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Ian Said:

Home owners insurance cancelled?

We Answered:

There is no appeal process.

All you can do is shop around and find a policy with another company.

You may want to talk to an independent insurance broker. That's an agent that writes for more than one company.

Casey Said:

If I buy a house as an investment, hold it one year, and then sell it for a loss, what's the tax treatment?

We Answered:

This is a facts and circumstances thing.

You have to show that this *wasn't* a second home. If you ever used it personally, it won't qualify as investment property.

If you do not regulary flip houses, it would be an investment. Investment interest flows through form 4952 to schedule A. Investment taxes go to schedule A. Gain/Loss goes on schedule D.

if you regularly flipped houses, this would be a schedule C.

Howard Said:

where in the world did my escrow go?

We Answered:

Have you had the loan for long? Did your old statements include escrow. If you have had the loan for less then a year and your payments were lower then they quoted and you thought you got a deal it could be because they never collected for your escrows, meaning you could...

A - pay it yourself (which of course sucks I know)

B - get your original paperwork that shows you should have an escrow account, and ask BOA to start one. If they agree to pay it for you then your payment amount will go up some time next year when they increase your monthly bill to make up for the shortfall for the escrow account. This option kinda stinks to but at least you don't have to shell it out all at once.

C - check with your tax guy to see if maybe this Taylor place sent in your escrow funds for your taxes for the year - cause they usually pay in bulk so depending on when the taxes were due and when the bank closed they may already have this years payment. (which is the only option that rocks)

Good luck

Raymond Said:

Cancellation of PMI insurance.?

We Answered:

Federal law covers PMI. If the LTV reaches 78% they must cancel it automatically at the start of the next calendar year.

Make sure that it is the true LTV. LTV is the loan to value of the original purchase price. It does NOT take into account appreciation of the property.

If you have paid the original loan amount down to less than 80% of the balance then they must cancel the PMI at your request.

If you have gotten a new appraisal of the property and are saying that your value for the property has changed, they do not have to honor that as it is not part of the original agreement.

Good Luck!

Nicole Said:

When does Private Mortgage Insurance Drop OFF?

We Answered:

John j, Home insurance is actually very flexible. I don't understand all the details of my homeowners policy, but my homeowners insurance agent is always a phone call away. Try calling your agent or a homeowners agent in your town. http://www.goodinternetdeals.com/Home-Insurance.html They should be able to help you.