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.
You should make sure you meet the requirements before you claim the PMI deduction. Take note of when you sent in payment for the mortgage insurance. If you paid a PMI on your mortgage on or after January 1st 2007, the deduction is eligible. Prior to that date PMI deductions are not eligible.Any new mortgages up to and including 2015 will qualify for the PMI deduction. You will also qualify to get the PMI deduction if you refinanced your home after January 1st 2007.You should be careful how the refinance is structured though. The deduction applies to refinances up to the initial mortgage loan amount, not to any additional money you might get from the new refinanced mortgage.ou will also qualify to get the PMI deduction if you refinanced your home after January 1st 2007. You should be careful how the refinance is structured though. The deduction applies to refinances up to the initial mortgage loan amount, not to any additional money you might get from the new refinanced mortgage.