instead of refinancing and of course depending on your loan, you might be able to get a loan modification through your lender. That will basically lower your rate and make it fixed it a varioable. you will need to qualify with w-2's, bank statements, hardship letter, paycheck stubs, and a list of expenses. basically tell them that you are going to have trouble affording it because of wife hospital and long term illness (whether it is or not). Then tell them that you can not sell it because market down. tell them that you will just let the prop go to foreclosure and live there for free as long as you can. They should jump on the chance to help you. They need to mitigate any loss they can

 

I read the article, but didn't see mention of a reduced amount from $150k to $174k. Where did you get this information from?

 

WASHINGTON - A much-anticipated deal between the White House and once-warring House leaders to speed tax rebate checks to workers starting in May has the Senate in a bind over whether to try to add to the measure.




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[/align]Few public developments were expected Friday as lawmakers digest Thursday's announcement of a hard-won agreement between House Speaker Nancy Pelosi, Republican leader John Boehner and Treasury Secretary Henry Paulson that would pump about $150 billion into the economy this year and perhaps stave off the first recession since 2001.
The Senate very often wins its battles with the House. But now, with the power of the Bush administration behind them, House leaders are optimistic that their simply drawn measure — providing rebate checks to 117 million families and $50 billion in incentives for businesses to invest in new plants and equipment — would prevent the Senate from making significant changes such as extending unemployment benefits.
The White House is pressing for quick action and leaders in the House fear that if the Senate attempts to rework the legislation the deal could come apart.
Under the agreement announced by the White House, Boehner and Pelosi, individual taxpayers would get up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child. In a key concession to Democrats, 35 million families who make at least $3,000 but don't pay taxes would get $300 rebates.
The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.

 

Thanks for the head up & the advice. I'll check in to the total cost of the refiance as I had thought the credit union gal said it was very low.

 

Ill make it easy for ya....


"economic stimulus" is dependent upon tax payers taking the refund and SPENDING it on goods and services.(truck accessories, ****, camping gear, electronics, etc...) they do NOT want you to PAY bills..that will stimulate squat...(vehicle payments, college tuition, past owed debts, etc..)



did ya understand that?

I hope so.

heres the fun part....

YOU, the TAX payer should NEVER have a refund every year. YOU should have your tax withholdings calculated to be so tight that when Washington sneezes you feel it. in other words, you should recalculate the w-4 so they take ENOUGH, but not MORE than they NEED. you will NOT owe, and will have MORE in your POCKET every pay day !


example....

lilfroger pays $100 ea check(weekly)to federalincome taxes. (state income taxes are usually deducted up to 37% of what is deducted for federal..you can change your state withholdings also. )

deduction S (state) = up to 37% of deduction F (federal) . "F" deduction is based upon your calculated with holdings based upon dependants (w-4 work sheet) which can equate to 40% +/- your total income per check. this is all dependant upon how often you are paid (weekly, bi-weekly, etc).

income x%F = F witholding x%S = state withholding

she recalcs her w-4 to where she is now paying 60 a check. so, thats $40 a week extra in cash, $160 more a month in your pocket, $1920/ yr to buy truck parts

when she files taxes in April, she breaks even and owes $0, and gets $0 back giving the Feds enough but not TOO much...

(other deductions may still bring a return to you)

your employer may not like it, but you are allowed to change your W-4 ANY time you desire.. they may not interfere.

if you make a deduction mistake, it may cost ya. so you need to calc it a couple times to be sure..

overtime pay will change the standard deduction also.



shall we do an economics 101 (government) on here???

 

I must be blind because I reread the article and looked at your bright red highlighted text and still don't see the numbers 174k. It does mention that it would phase out gradually for adjusted gross incomes that exceed $150k, but I don't see details.

 

Don't get too excited yet... Only the House has passed anything so far. Who knows what the Senate will do to it or how long it will take.[sm=confused06.gif](Or did I miss some news today??)


WOW! Can't believe 3 post got in while I was typing this!!! Must be a popular thread...

 

you are CORRECT !!!!!


the Senate announced that they NEED to tweek the proposed legislation because it does not include :INCREASED WELFARE!!! (frickin liberals, stay out of it..)

 

In my local paper today it gave a better idea of what to expect. You get the full $600 for singles up to $75000 from $75k to $87k you will get $50 less for every $1k over the $75k limit.
It's the same for couples and the $150k limit, for every $1k earned over that is $50 less up to $174k.
This is based on you adjusted gross taxable income, at least I am pretty sure it is.
I will try to find another online article that will explain it better.

 

heres a good article about todays proceedings on the stimulus package..


http://kfyi.com/cc-common/news/secti...rticle=3192849



"Bush and the Democratic-led House on Thursday unveiled a package of about $150 billion in tax rebates and business investment tax breaks aimed at stimulating consumer and business spending."






"Senate Democrats have said they hope to add a temporary extension of unemployment insurance benefits beyond the 26 weeks normally offered by states and other spending that could help low-income people."

personal opinion......GET A JOB!!!!!!!!!