Saturday, 12. February 2011
My 8.5% student loans are like credit card rates. Are the banks profiting on this? My Direct Federal Student loans do not qualify to be consolidated at a lower interest rate. I inquired already. I am struggling with 0/month payments and can’t use home equity money because my home is devalued. I have 4 Parent Plus Federal Student loans at interest rates from 6.5 to 8.5%, yet home mortgage interest rates are as low as 4% and in some cases, lower. Why this difference and who is profiting so much? It seems that consumers who have invested in education of their children should not have to pay high interest.
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Saturday, 12. February 2011
During a long period of underemployment and costly divorce, I accumulated about ,000 in credit card debt. My current income is 5,000 per year, I own a home with some equity that I can’t/don’t want to sell, and two vehicles outright. All in all, my assets are probably worth ,000 net mortgages, etc.
I was able to make the payments on my credit cards until all of the banks raised my rates to 30%, despite my paying on time and having a good credit score (735). At loan-shark rates, I have started falling behind each month and have burned through all of the cash I’d saved.
I could pay the balances back if they were at reasonable interest rates, but not at 30%. I don’t want to risk my home or vehicles, but I could care less about my credit score at this point because there’s no credit available to anyone anyway.
Would debt settlement be a better option than a Chapter 13 bankruptcy? If I did file a 13, would I be able to keep my vehicles?
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Saturday, 22. January 2011
I was laid off in Oct of 08 and have yet to find a job. Although I’m making my payments on my credit cards I’m making really no headway on getting them paid off. I’m only 7,000.00 in unsecured credit card debt which is nothing to some and a lot to others.
My question is will banks loan money to people with no job and no home for equity loans. All I have that is paid off is a 2002 mustang. I want to do what is best for my credit but at the same time either get a lower interest rate or consolidate or ultimately file bankrupt. My interest rates are very high on the credit cards because of default on a couple late payments.
Desperate times call for desperate measures. Any suggestions?
My real concern is that I am unemployed and no one will give me a loan or does this matter?
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Saturday, 15. January 2011
My husband and I own a home, bought it in 9/07 with {content} down. At the time, our bank was offering a 80/20 loan, to avoid PMI and for tax purposes, but our interest rates were 6.5/8.5, respectively. Our credit scores are around 700-775, and we are in no way about to lose our home, like so many others out there, we are just looking to refinance to save money monthly with a lower interest rate. Are there any (legitimate) banks out there offering refinancing for 80/20 mortgages, or just the 80% mortgage?
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Monday, 6. December 2010
I am excited about the Govt’s recent activity to save my home fron recession….It would be easy to be the Fed chairman job..all you have to do is move rates lower when the economy looks flat lined and raise them while everything is going great. Anyway, now that the Govt has dropped the interest rate by a half percent, how long will it take until it gets easy again to refinance and lower the mortgage payment? I think the good days are back and homes should start building equity again. it should also be easy to get credit cards now that homes will shoot back up. Can I get some equity money at cheap rates going forward? After all, if the banks get loans for less cost, then we can expect this rate cut automatically…I can’t wait, I want to shop til I drop and will put the goods on my CCard so I can pay later., I love free/cheap money!…lots of deals still out there.
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Tuesday, 30. November 2010
I had a setback, lost my 20yr job to bankruptcy. I made a few good choices, and survived for 18mo, until I found a new ok job. meaning I now make more then my bills, instead of using part of my saving or adding debt to my credit cards to make ends meet. So now I make 30,000, and would like to take advantage of the interest rates. I have a 6.25%. and was told by at least 5 banks or loan companies I could get 4,75% I have over 20% equity, in my home. After I start the loan process, it always falls through. Either the interest rates goes up a 1-2 points, or they want me to put down an additional money. Sometimes it is for the loan process, which is above the usual 2,000-5,000 closing costs I was exspecting. Sometimes it is to increase the down payment.I have a 120,000 house even after the housing crash, and owe 92,000. I actually was going to put 10,000 down to help lower my payments even more. But that still is not enough. The loan never happens. I have a great credit score, and make more then enough to pay my bills. So why am I not getting these refinance loans?
Income to debt is very good. I have other proterty that now only pay for themselves. I uses to make a little income. But I have no other debt, or other loans out.
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Tuesday, 16. November 2010
I wish to purchase my Mother and Father’s home. I am a first time home buyer and due to Credit score around 600 FHA loans are appealing to me.
The home value is est. 5k, we have agreed upon 0k for a purchase price. My parents carry est. 5k mortgage within that a est. 0k is in home equity loans at 2.5%.
Is there a way to transfer the title completely and assume their mortgage which carries a lower interest rate? or do I shop mortgage brokers? or credit unions and banks better?
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Sunday, 14. November 2010
I went to the bank today and tried to get a home equity loan but they turned me down because I had bad credit. I have a stable job that I worked at for over 5 years, I own my home and it is fully paid for. I drive a 2006 Mustang Gt but they still turned me down because of bad credit. I wanted to get the cash to fix my home becuase it need new pipes and a heating system, so i wasnt going to go blow the money. My credit isnt super bad but its still not good, is it possible for me to get a home equity loan without good credit. i DONT want any online loan stuff or any stuff like that. I LIVE in a small town with not that many banks and i need this loan before winter. cAN I GET THIS LOAN WITH MY BAD CREDIT?
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