broker. Brokers cannot offer the same programs that banks can offer due to the “enhanced scrutiny they are under due to the factthat the majority of the “toxic assets” that brought us to Armagedon last fall came from the broker channel.
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Cheer Up Emo Kid 1:56 pm on March 1, 2010 Permalink
Be good looking………