Ryan asked:


I am a graduate student nearing graduation and have a heafty student loan around 160k. In addition, my credit score is poor because of a few missed payments. I would like to talk with someone who can give me unbiased advice on how to tackle my student loans as well as provide insight on possibly buying a house, consolidating my debt and raising my credit score.

Tamara

Dispirited asked:


I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that’s $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

Darryl

Nick K asked:


I have a home mortgage for $260,000 and a student loan for $20,000. My interest rate on my home is 6.75% and my rate on my student loan is 3%. My student loan is much easier to pay off since because of the amount and I know I probably will never pay off my home before I end up selling it (I just purchased the home). I know the rate is higher on the home but I’m not sure if it’s worth putting more towards it if the payments are going to stay the same regardless. Just more principal will be paid off. It does not seem to be the best time to invest but it may be my best way to beat the system. My savings account is yielding 4% but has been dropping lately. I don’t have an auto loan because I made the mistake of leasing a car 2 years ago so I’m paying those payments when I wished I had bought instead.

Any advice from people who have been in this situation before. I’m a new home owner looking to get the most for my dollar.

What’s your opinion? Any good tips out there?

Nellie

minibikemulisha asked:


I have $15,000 in government student loans at 5.5%. They go back into repayment in 6 months. I’m just entering the work force and I’m thinking about doing a graduated repayment plan, it will rise as I make more and inflation rises. I have $20,000 saved in my bank account from work and saving. One friend of mine told me to use half of the $20,000 towards my loans before I consolidate making my loans at $5000, but that is money that didn’t come very easy for me and not very easy to make back since my income is currently low. Another friend told me to put my loans into repayment and invest my $20,000 I have saved and use my student loan interest tax write off to put towards taxes I have to pay from my investing. Use the money earned to pay my student loan monthly payments. I have no credit card debt, mortgage payments or any other debt besides a small car loan.

Any advice towards this situation would be great. If I should invest I’m open to investment advice, I’m not familiar with investing and I know the stock market is a mess at the moment. Thanks for your time.

Yolanda

dan p asked:


am lost and felt like i have been lied too by my mortage company. In 04 we bought a townhome for 174k had 2 loans, 1 for 140k that is a ARM and other for 35k. august of 05 we were approached by Countrywide that has our 1st loan telling us we have a value of 220k and you have about 35k in usable equity. We had about 25k in medical debt for my kids hospital bill. They suggested to roll that in with my 35k second. The selling point was to clear those payments to get ready to refinance my 1st which is a ARM to a fixed plan. Now i am getting these rate hikes now have a 10percent on my first and the payments are killing us. I went to countrywide to refinance, check my credit was 700, my income was fine. Then they send out a apparisal,came in at 185k, countrywide told me i cannot do anything. I hired my own appraiser came up with the samething, but he told me the property should have never been appraised at 220k when i took out the HELOC should have been 183k?
we live in a townhome community so all homes are alike. My appraiser that i hired showed me the sales during that time frame that countrywide showed a value of 220k. All the comparable sales were between 181-186. No other lending company will not help us get out of this 1st loan too. I keep trying to talk to Countrywide i find them rude and unhelpfull

Lydia

manwai L asked:


I had a mortgage loan with AmTrust Bank, I sent in a request to have them credit my mortgage payment from my bank account automatically on every 1st of the month. But the thing is, I wasn’t aware that the auto-pay was set up and I set a a check for November 1 (which was sent on October 20th.) And as I mentioned before, I wasn’t aware that the auto-pay was set up, so Amtrust credited another $1200 from my bank account. and now I have made 2 payments for November, but still due December 1 because the mortgage is holding my $ in the suspense accout and would not apply it to the monthly payment. Can anyone advise me what to do? Can I possibly get that extra payment back or what I can do to make them apply that fund to my monthly payment and have the due date bought to Jan. 1, 09 ? please, can someone give me an answer?

Ted

rainbow asked:


How to finance a mortgage when you just get employed less than 1 month? I plan to buy a house for $85,000, with $20,000 down and just started working ($15/hour). I had no work history in the last 2 years, no W2 form in the past. I talked to one agent at Chase bank, he said I am not qualified for a loan, and I was in doubt. How could students just graduated, got a job to buy a house? Most graduated students do this right? My credit score is okay, 650 as I remembered the last time I checked

I was employed by my parents business, is this an issue? It is a legitimate business, and my parents paid for taxes every year. My parents are in business for 6 years now.

What are the proof the bank will need? Employment verification letter from the owner of the business?

Do you know any private loan is doing stated income loan?

Please advise

Thanks
I just checked my credit score and it is 770. I think it is good credit score

Marie

Peter C asked:


We have had a 30 year fixed mortgage for 5 years. Most of the payments made went to interest. If we refinance to a new company to a 15 year fixed rate mortgage (rates are low), would we get any sort of credit back from the first mortgage (since we’ve been paying interest payments mostly as-if we were going to have the loan for 30 years but now it’s going to be paid early? We’ve barely paid any of the principle in the past 5 years, so I’m wondering if we get any credit-back, so to speak… please advise.

Laurie

five e asked:


Please is there anyone that knows where I can get a loan for $2500.00 in 2 days? We don’t have time for a bank loan, I tried that takes much longer. We had someone steal over $6000.00 from us. We need to pay our mortgage and utilites. We would go to a loan shark if we knew where to find one. We are in Saginaw, Michigan if there is anyone that knows where we could get help. We will pay any fee at this point. We need to keep our house payments up. Please any advise is appreciated. You can email me threesenough5@yahoo.com if you have any advise.

Jesse

fionazzz asked:


housing benefit and jsa. if you have savings and loans and a mortgage will they advise you the best way to apply?

thanks

ps no i’m not a scrounger i’ve paid taxes for 13 years and now am unemployed for the first time ever and struggling.

Jennifer

~life sucks~ asked:


I need to borrow 25k. My bank doesnt give unsecured loans for that amount. I just bought my house and am pretty sure I dont have 25k equity in it. So, a second mortgage is out. Are there any legit companies out there that will lend that kind of money to a person with good (not excellent) credit? If need be I have a co signer with excellent credit willing to help me. The purpose of this loan is for debt consolidation. I just want to pay off all those credit cards, have one monthly payment and start over. Bankruptcy is not an option. My credit is decent and I want to keep it that way. Serious advise only please.

Susan

blackeye1020 asked:


We were approved for a loan modification. we recieved a letter stating that all collection calls will stop and it is being processed. It took 3 months before they even acknowledged us. This is from the “HOPE TEAM”. Then 2 weeks letter we recieve another letter from the “HOPE TEAM” STATING that they found a descrpency and was changing our payment again. We signed that form, notarized it and sent it back. THen they said they could not process it at this time and for us to call them, accusing us of forgery even after we had it notarized. Meanwhile CountryWide has sent us a forclosure notice that they are
forclosing on our home at the end of April. We besideare selves, we can’t get a straight answer from anyone, we try making payments thru countrywide but they refuse to accept our payments, we try to pay thru the address provided by the “HOPE TEAM” designated as the payment address. IT was sent back. We just don’t know what to do. We are trying to save our home and refinance with another company. But what do we do to stop forclosure or at least delay it until we can refinance somewhere else. This is ridiculous, how does this happen? I need serious help and advise. Please very serious.

Linda

don k asked:


am in some desprate need of advise, My wife up and left me a couple of months ago leaving me with this nice big mortgage. I am looking at selling the loan is for 205000 but the property is valued at 190,000 and to sell its going to be 15k. My payment is 1900 and i cannot afford it. My current mortgage company is not helping me. the home and morgage is all in my name alone.

Andrea