Do property taxes have to be current when doing a FHA refinance?
956468
not necessarily.  The delinquent tax could be paid at the closing of the refinance.  However, FHA might not look favorably on a borrower who isn't paying their taxes and think they might be a bad credit risk.
678137
Technically no, you don´t - if tax is due (see limits above) it is due from the estate BEFORE anything is paid out to beneficiaries.  So if you have received something, it SHOULD already have been taxed unless there are special circumstances.
1032070
Depends, if you use your profits to buy another house within, I believe, 2 years, no.  Check the IRS website for time limit.\n\nIf you don't purchase another house, then yes.
393433
Lower rate, but sometimes they add on "points" (look it up)or it could be for a 3 or 5 year ARM (adjustible rate mortgage) that once it's up you pay whatever the current rate is. Plus, you probably don't want to refinance unless you can get about a point or more taken off (to cover new closing costs)
482743
No, if it is your principal residence, and you sell within 2 years.  However, if this is an investment property, and you are using that money to buy another investment property.  The transaction could be set up as Sec. 1031 exchange, which will result in a tax deferral.
1095478
Yes and no. \n\nProperty taxes are based on a % of the homes value. The % is fixed depending on where you live. \n\nSay it is 2%.\n\nIf you bought a $200,000 home, you would pay $4,000 a year. \nIf you bought a $500,000 home, you would pay $10,000 a year.
872955
You may pay several different taxes depending on where you live.\n\nSome places have a transfer tax when you buy the house, sort of like a sales tax.\n\nMost cities and counties have real estate taxes based on the value of your home. Sometimes there is a school tax, too, but sometimes they're combined.\n\nThese taxes are all deductible on your federal income tax if you itemize.\n\nSome places have a sewer tax that is based on water use so it may or may not be deductible.\n\nYour best source for this information would be a Realtor and a tax adviser.
514011
As long as his name does'nt appear on any of the legal documents, NO.  If you refinanced within the 12 years and added him then you would.  He must sign papers @ closing in order for your to sell.  If thats the case he could refuse to sign over his right to the property unless you pay up!  I would call any real estate settlement company and ask to be completely sure.  I am not sure what NY law states.
646665
Unfortunately, yes.  The industry experts think it's because of adjustable rate mortgages where the rate has now gone through the roof.  The property owners aren't able to refinance them in many cases for one reason or another and they are losing the properties.
1072256
The answer is yes you can BUT the reality is that it is hard to find a lender that will refinance your loan knowing that at any minute your home could be sold and they will waiste their time and money. Most lenders will ask you to take the home off the market before you can refinance.\n\nGood luck!
961458
You dont need to send a letter.  Just go into the bank and tell them what you need to do.  You also dont have to refi with the bank you have the loan with.  You can go wherever you want.  Just make sure you know what the current payoff amount is.
334128
That depends on the state you live in.  In Ohio, the property taxes are based on assessed value and not the sold price.  In Florida it is on sold price for 2 reasons- first to keep taxes down for folks that have lived somewhere for a long time.  The second is that a lot of times the market moves faster than the county assesors- so they figure that the sold prices are more reflective of the true value of the home than an assessed value for 2 years ago.  All depends on the state you live in though!
1030774
I would say that is a resounding 'YES'.  Even if you sale your home soon you can still make a profit considered your home is worth $550K, current outstanding loans total $199K and closing cost of the new loan is $7K which leaves about $344K in equity.\n\nPersonally if I were you, I would refinance a new loan for at least $221K to get at least $15K of equity to deposit in the bank.
742020
I think the answer is no, because your tax relief on the outstanding mortgage is greater than the interest paid.
111045
You need to talk to your realestate agent and your accountant. There is a program that protects you from this tax. If you buy the new property within  2 years of the sale of the old property, you pay Capitol Gains Tax. It's called Property Exchange and you only pay 25% capitol gains on the balance from one property to the other. Example: you sell for 50,000 and buy for 40,000, you pay capitol gains tax on 10,000.\n\nGood Luck!
106386
you can use an amorization chart to recalculate or check out any refinancing website and use their mortgage calculator...remember your tax shelter will be affected,too
1018777
no there is no sales tax\nnot even when buying if it is not a new house