At some point a judge may decide the terms of legal and physical custody. Legal custody means the legal right and responsibility to raise a minor child and to make decisions on her or his behalf. Joint, split, and shared legal custody require both parentsâ approval for all major decisions. Physical custody means possession and it defines the physical location of the child.
The new PMI law looks at the 24 months prior to the PMI cancellation date (according to the amortization schedule). During the first 12-month period, the homeowner must not make a payment 60 or more days past due. During the second 12-month period, the homeowner must not make a payment 30 days or more past due.
1 The PMI deduction begins to phase out once your AGI surpasses $100,000 (or $50,000 for married couples filing separately) and is removed completely with an AGI more than $109,000 (or $54,500 for married couples filing separately).ot necessarily. You need to meet the following qualifications to be eligible for the PMI deduction: 1  You obtained your mortgage loan in 2007 or later. 2  Your mortgage is either for your primary residence or for a second property that is not a rental unit.