Questions

From: trinh@anywhereusa.com
Subject: Questions
Date: Wed, 22 Jul 1998 10:20:35 -0500

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I bought a house recently, and am now living with my parent 
and relatives.  If I move out (may be out of state) say, for 
a new job, I will most likely need to pay at least $300 out 
of my pocket each month to cover the mortgage because they 
can't afford it. I don't think i can kick them out without 
breaking the relationships, so this isn't an option for me.

My questions are:
1. Will I still be eligible for getting a tax break if I
   don't live there ?
2. Will my lender closes the loan because I broke the agreement 
   that the property will be used as my primary residence ?
3. If I save enough money in the future, how much do i need
   to put for down payment, percentage-wise ?  Can one have
   more than one residents ?
4. I've heard that by making one extra payment each year to the 
   mortgate will pay off the loan quicker, does it matter if
   you make the extra payment at the beginning of the year or 
   the end of the year ?

Thank you very much,
- --trinh



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