mandy asked:


My friend foreclosed his primary home. He lived there for 2 years.
He also had a second home which he has owned for last 5 years. He had rented out his second home for last 2 years and now he moved to his second home. so technically has has stayed in his second house for 3 years in last five years. Would this be counted as his primary residence now, once he is living there for the Mortgage Forgiveness Debt Relief Act of 2007.

I assume the first house also qualified for Mortgage Forgiveness Debt Relief Act of 2007.
Isn’t the definition of a primary residence that you have to live in it for 2 out of last 5 years. Why would that be considered as an investment property. My friend did not do this at the same time. There was a gap of 6 months between both foreclosures.

Andrea

david h asked:


I need to consilidate debt to zero - I have a 425 FICO. A big facotr for score is debt to income. I have 750 in credit card debt. The bigest problem is that I have 2 auto loans that I need to get rid of. They are hurting my score. I have gap insurance on them and they are both upside down - Any suggestions

Fernando