Thursday, 21. April 2011
we have about 4000 in credit card debt and didnt know it using the equity in our home to pay them off would be smart. Im not sure exactly home it works…..say we wanted 5000…would that 5000 just go on to what we already owe on the house and increase our mortgage payment or how does it work?
Wednesday, 20. April 2011
We owned house number two outright, and hope to close soon leaving about ,000 principal on our new number 1 residence if fully applied. We wonder whether it is better to accept a higher mortgage payment and reserve some cash for new vehicle, renovation or other expenses, or rather apply all to the mortgage and expect a smaller monthly cost?
Sunday, 20. March 2011
I called Quick Loans to get some extra cash.I am a home owner with equity and right now my loan with my bank that I have is 5.87 interest 30 year fixed.I have 4,000 debt 2 are high interest credit cards the rest are hospital and doctor bills.My credit score is not that great but have kept payments up on mortgage.I wanted 20,000
cash out for a loan .They offered me 133,800 fixed paying only interest for 10 years.They gave me a 6% fixed rate paying off all debts and the rest of the 20,000 to invest and possibly make a profit.My mortgage payment now is 790.00 a month paying principle and interest .The new pay debt would be 878.00 per month paying interest only for 10 years.They also want a good faith deposit of
500.00 and will go towards the loan.This would make my credit slate clean.Should I do this?
Monday, 31. January 2011
For example if my 1st mortgage is 00 per month and i charge a rental income of 00 per month, is it a wash? Or do i get the 00 rental income added to my gross monthly income and have the 00 mortgage payment added to my monthly liabilities?
Monday, 17. January 2011
I have approx. 40K between 4 credit cards that I had before I was married. These credit cards are in my name only, not my husband’s. I have always paid my debts on time and have never been late until the past few months. I am now past due 30-60 days and now owe late fees and over the limit fees and can’t even afford the minimum payments any longer. I have been basically sticking my head in the sand about my financial situation for almost 2 years and borrowing from Peter to pay Paul.
My husband and I jointly have a home loan with a balance of 92K and a home equity loan with a balance of 30K. Our home is worth about 120K so we have no equity. We are current and have never been late on our mortgage loans. We live in Indiana.
My husband has a car loan in his name only. It is current and have never been paid late.
My husband has 2 credit cards with a balance of 11K. These are current and have never been paid late.
I now only work part-time making approx. 0-400 gross per month. I am trying to also substitute teach to make more money.
My husband works full-time and this is how we afford to make our mortgage payment, car payments and his credit card payments on time. We are trying our best to make certain his credit stays good.
My husband has a credit score above 680. I believe mine was 640 until the last few months – now I am sure mine is terrible due to my lack of payments.
I am looking for advice. I have tried to negotiate with my credit card companies and offered to send as much as I can until I can find a higher paying job/more hours. However, they are not agreeing to this and won’t stop the fees/high interest rates from accumulating. I almost feel like it is pointless to send anything because my balance just gets higher after sending a payment.
I definitely want to pay my obligations. I have looked into credit counseling but until I have more income, I can’t afford to make the kind of payments that is required. One counselor suggested that I file bankruptcy individually but I don’t know if that is a real option since I am married. My husband’s credit is perfect and I don’t want to risk his credit.
If I can/should file bankruptcy as my only option, can I still pay back my debt – just on my own terms that I can afford?
If I don’t pay my credit cards, what will happen? Can they take my house or affect my husband’s credit? If they sue me, will the court allow me to make payments that I can afford?
I know this is a lot of information and questions. I truly appreciate your help!!! The stress of this is killing me. I am so tired of worrying.
I have twins so it is tearing me apart to have to put them in daycare in order to work full-time until they are a bit older. Plus, by the time I pay for daycare it’s hardly worth it.
Marq suggests ignoring the calls, etc. But won’t the credit card companies sue me and then I’ll even owe more? If they do sue me, can I get my house?
Friday, 14. January 2011
First, I am not a socialist. Normally.
Second, I think that I have a plan that would resolve the mortgage and credit crises and leave everyone a winner.
1. Government buys up bad mortgate debt (already happening).
2. Government buys up good mortgate debt at the borrower’s option (if they want to participtate in this plan I have).
3. Government turns over to everyone a title, free and clear, of their home property.
4. Government imposes a tax of 50% of the typical mortgage payment the borrower had. This tax lasts until the principal (not principal + interest) is paid off. Note: for folks who were on floating interest rate loans, we’d pinpoint the standard payment before things went crazy, then make them pay 50% of that.
Why this all works. A typical mortgage is 30 years and you end up paying about 3 times the price of your home, if you count the interest. If you could pay 50% of your monthly payment over 20 years, you’d cover the principal portion of your loan and still have plenty of cash left over to reduce other debt or to make new purchases.
Think about it. Say your mortage payment is ,000 per month and finances are real tight (you might have credit card debt too). If someone handed you your title and you took on a 20 year tax commitment of paying ,000 per month, then not only would you have equity, but if you stayed in your home you would have the other ,000 you used to pay in your mortgate freed up for other things.
Is this socialist? Yep, a little bit, but perhaps a necessary move, a one-time event, to clean this mess up.
If you hear either candidate propose something like this, you heard it from Mr. Freedom first.
Think this might work? Thoughts?
Matthew, I think this plan would kick the nation’s economy into high gear and more than pay for itself over time. While I understand your point about folks being fiscally responsible, I do think that once in awhile, we need to "stand all the pieces on the chessboard back up."
No, I think a clause is that if you sell your house, proceeds must satisfy your personal tax debt first. So you might walk away owning nothing and owing nothing.
Sunday, 26. December 2010
We have a 0,000 balance on a 0,000 house..
We are 6.5 years into the current 30 year mortgage.
We have a 4.9 interest rate.
We also have a home equity loan with a 46,000 balance (adjustable rate).
I have paid off 12,000 of the equity loan just by paying usually 600-700.00 a month for the past couple years.
We basically live paycheck to paycheck…so we have not been able to save ANYthing for our daughters college.
We are thinking about refinancing. If we combine the two loans, and with closing costs, etc…we would have a "new" mortgage with approx a 230,000 balance. We were offered a 4.875 rate – and our mortgage payment would only go up about 140.00 total. We can manage that. BUT – I would be able to put that 600.00-700.00 that I pay to the equity loan now, into my daughter college account, and have 25,000 – 30,000 there in 4 years!
My question is…is it worth it to refinance? We are not really getting a lower rate – and there are so many closing costs, etc. Plus we go back 6.5 years and start over with another 30 year mortage.
Would anyone else refinance, just to put that extra monery into a college account?
Worth it?
Other suggestions?
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.