Marc's Mortgage Matter's

There was a decent article in the Wall Street Journal yesterday about self-employed borrowers. “The changes are increasingly frustrating a group of borrowers whom banks once coveted: affluent self-employed professionals such as doctors, lawyers, accountants and small-business owners. The chief problem for self-employed people is that they don't have W-2 forms from an employer to document their full wages. For proof of income, they must rely solely on their income-tax returns. But income for the self-employed is often understated for tax purposes, in part because they tend to take large business-related deductions. Self-employed borrowers who don't take any big deductions won't likely face the same difficulty getting a loan. "When you're self-employed, the write-offs that you use help at tax time -- but that means when you apply for a loan, your income won't reflect your cash flow," says Richard Redmond, a mortgage broker in Larkspur, Calif. Lenders are also cautious because non-salaried workers can see greater volatility in their annual income.”

I know the families involved in the Chabad House center in Mombai,(formerly known as Bombay) India and I am speechless as to what had happened to Gavriel and his wife Rifka. I am involved with many different Chabad Houses and know first hand the great work they do. By now most Americans know what they do too. Their outreach centers are a haven for thousands upon thousands of traveling Jews throughout the world in over 70 countries. Their work is selfless and they never ask for money. There are no words that will console these barbaric acts of violence, and nothing justifies it either. My heart goes out to the Indians that lost loved ones and so many others with them. We are all sitting Shiva this week with them in our minds, no matter who or where we are, with Moishe the orphaned 2 year old, and with hopes of no more blind hatred and sensless mayhem.