18 Comments »

guzen said:
Question:
bank says you can borrow up to 75% of home’s worth=$1.25m
but in this case, you can only borrow $375k because of mortgage?
If you did not have mortgage, would you have $1.125m is cash and liability?
# 20 December 2009 at 8:42 am

nacao said:
BANK OF AMERICA IS THE MOST CORRUPT BANK IN THE COUNTRY!. Bank of America harassed me, ruined my credit, charged me over $800 in fees over a 10 day period, tried to humiliate me, and never stopped calling my house- all because of $50 overdraft!!
In one day I was charged over $250 in overdraft fees because of a company that took advantage of my bank account- BofA charges more fees than any bank in the World!
# 20 December 2009 at 8:43 am

Dat_1_Chiq said:
When your federal educational loans are in default, you have several options:
You can repay the loan in full.
You can negotiate a new payment plan with your lender.
You can "rehabilitate" your loan.
You can consolidate your loan.
Obviously option one is rarely attractive or possible for defaulted borrowers.
Option two (renegotiate) should be investigated fully - most borrowers skip this step, but it's probably the best option for most people. Call your lender and ask to speak to someone in the "Workout" Department. Explain your situation to them (there's nothing unusual about it) and ask what options are available to you for switching to a graduated, extended or income-sensitive repayment plan. If your lender will agree to change your repayment plan, a few regular payments will get your default status removed, and the new plan may be easier for you to keep up with.
Option three (rehabilitation) is really a specific form of a workout agreement. It probably won't help you much in your situation, because it requires an agreement between you and the lender that will allow you to make 9 consecutive on-time payments of some agreed-upon amount.
Option four is everyone's favorite, but you must absolutely understand what a consolidation loan will do. To keep this utterly simple - a consolidation loan is a brand new loan that will pay off your old, defaulted loan. A consolidation loan MAY lower your monthly payments, but understand how this works. A consolidation loan never lowers your payments by wiping away some of your debt - a consolidation loan lowers your payments by stretching out the length of your loan. If you pay less every month, you'll make many additional monthly payments, and - in the end - you'll pay far more back than you would have paid on the original loan.
As an example: Suppose I lent you $100 and you agreed to pay me back in 2 weeks by paying me $50 a week. You came back a few days later and explained that you weren't going to be able to afford to pay me $50 - is there something else we could do? "Oh, absolutely," I'd say, gallantly. "Instead of paying me $50 a week for 2 weeks, how about if you only pay me $10 a week for 17 weeks?"
See - in the end, you'll pay me back $170 instead of $100 - that's how a consolidation loan works. But remember - we're not talking a $100 loan for a couple of weeks - by the time you pay that $5000 loan of yours back over many years, you'll pay a few thousand more than you might have paid if you didn't consolidate that loan.
I've attached some information about consolidating from the Department of Education - take a few minutes to read it over. If you do choose to go this route, be sure to consolidate with a reputable lender (or directly with the government) and not with some fly-by-night operation that you learn about from some pay-per-click site shilled on Yahoo! Answers.
Good luck to you!
# 20 December 2009 at 9:23 am

Raj Panchal said:
I'd suggestion contact your bank, credit card company or perhaps asking your family or friends.
# 20 December 2009 at 9:47 am

Andrew M said:
Nope, sorry, but personal loan won't qualify, as you will have nothing in writing to say that it is student loan interest.
# 20 December 2009 at 2:33 pm

urban said:
Very sad…. this is country has turn into socialism. you can get bank loan those who scored A+ and B- in school. They check your school records.
# 20 December 2009 at 4:17 pm

MLE said:
Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan.
# 20 December 2009 at 6:21 pm

psychic said:
Kingdom
The Kingdom of God is the expression of Jehovahs universal sovereignty toward his creatures, or the means used by him to express that sovereignty. This term is used particularly to designate the manifestation of Gods sovereignty through the royal government headed by his Son, Jesus Christ. Kingdom may refer to the rulership of the one anointed as King or to the earthly realm ruled by that heavenly government.
# 21 December 2009 at 3:36 am

Dat_1_Chiq said:
No one will "take over" your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments.
If you are asking about defaulting the lender will just contract out with a collection agency to start calling and hounding you to mail them payments. If you make 6 to 12 months worth of willing and reasonable payments you can ask your lender to "rehabilitate" your loan. This is when you are issued a new loan and pay off the one in default so you can get federal fin aid again. Again, rehabilitation can only be done after you have made 6 to 12 months of payments.
# 21 December 2009 at 7:31 am

corpo said:
if you’re having problems getting a payday loan it’s because of your credit most likely, if your having problems and are interested in repairing your credit score write me. I can help raise it up 150 points legally.
# 21 December 2009 at 6:21 pm

earth said:
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Doug
# 22 December 2009 at 3:00 am

ali said:
All I can say is, if you own the motorcycle, take it back. If he does, tell him to get a title loan. He can make payments but depends on what he still owes you.
# 22 December 2009 at 3:19 am

jpro said:
That’s because you don’t ACTUALLY have that 1.5 mil yet, you have it when you sell the house
Equity is the gap between the cost of your house when you bought it and the positive (more worth) value at a certain time, or when it gains value
Therefore if you sell the house, you’d make enough money to pay off the bank and make some cash; but until then your house is STILL the banks; that’s why you take out a loan, your house isn’t yours until you pay it off including the equity;
# 22 December 2009 at 3:19 am

truth said:
wheres the first part of this….the website please…
# 22 December 2009 at 8:55 pm

ronidl76 said:
In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.
# 22 December 2009 at 10:22 pm

Jak K said:
To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value - unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.
If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.
# 23 December 2009 at 2:55 am

newmoon said:
I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
# 23 December 2009 at 10:42 am

rails said:
what is the title of the previous part and the title after this part….kindly answer…
# 23 December 2009 at 11:02 am

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