Mortgage home loan answers
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Payroll tax deduction is going to affect mortgages?
Posted on January 18th, 2012 No comments
Question by Angry Bird: Payroll tax deduction is going to affect mortgages?
I heard this on the news.That if they extend the payroll tax deduction it will doing getting FHA mortgages more expensive.I do not understand the link.It seems to be only for FHA mortgages, not conventional mortgages.Why? What are they planning to do?And it sounds like it would only affect future FHA mortgages. Not current.
Best answer:
Answer by cactusgene
Angry bird, there is no direct link between payroll tax reduction and mortgage. However, I understand that this bill is over 1,200 pages long and therefore includes provisions that have nothing what-so-ever to do with payroll withholding. I also have heard that it includes some modifications to the FHA program, but I have not seen any details and we just have to wait. However, the House has not passed the bill and the final product may look nothing like what the Senate just passed.
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I want to do a loan modification, would lender need co borrowers information if he is going through bankruptcy?
Posted on July 22nd, 2011 No comments
Question by AnnetteM: I want to do a loan modification, would lender need co borrowers information if he is going through bankruptcy?
I am the sole person on the deed and title. Co-borrower is on loan solely for qualification purposes and never lived in home nor contributed to payments. He is now filing for bankruptcy and is surrendering home in his bankruptcy. I am two months behind because of financial issues. Will the bank need his information as far as income and expenses if he is now in BK situation?
Best answer:
Answer by Toni
Just a note:He may not be able to discharge the home in the bankruptcy since he has a co-borrower.Did he get a book on Bankruptcy and research this???
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