Personal Finance Answers » Personal Finance Questions

I have a mortgage on one home, can I get a second mortgage to pay for another house?

admin — Tue, 20 Mar 2012 13:39:51 +0000

I’m planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
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How do i get tax return when donating to charity ?

admin — Tue, 20 Mar 2012 13:39:47 +0000

I never donated clothes to Charity’s and recently found out that you can get tax returns. I have low income and usually don’t pay taxes, but get some money returned to me yearly, so will donating increase my tax return, or it works only for reduction of taxes some people have to pay? I am confused .
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What is the maximum yearly contribution to 401k plans?

admin — Fri, 16 Mar 2012 14:34:17 +0000

The limit for a Traditional 401k is $15,500/year, and the limit for a ROTH 401k is $4000/year. However, this year I put $3000 in my Traditional, and $1500 in my ROTH 401K, and Turbotax says I am over my legal limit. There seems to be a conflict in the tax code, so I must be misunderstanding something. Even my payroller and retirement account company are confused.
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401k, Can the government change the tax rate on 401k plans in the future?

admin — Thu, 08 Mar 2012 13:38:56 +0000

I know that the government has changed the distribution age several times in the past on 401k plans but I was told that the government could change the tax rate anytime and for any amount.
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How much mortgage debt is there in the USA?

admin — Thu, 08 Mar 2012 13:38:52 +0000

Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher. Read more...

What is the average tax return for a homeowner in the state of florida?

admin — Thu, 08 Mar 2012 13:38:50 +0000

As a new home owner I am curious whether my current return is typical.
I know it varies from one situation to the other.
I am contemplating wether or not to go to a tax professional, or if to go ahead and e-file myself. Read more...

When your 401K fund prices are down is it good to keep putting money in?

admin — Wed, 29 Feb 2012 13:37:19 +0000

I have a target retirement fund for all my 401K money and it’s down right now. If I keep adding money does it buy more shares of it so when the price goes up I do even better?
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What happens to a second mortgage when a home is purchased at a foreclosure auction?

admin — Sat, 25 Feb 2012 14:26:04 +0000

I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?
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What happens if i mistaked and requested for bussiness tax return instead of personal tax return?

admin — Sat, 25 Feb 2012 14:26:01 +0000

I mistaked and requested for a bussiness tax return instead of personal tax return. What’s gonna happen to that bussiness tax return i requested if i didn’t file for that? Do i just get a mail saying i didn’t do any bussiness tax returns? Or what?
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How does mortgage fraud affects the subprime mortgage crisis?

admin — Tue, 21 Feb 2012 14:37:56 +0000

In the actual Subprime mortgage crisis in the US huge amounts of mortgage frauds were discovered. What’s the part that these frauds played in the actual mortgage crisis ? Thanks.
(from Yahoo Answers)

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