[HLS]

[quote=sd_t2] a refinance at this point could trigger a very bad consequence…the refinanced balance would be a recourse loan, if the original loan used to buy the house, that is protected by the purchase money exemption and is thus nonrecourse.[/quote]

I do not belive that is correct… My understanding of current tax law, valid through Dec 31st 2012, is that refinance of any loan amount that was used to acquire and/or improve a primary residence remains exempt from becoming recourse debt…
It is true that any cash taken out over and above this amount MAY be considered taxable income (but it may not be enforced)
*Consult your tax adviser for your situation*

“Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681”

Refer to page 7, 3rd column, halfway down:
http://www.irs.gov/pub/irs-pdf/p4681.pdf ..HLS

[HLS]

[quote=sd_t2] a refinance at this point could trigger a very bad consequence…the refinanced balance would be a recourse loan, if the original loan used to buy the house, that is protected by the purchase money exemption and is thus nonrecourse.[/quote]

I do not belive that is correct… My understanding of current tax law, valid through Dec 31st 2012, is that refinance of any loan amount that was used to acquire and/or improve a primary residence remains exempt from becoming recourse debt…
It is true that any cash taken out over and above this amount MAY be considered taxable income (but it may not be enforced)
*Consult your tax adviser for your situation*

“Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681”

Refer to page 7, 3rd column, halfway down:
http://www.irs.gov/pub/irs-pdf/p4681.pdf ..HLS

[HLS]

“While many here think he is nuts (honestly the reason I don’t send him clients is his personality), he is genuinely well-educated and intelligent with regard to borrowing”

Urban, am I to take that as some sort of compliment ? I must have missed the poll that determined many on the site think that I am nuts.
(I have been told that I’m nuts for being honest with people)

We have never met and I don’t think that we have ever had a conversation, so I wonder how you know what my personality is. I’m not sure what your motivation is, and not much bothers me, but your comments are awful close to libel.

[HLS]

“While many here think he is nuts (honestly the reason I don’t send him clients is his personality), he is genuinely well-educated and intelligent with regard to borrowing”

Urban, am I to take that as some sort of compliment ? I must have missed the poll that determined many on the site think that I am nuts.
(I have been told that I’m nuts for being honest with people)

We have never met and I don’t think that we have ever had a conversation, so I wonder how you know what my personality is. I’m not sure what your motivation is, and not much bothers me, but your comments are awful close to libel.

[HLS]

“While many here think he is nuts (honestly the reason I don’t send him clients is his personality), he is genuinely well-educated and intelligent with regard to borrowing”

Urban, am I to take that as some sort of compliment ? I must have missed the poll that determined many on the site think that I am nuts.
(I have been told that I’m nuts for being honest with people)

We have never met and I don’t think that we have ever had a conversation, so I wonder how you know what my personality is. I’m not sure what your motivation is, and not much bothers me, but your comments are awful close to libel.

[HLS]

“While many here think he is nuts (honestly the reason I don’t send him clients is his personality), he is genuinely well-educated and intelligent with regard to borrowing”

Urban, am I to take that as some sort of compliment ? I must have missed the poll that determined many on the site think that I am nuts.
(I have been told that I’m nuts for being honest with people)

We have never met and I don’t think that we have ever had a conversation, so I wonder how you know what my personality is. I’m not sure what your motivation is, and not much bothers me, but your comments are awful close to libel.

[HLS]

“While many here think he is nuts (honestly the reason I don’t send him clients is his personality), he is genuinely well-educated and intelligent with regard to borrowing”

Urban, am I to take that as some sort of compliment ? I must have missed the poll that determined many on the site think that I am nuts.
(I have been told that I’m nuts for being honest with people)

We have never met and I don’t think that we have ever had a conversation, so I wonder how you know what my personality is. I’m not sure what your motivation is, and not much bothers me, but your comments are awful close to libel.

[HLS]

YES I DO, I don’t get a penny in kickback/YSP/rebate unless the borrower chooses that option up front, AND THEY KNOW IT.

I don’t “sell” people mortgages and I don’t “peddle” mortgages. I explain financing options to people 6 ways from Sunday so they can decide what’s right for them. Banks don’t do loans for free and I don’t either, but I beat bank rates and programs on a daily basis.

ANY loan, FHA, VA, FNMA have no cost options.
It’s truly fools like you that think they know everything about mortgages yet your question just proves how little you know.

Plenty of people on this board know who I am.
I’ve done a local radio show for over 2 and half years educating people about what’s going on.
If I was a mortgage crook I wouldn’t be here.

I can’t guarantee anybody that I have the absolute lowest rate/programs, but if that’s all people think they need, they can shop til they drop.

ADEBISI, since your first (recent) post you have proved yourself to be a jerk. Your limited knowledge and the people that you are choosing to pick on are further evidence of your ignorance, yet you think you are a know it all.
If you expect ANY respect around here you’re going to need to earn it.
You appear to be the bully that just transferred to a new school mid year and are trying to impress people yet nobody likes you nor wants to be your friend.

[HLS]

YES I DO, I don’t get a penny in kickback/YSP/rebate unless the borrower chooses that option up front, AND THEY KNOW IT.

I don’t “sell” people mortgages and I don’t “peddle” mortgages. I explain financing options to people 6 ways from Sunday so they can decide what’s right for them. Banks don’t do loans for free and I don’t either, but I beat bank rates and programs on a daily basis.

ANY loan, FHA, VA, FNMA have no cost options.
It’s truly fools like you that think they know everything about mortgages yet your question just proves how little you know.

Plenty of people on this board know who I am.
I’ve done a local radio show for over 2 and half years educating people about what’s going on.
If I was a mortgage crook I wouldn’t be here.

I can’t guarantee anybody that I have the absolute lowest rate/programs, but if that’s all people think they need, they can shop til they drop.

ADEBISI, since your first (recent) post you have proved yourself to be a jerk. Your limited knowledge and the people that you are choosing to pick on are further evidence of your ignorance, yet you think you are a know it all.
If you expect ANY respect around here you’re going to need to earn it.
You appear to be the bully that just transferred to a new school mid year and are trying to impress people yet nobody likes you nor wants to be your friend.

[HLS]

YES I DO, I don’t get a penny in kickback/YSP/rebate unless the borrower chooses that option up front, AND THEY KNOW IT.

I don’t “sell” people mortgages and I don’t “peddle” mortgages. I explain financing options to people 6 ways from Sunday so they can decide what’s right for them. Banks don’t do loans for free and I don’t either, but I beat bank rates and programs on a daily basis.

ANY loan, FHA, VA, FNMA have no cost options.
It’s truly fools like you that think they know everything about mortgages yet your question just proves how little you know.

Plenty of people on this board know who I am.
I’ve done a local radio show for over 2 and half years educating people about what’s going on.
If I was a mortgage crook I wouldn’t be here.

I can’t guarantee anybody that I have the absolute lowest rate/programs, but if that’s all people think they need, they can shop til they drop.

ADEBISI, since your first (recent) post you have proved yourself to be a jerk. Your limited knowledge and the people that you are choosing to pick on are further evidence of your ignorance, yet you think you are a know it all.
If you expect ANY respect around here you’re going to need to earn it.
You appear to be the bully that just transferred to a new school mid year and are trying to impress people yet nobody likes you nor wants to be your friend.

[HLS]

YES I DO, I don’t get a penny in kickback/YSP/rebate unless the borrower chooses that option up front, AND THEY KNOW IT.

I don’t “sell” people mortgages and I don’t “peddle” mortgages. I explain financing options to people 6 ways from Sunday so they can decide what’s right for them. Banks don’t do loans for free and I don’t either, but I beat bank rates and programs on a daily basis.

ANY loan, FHA, VA, FNMA have no cost options.
It’s truly fools like you that think they know everything about mortgages yet your question just proves how little you know.

Plenty of people on this board know who I am.
I’ve done a local radio show for over 2 and half years educating people about what’s going on.
If I was a mortgage crook I wouldn’t be here.

I can’t guarantee anybody that I have the absolute lowest rate/programs, but if that’s all people think they need, they can shop til they drop.

ADEBISI, since your first (recent) post you have proved yourself to be a jerk. Your limited knowledge and the people that you are choosing to pick on are further evidence of your ignorance, yet you think you are a know it all.
If you expect ANY respect around here you’re going to need to earn it.
You appear to be the bully that just transferred to a new school mid year and are trying to impress people yet nobody likes you nor wants to be your friend.

[HLS]

YES I DO, I don’t get a penny in kickback/YSP/rebate unless the borrower chooses that option up front, AND THEY KNOW IT.

I don’t “sell” people mortgages and I don’t “peddle” mortgages. I explain financing options to people 6 ways from Sunday so they can decide what’s right for them. Banks don’t do loans for free and I don’t either, but I beat bank rates and programs on a daily basis.

ANY loan, FHA, VA, FNMA have no cost options.
It’s truly fools like you that think they know everything about mortgages yet your question just proves how little you know.

Plenty of people on this board know who I am.
I’ve done a local radio show for over 2 and half years educating people about what’s going on.
If I was a mortgage crook I wouldn’t be here.

I can’t guarantee anybody that I have the absolute lowest rate/programs, but if that’s all people think they need, they can shop til they drop.

ADEBISI, since your first (recent) post you have proved yourself to be a jerk. Your limited knowledge and the people that you are choosing to pick on are further evidence of your ignorance, yet you think you are a know it all.
If you expect ANY respect around here you’re going to need to earn it.
You appear to be the bully that just transferred to a new school mid year and are trying to impress people yet nobody likes you nor wants to be your friend.

[HLS]

smshort…
If you are considering putting 15% and paying mortgage insurance, but you have the ability to put 20% down and avoid mortgage insurance completely, at that point it will be expensive money to not come up with the extra 5%…
The OP willing to walk away and take a credit hit is a different angle.

Others that talk about potential investment returns and lost opportunity value by larger down payments are just gambling.
Other advice posted is the ignorant leading the blind or vice versa.

[HLS]

smshort…
If you are considering putting 15% and paying mortgage insurance, but you have the ability to put 20% down and avoid mortgage insurance completely, at that point it will be expensive money to not come up with the extra 5%…
The OP willing to walk away and take a credit hit is a different angle.

Others that talk about potential investment returns and lost opportunity value by larger down payments are just gambling.
Other advice posted is the ignorant leading the blind or vice versa.

[HLS]

smshort…
If you are considering putting 15% and paying mortgage insurance, but you have the ability to put 20% down and avoid mortgage insurance completely, at that point it will be expensive money to not come up with the extra 5%…
The OP willing to walk away and take a credit hit is a different angle.

Others that talk about potential investment returns and lost opportunity value by larger down payments are just gambling.
Other advice posted is the ignorant leading the blind or vice versa.

[Author]

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