Illinois Line Of Credit

a customer, if an the customer already has an existing line of credit open with the same bank but it has a zero balance? The problem being my brother who had my mother's POA opened a second home quity line of credit for our mother without closing the existing line of credit, therefore leaving two liens out there of the property. Was that legal for the bank to do so?

Yes, there are no limits to how many liens can be placed on a property.

Edit: If anything it would be more of an issue for the title company than the bank. But having 2,3, or even 4 liens isn't unheard of.

2007-11-01 07:37:44 by sam

Ald Gallagher on Line of credit Dekalb IL 2-8-10. I am NOT in favor of more borrowing, but here here we go again.

I am a graduate student filing for myself. I received a fellowship which, according to federal rules, counts as taxable income, except for any amount used as "qualified expenses" such as tuition. On the federal 1040A I am able to, towards the end, deduct money used for tuition via the 1098T form and the Lifetime learning credit.

The illinois tax form IL1040 takes the adj. gross income from the federal 1040A, which includes the fellowship income before I deduct the tuition credits.

I cannot find in the IL1040 forms where I can claim these same qualified expenses and subtract my tuition from my income. There are special programs for parents through the college savings program if they deposit into those special accounts, but I dont have that kind of control of the fellowship money. The closest I have found is Schedule M line 14 which talks about expenses related to tax-exempt income, but I dont think that is correct.

Any help would be appreciated.

Consult somebody familiar with the Illinois tax code.

2007-04-17 10:00:44 by trikes120

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I have a friend who was kicked out of her house. She has no financial savings and no credit line or cosigner... so she will be unable to pay for college personally so she will need scholarships if she is to attend college. Where can i find a listing of need based scholarships for individuals in extremely tough financial situations

colleges.mywebcommunity.org - try this site. It has info about different US scholarships for college students and their grades requirements.

2009-06-21 18:43:40 by noah

I live in Illinois and I'm trying to get a Home equity line of credit to do some needed work on my house. After dealing with my mortgage company on the phone, everything looked good, and then today they informed me that the state of Illinois no longer allows "lines of credit secured by real estate." When I asked him, he confirmed that it is the state, not the company's rule. He then attempted to sell me a 40 year mortgage at 9.5% interest, which would put me at around 95% of my equity. Right now, I'm at 6.5% and about 65% equity. (needless to say, the answer will be a NO). My credit is decent and I have a good debt to income ratio. I don't beleive what he said about Illinois not allowing them and I can't find any information to confirm it. Is this true? Thanks

Dump your broker. Start calling around to local banks and credit unions. Find your own HELOC.

Brokers make little to nothing on HELOC's. We really offer them as a necessary function, but ideally when we're doing a first mortgage too, where we can make a decent income from.

Now, is that a 40 year first mortgage you're being offered at 9.5%? That's not terrible for a 95% HELOC, as it would only be Prime + 1.25%, but it sucks as a first mortgage.

Get rid of this guy.

2007-07-31 16:30:40 by Kathy G

I recieved a 1099-R form from the State Universities Retirement System (for Illinois) as my mother had passed away last spring and had been employed at a community college. On the 1099 form, line 2b states the "Taxable amount not determined." The gross distribution I recieved was $2193.56 and the amount of Federal Income Tax that is withheld is $219.36.

I'm using the 1040A tax Form. How do I indicate the taxable amount from the IRA for line 11b, and where do I indicate the income tax that was withheld?

In addition, I'm trying to claim my tuition and fees that I have paid for school in 2007. My total income is under 10k. Would it be best for me to claim my tuition/fee payments as a deduction (line 19) or as an actual education credit (line 31)?

Thanks!

Claim the tuition and fees as a credit, With a fairly low income though, you might of might not get full benefit from it.

For the pension, just put the full amount as the taxable amount.

2008-02-23 08:35:58 by jfluterpicc_98