bubble?

And now Obama wants to regulate the financial industry and stop people from making money.
I have a friend who was a mortgage broker and he made over $ 2,000,000.00 between 2004 and 2007. During this time he purchased two Mercedes, one for himself, one for his wife, a BMW Roadster for his daughter and a Lexus for this “secretary”. In addition to that, he bought a home in Miami and one in California.

And he was just one of thousands of mortgage brokers. The Wall Street Bankers made billions selling the loans he and others originated and fueled the economy, employing thousands of carpenters and Joe The Plumber.

Why does Obama want to monkey with a system that works so well?

My hubby and I spent two weeks in Miami, FL and loved it! We’d been talking about moving out the NY metro area (too expensive and we hate the dreadful winters) to California for quite some time, but Miami seemed wonderful and is much cheaper than CA. He has a union job that will transfer him wherever, but I would have to find something in my field before we make the move. I would love to continue what I’m doing here down there, but I am willing to go into another field if the pay is the same or better.

We also have a mortgage here and I’m pretty sure, with the current housing market, that our place has depreciated in value. We would love to rent this out and rent something in Miami until we found a place in Kendall, Coral Gables, etc.

Has anyone recently moved several states away? How did it work? Were you able to find a job in your field? I hear folks in Florida will hire New Yorkers quickly. Is this true?

(I work in marketing and we do not have children.)

 

Can landlords deduct mortgage payments or just the mortgage interest?
I have a rental unit on my property that is included with my mortgage. Can I claim that percentage of the mortgage as a deduction (based on square footage) or just the mortgage interest? (FYI: Yes I do have a tax professional but she is unavailable for a few days and I would just like to know for planning purposes). Thanks!!!

Best answer:

Answer by Wayne Z
Only the interest is deductible. Principal paid is never a deduction.

However…..

You depreciate the property and get a tax deduction for the original cost (plus improvements) over time. The net effect is similar to deducting principal.

Add your own answer in the comments!

 

Question by John: When asked what my mortgage payment is, should it include escrow or just principal and interest?
I am planning on refinancing my car loan but I think my current mortgage payment will affect the banks decision. So my question is, when they ask what my mortgage is, should I include escrow or just principal and interest?

Best answer:

Answer by Steve D
Everything, PITI – the goal of asking is to get an idea of your monthly outgo – plus, they will get they info anyway when they pull your credit report, so it looks better if you are completely honest.

Give your answer to this question below!

 


I’m about to turn 17, I just get my linens. I have no car, but I heard this, I still need to have car insurance to drive a car. This is true in the state TUNIS?

 

Hi all!

 

Like most I get sucked into the wealth of knowledge here on the forums but I can’t seem to find any recent information on my quandary.

 

I’ve been able to slowly increase my scores over the last year and a half, but I’m not sure how much additional credit I should apply for.  My credit report card from creditkarma gives me all A’s and B’s in all categories except credit inquiries "C" (for 3 inq’s in 2 years) and a big fat "F" for total accounts. 

 

Until this past weekend I only had two open CC’s, CapOne since nov 2008 with a $1000 CL, and BoA (1998) with a CL of $2700.  My wife convinced me to open a Macy’s account a couple of days ago in order to get an extra discount on a mattress, not sure of the CL on this is but it should be somewhere between $1000-$1500 or hopfully more because the total purchase was applied to the new account.  As soon as I receive the account info I’ll pay the balance off in full because the interest rate is almost 25%!

 

I’ve been thinking of applying for some type of rewards card but I’m not sure if I should absorb another inquiry.  Other than the Macy’s hit, all I’ve had in the past 2 years is the CapOne from 2008, and one in May of 2009 for my mortgage app.

 

I’m sure the inq’s will hurt for some CC’s but I’m not sure which ones, but I’m just curious should I wait or should I press on?

 

Any advice is appreciated!

 

 

Equifax just added an old  closed JCPenney credit card that  I opened 10/2000 with a 2/2010 update. I’m not complaining.  The account  have no late payments.  I wonder what could have caused that.  I’m sure my FICO score has increased now.   TU and EX never stopped reporting the account.

 

So, I plan on paying it off very quickly, and then not using it- will that hurt, or will that help? It is through my credit union where i have banked for a long time. I have no other credit so am building from scratch more or less…

 

Does anyone know of any credit cards to apply for who just pull Transunion? I just got the last collection I was dealing with off Transunion, but it still hasn’t come off Equifax and was verified somehow with Experian. I also have a charge off with Capital One that isn’t going anywhere on all 3 reports, but that is now the only negative on Transunion. My EQ score is 655 with the charge off and collection, and 3 inquiries. Transunion has none, so my score should be a little higher.

 

Anything I should apply for? 

 

Hey all,

 

Just got approved for the Discover More card. 2k credit limit. Anyone else have this card? Got a few questions:

 

1. How often should I use to get a CLI within the next 6 months

2. Does Discover like usage

3. Does Discover grow with you?

 

I also have an Orchard card with $400 limit and a Cap One card with 1500 limit. Neither will give me a CLI. Both have AF’s and neither company will budge on them. What should I do? I have had Orchard card since 2007 and Cap One card since early 2009. Any input greatly appreciated.

 

-The Chairman

 

one report per 30 days for multiple card apps?