California Home Loan City

On a loan modification when the lien holder reduces the principle balance (not just the interest rate) will the borrower be 1099’ed for that and can the lender do a deficiency judgment for the amount forgiven in the state of California? if so is there a way to avoid? is there a difference in tax [...]

i plan on buying a home and offering 5K with 5% down. This is an FHA loan with a rate of 5%. I’m wondering what would be my total payments including mortgage insurance. How much out of pocket cash is this whole transaction going to cost me after down payment, closing, ect.? This is in [...]

My loan penalty will be over in Feb.2008, from fix at 10% for 92 a month, after that it will be adjustiable rate. I can’t refinance for lower rate because of self employed and low credit score. wonder if adjust. will be ok for me? how does adjust. work? We are in Contra Costa, california. [...]

We live in OC, California. Bought our house for 625,000 and our monthly "interest only fixed rate" loan payment with taxes, insurance, etc. is ,200. We make about 110,000 per year and we get to write off almost 40,000 in interest. We’re in our early 40s. Should we keep this loan? We can’t afford a [...]

This is a repost with more detail. Thanks to those experts who answered. In California: Looking at a 00-7000 vehicle with 00 down. KBB value will be at least 100% of purchase price, likely more. Vehicle age=12-16 years Term=36 mos. Mileage=95-130k Time on job=1st job, 8 mos, 2nd job, 2 mos. Time at residence=11 mos. [...]