Entries Tagged 'Mortgage' ↓

bmurph asked:

My mother-in-law inherited her fathers home free and clear, no mortgage. She has been trying to sell it for a year now. I had suggested to her that she should rent it out, until the economy turns around, and then put it back on the market. My father-in-law is terminally ill, and my mother-in-law has no time to spend dealing with the house. My wife and i have discussed renting the house for her and we would take care of the maintenance and collect the rent, and work out a percentage of the rent for doing this. We have mentioned it to her, but have not talked seriously about it yet. What would be a fair percentage for managing this for her? Is this a good idea?

Lost asked:

McCord Financial statement ratios?

Selected year-end financial statements of McCord Corporation follow. (Note: All sales are on credit; selected balance sheet amounts at December 31, 2004, were inventory, $32,400; total assets, $182,400; common stock, $90,000; and retained earnings, $31,300.) McCORD CORPORATION Income Statement For Year Ended December 31, 2005 Sales . . . . . . . . . . . . . . . . . . . $348,600 Cost of goods sold . . . . . . . . 229,150 Gross profit . . . . . . . . . . . . . 119,450 Operating expenses . . . . . . . . 52,500 Interest expense . . . . . . . . . . 3,100 Income before taxes . . . . . . . 63,850 Income taxes . . . . . . . . . . . . . 15,800 Net income . . . . . . . . . . . . . . $ 48,050 McCORD CORPORATION Balance Sheet December 31, 2005 Assets Liabilities and Equity Cash . . . . . . . . . . . . . . . . . . . . . . $ 9,000 Accounts payable . . . . . . . . . . . . . . . . . . $ 16,500 Short-term investments . . . . . . . . . 7,400 Accrued wages payable . . . . . . . . . . . . . . 2,200 Accounts receivable, net . . . . . . . . 28,200 Income taxes payable . . . . . . . . . . . . . . . . 2,300 Notes receivable (trade)* . . . . . . . . 3,500 Long-term note payable, secured Merchandise inventory . . . . . . . . . . 31,150 by mortgage on plant assets . . . . . . . . . 62,400 Prepaid expenses . . . . . . . . . . . . . . 1,650 Common stock, $1 par value . . . . . . . . . . 90,000 Plant assets, net . . . . . . . . . . . . . . . 152,300 Retained earnings . . . . . . . . . . . . . . . . . . 59,800 Total assets . . . . . . . . . . . . . . . . . . $233,200 Total liabilities and equity . . . . . . . . . . . . . $233,200 Required Compute the following: (1) current ratio, (2) acid-test ratio, (3) days’ sales uncollected, (4) inventory turnover, (5) days’ sales in inventory, (6) ratio of pledged assets to secured liabilities, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders’ equity

curious_female____ asked:

So he is buying a house, putting the down payement on it and we are going to live there. He is going to rent rooms out since he has, 3 other sbesides his own, that he wants to share with me. So if he really cares about me should he be asking me to help pay the mortgage??What is your take?

Zippy asked:

Mortgage part of the bankruptcy and not pay it.

da_yooper57 asked:

I need to balance my budget when you balanced your budget you did so by putting cost of wars off budget theN you claimed you balanced the budget.

PLEASE SHOW ME HOW TO DO THAT IN REAL LIFE!

andyb asked:

I have been prequalified for a loan, will two 30 day late payments over a year ago and an item sent to collections over 2 years ago be enough for them to deny me a loan?
I already have the preapproval letter with loan to values and estimated cash to close, etc. Am I safe?

bobbb asked:

My dad recently died and the house and mortgage was in his name only. Who gets possession of the house? Also, if he was not married to his “girlfriend” for over 20 years does that change anything?
Also, my dad had no will

Erin asked:

I’m single and an independent without any dependents to file with me. I’m living with my parents but helping them with the mortgage for the house which is under their name. My hourly wage is $14..

artsyfartsy08 asked:

My itemized deductions were $34,000, including $21,000 of mortgage interest. Why is my refund only $320??? This doesn’t make any sense. I thought on average you received about 1/3 of your itemized deductions back as a refund.
I thought that you got some benefits from homeownership by getting a decent refund. I am waiting for a professional to call me back from Turbo Tax but it just doesn’t seem right.

Kahmal_towz asked:

Im buying a short sale house. First mortgage was with through Bank of America…this was approved, second mortgage on the house was with Old Republic, they want $4000 and will sign off on the title for the house. Sellers and buyers are negotiating the $4k for the second mortgage and I will pay the $4000 if I have to to get the house. Will I get to close on this house??