Wednesday, 26. January 2011
Does the house you are buying have to have built in equity in order for you to get the loan?? I want to consolidate my debt and get a downpayment for a new car
Monday, 24. January 2011
Chase will be raising their minimum payments from 2% to 5% in August. My wife and I had consolidated all our debt onto one card with them for one low lifetime of the loan rate at 3.9%. Well, they’ve raised it to 4.9%, and now want to raise the minimum payment. This takes the over 10K that we have on the loan from a montly payment of a little over 0 to over 0. It’s like we bought a new car, having this increase. We had been paying about 0 a month to slowly pay this loan off and get off credit card debt forever, but now we are in trouble. I can’t get a home equity loan due to our house is worth less than we owe. I could get a (what’s it called) non-secure loan, but the rate will probably be much higher than the rate I’m paying now. Don’t know about the minimum payment due on that, and I don’t know what approval is like in this economy. I do have a credit rating over 700. HERE IS THE MAIN QUESTION: Should I take money out of my 401K for this? I don’t know how this would work tax-wise. I also have 5K saved up for a new driveway. The driveway is almost destroyed, but I might just have to suck it up and use it in the state it’s in. I could take that money and pay off half the loan, and then the minimum payments I make would stay the same. But with a 401k loan, won’t the interest go back to me, into the 401K account? I really NEED, not want, the new driveway, because I won’t be able to shovel it in the winter in the condition it’s in, and I live in New England. But if the 401K is not a good option, I may be out of options. Sorry for the length, any advice? Oh, I called Chase. The rep was full of sympathy and suggested I try to move the loan elsewhere.
I’m sure buying Nike sneakers might help.
Thanks for your advice, both ladies so far. Just so you know, we don’t use the credit card, and do have a monthly budget. We unfortuately bought a home (a small one) before we could afford it. We wouldn’t have been approved in this day and age. Rather than foreclose like some people did, I noticed our credit card debt going higher and higher, and did a budget. I’ve been working two or three jobs the last few years, and we make more than we spend now. We’ve greatly reduced our debt. We planned to be rid of this in two years, but this minimum payment thing will be tough to weather. We don’t spend much at all, this additional payment is going to make it worse.
Saturday, 21. August 2010
OK heres the deal… I have bad credit however i have my own house all paid for, nothing owed. I need a new car since mine decided to freakin blow up! I tried with Bank of America to get a home equity line of ,000… which was the min, and they denied me because of my credit. I HAVE COLLATERIAL! Anyone know where else i should apply? or am I just basically screwed? You would thing that my house is all paid for that someone would give me a home equity loan…I am trying to avoid going to a car dealership to finance due to the interest rates…Thanks for all your help! any suggestions are also welcome
Tuesday, 27. July 2010
Here’s the thing, I’m getting ready to turn 21 in a month and I’ve only got less than 1 year or credit history. My dad wants me to "buy" our family house (which we just finished building) so that we don’t loose the house (they can’t afford it as of now). He says that he knows someone that can get me the loan (for 500 freaking K) and that they (my parents) will be paying all the bills.
I am getting married in spring 09 and my dad is going on disability in a few months. this house is sitting on an acre lot, he wants to have the house on my name for a while until it builds up some equity (that’s gonna be hard since we are in Sacramento, CA right near the epicenter of the housing collapse) and then split the land using the equity money and build another house that will also be in my name and then only God knows what he will want to do afterwords!
I don’t want to forsake my family and not go through with it but holly crap this is extremely risky and possibly illegal. If I can get the loan and my parents are not able to pay it then my wife(to be) and I are royally F#@&#D sideways in the **** but if all goes well then we wont make much off of anything since my dad is gonna want compensation along with a new car and anything we owe the bank(s).
so, what do ya say? should I go full steam ahead or graciously bow out?
Thanks for all answers!!!
God Bless =)
Sunday, 11. July 2010
OK heres the deal… I have bad credit however i have my own house all paid for, nothing owed. I need a new car since mine decided to freakin blow up! I tried with Bank of America to get a home equity line of ,000… which was the min, and they denied me because of my credit. I HAVE COLLATERIAL! Anyone know where else i should apply? or am I just basically screwed? You would thing that my house is all paid for that someone would give me a home equity loan…I am trying to avoid going to a car dealership to finance due to the interest rates…Thanks for all your help! any suggestions are also welcome
Sunday, 11. July 2010
OK heres the deal… I have bad credit however i have my own house all paid for, nothing owed. I need a new car since mine decided to freakin blow up! I tried with Bank of America to get a home equity line of ,000… which was the min, and they denied me because of my credit. I HAVE COLLATERIAL! Anyone know where else i should apply? or am I just basically screwed? You would thing that my house is all paid for that someone would give me a home equity loan…I am trying to avoid going to a car dealership to finance due to the interest rates…Thanks for all your help! any suggestions are also welcome
Friday, 9. July 2010
OK heres the deal… I have bad credit however i have my own house all paid for, nothing owed. I need a new car since mine decided to freakin blow up! I tried with Bank of America to get a home equity line of ,000… which was the min, and they denied me because of my credit. I HAVE COLLATERIAL! Anyone know where else i should apply? or am I just basically screwed? You would thing that my house is all paid for that someone would give me a home equity loan…I am trying to avoid going to a car dealership to finance due to the interest rates…Thanks for all your help! any suggestions are also welcome
Saturday, 19. June 2010
my wonderful parents are lending me money to buy a new car, and they plan on borrowing the money from our home equity line. they said the interest rate is much lower, but my mom wasnt sure if they charged interest every year like a normal car loan or if it was ultimately much cheaper. anyone know? first good answer by sunday gets the ten.