Monthly Archives: October 2011
Q: I put my house on the market and had a buyer immediately. Now I’ve been waiting for them to get a mortgage for a few months. What should I do? Read More.
Q: I’m refinancing and I have a credit score of 740. The problem I have is that I own a copyright for a screenplay which I am amortizing over 15 years on my tax return Schedule C. I am exercising my right to write it off. I’m trying to sell it. The amortization amount is a little over $6,000 a year. That brings my Schedule C income down from my normal business and causes me to be under the 45-50% debt-to-income ratio rule. I’ve been arguing with the underwriters that the amortization has to be added back like you add back depreciation on real estate. But I’m getting a $6,000 tax deduction and that’s causing my income to drop. Read More.
Q: I’m going through a divorce and I have to refinance to buy out my spouse. Not only do I own the house with my ex-husband, my father is the half-owner as well. How we can determine what my part, my ex-husband’s part, and my father’s part of the mortgage payment will be? Read More.
Q: I currently have a mortgage rate of 5.01 percent and I was wondering — is it feasible for me to refinance it? Or is that rate pretty good? I’m hearing mixed things. Read More.