Louise Said:

Need Help With Setting Up a Flexible Personal Budget?

We Answered:

You need a rigid budget not a flexible one, I would use a spread sheet.

Wilma Said:

Do we bring in too much money to do a short sale?

We Answered:

Yes, you likely make too much money to get a bank to agree to a short sale. The lender currently won't even speak with you because you are current and can afford the payments. They would look at you with a sense of astonishment that you are trying to get out of your agreement.

I can't really say that I'd blame them, either. You agreed to purchase a property for a certain dollar amount. You agreed to repay that money when you signed your loan documents. You didn't agree to pay if and only if the property stayed at the current value or increased, did you? No, you agreed to pay. If you could sell for $100,000 more than you bought it for, would you give the bank that loaned you money an extra $50,000 when you sold? You wouldn't? Why are you asking them to take a $100,000 loss? They were your funding source, not your investment partner.

Deliberately increasing your debt-to-income ratio to get a bank to agree to a short sale won't work. They will see that you took on this debt recently and then choose not to work with you. You do realize that a short sale is a loss mitigation technique for a bank, right? They don't want to do ANY short sales, but if it really looks like the property will go to a full foreclosure, they can LOSE LESS by doing a short sale. The banks are so weak right now that they can't just let every schmuck who owes more than they could sell their house for to do a short sale.

In a short sale the difference is often forgiven. Many times you have to pay taxes on that money like it was income.

good luck!

edit - RUSH *IS* A BAND!!

You have to admit upon reading your question that buying a car so that your debt to income goes awry so that you qualify for a short sale might make you seem like a schmuck. I can't believe the number of Y! Answers people who essentially ask that question - can I walk away just because I owe too much money? I am obviously sick of that question and people trying to weasel out of what they owe.

Different banks use a different number for a DTI limit (debt-to-income) for qualification for a short sale, but I'd suspect that many of them are over 50% (and you can see why these loans are/were unaffordable).

The time to have asked for the forebearance was when you were unemployed. Now that you have income again, they are going to be much less likely to work with you. Maybe you can convince them to defer a payment or two until the end of your mortgage to help you catch up.

Roger Said:

I need help with an excel spreadsheet I'm working on - I don't know which year.?

We Answered:

let's say you have 5 worksheets namely; Jan, Feb, Mar, Apr, May and total monthly expenses for each worksheet are stored in cell C20 of each worksheet, you can use the following formula; (copy and pasted on one line)

=SUM(Jan!C20,Feb!C20,Mar!C20,
Apr!C20,May!C20)

Agnes Said:

how to I change a formula in cell A5 of every worksheet of a workbook in EXCEL 2007?

We Answered:

Here is a macro that will take the formula from the selected cell and put it in all your sheets in the same cell.

Alt+F11 to open the VB editor
InsertModule
Paste the code below in the edit window

---

Sub Fx_All_Sheets()
Dim ws As Worksheet
For Each ws In Sheets
ws.Range(ActiveCell.Address).Formula = ActiveCell.Formula
Next ws
End Sub

----

Back in Excel, select a cell on any sheet and put a formula in it. With the cell selected, run the macro. All your sheets will have the same formula as the selected cell.

Penny Said:

Can someone tell me what im doing wrong?

We Answered:

What is the problem !?

The only mistake I can find is that you are writing the expense on recreation and education as 400.63 , which is correct , but when you write the percentage , you are writing 26 % , which is wrong !

400.63 is approximately 18 % , and with this , you get 100 %

You have 29 + 18 + 2 + 2 + 18 + 27 + 4 = 100 %

Courtney Said:

duplicating a customized excel worksheet?

We Answered:

Select the June worksheet and right click the sheet tab.

Select 'Move or Copy'

Check the 'Create Copy' checkbox

Rename the Sheet to 'July'.