Need advice from lawyer/person with experience – I live in Texas where they cannot garish wages. I am married, have 1 daughter and another on the way and make just enough to get by. My wife does not work. We have 30,000 in student loans, 10-15 thousand in credit debts, 25,000 for our 2 cars and over 80,000 on our house. We have literally 0 equity in any of these because our interest rates were so high when we got the house/cars. I am currently being sued by a plumber that we couldn’t afford to pay after he completed the job and it is the first of several probably to come as we cannot afford to pay our credit cards anymore because we don’t want to be late on mortgage and cars. When the court claims a judgment on me, what happens n
Posts Tagged ‘interest rates’
Any loan officers out there? What to refinance?
Sunday, February 28th, 2010I 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.
Is it better to pay off credit card debt or a 2nd mortgage first?
Friday, February 12th, 2010For example sake, say a person has ,000 to either:
1) pay off a ,000 balance on a 6% credit card
or
2) pay ,000 down on a 7% variable rate 2nd mortgage with a ,000 balance.
Help me Understand pleaseee<3 10points?
Thursday, January 14th, 2010Which word describes what you exchange for money when you negotiate a secured debt with a lender?
collateral
credit report
principal
interest
Which word describes the decrease in value of an asset over time?
financing
equity
leasing
depreciation
.What will a bank do if you default on a car loan?
foreclose on the car
refinance the car
repossess the car
depreciate the car
Why do lenders often charge more interest for a car loan than a home loan?
because you could crash the car
the car could be stolen during the loan
cars can be moved to from one location to another
all of the above
What can a bank do if your credit score goes down significantly and you miss a car or home loan payment?
foreclose on your home
require the car loan to be paid-in-full
increase interest rates
all of the above
Should I try to hold on to my home or let it go into forclosure?
Saturday, November 14th, 2009We owe 5,000 on our house and it’s now worth about 0,000. We have an ARM that is going to reset in Jan 09. We definitely can’t afford the ,000 jump in payment. Called the mortgage company (Ocwen) and they said we do not qualify for the government’s freeze on interest rates program because our ARM was for 3 years instead of 2, but they said call back closer to the time the loan is set to reset and they’ll work with me. Somehow I doubt it and I don’t want to pay my ,100 property tax bill on the house if I’m just going to lose it in the end. Plus, I’m thinking about all the money we could save every month if we let it go and just rented a house. We’d save about ,000 a month on rent and ,000 a year on property taxes. Why hold on to a house that costs too much and has no equity? Not to mention it’s an interest only loan, so paying it off will NEVER happen. Please give me your advise. Is foreclosure really so bad? My credit score is already low (610)
Need to find an individual who finances homes privately, I have not so good credit, but good job.?
Wednesday, November 4th, 2009want to buy home I live in. Have not so good credit from 3 to 7 years ago. I have been on job for 5 years. Lived in this house 4 years in Jan 2010. I do remodeling and want to add square footage right away to put equity in home fast. Am willing to pay a little higher interest rate than market is at.
I have 2 credit cards and one car loan total $35,000. Should I consolidate, home equity or personal loan.?
Friday, October 30th, 2009My intrist rate on the credit cards are 2 and 7 percent and 6 on the auto.
1. Which type of debt is the least attractive for a consumer? (1 point)?
Tuesday, October 27th, 20091. Which type of debt is the least attractive for a consumer? (1 point)
unsecured debt
secured debt
mortgage debt
lease debt
2. Secured debt means a lender gives you money in exchange for what?
(1 point)
collateral
credit report
principal
interest
3. When an asset, such as a car, decreases in value over time what is it called? (1 point)
financing
equity
leasing
depreciation
4. When you lease a car, you build equity while making monthly payments. (1 point)
True
False
5. If the bank decides youve defaulted on a car loan, what will they do? (1 point)
foreclose on the car
refinance the car
repossess the car
depreciate the car
6. Why do lenders often charge more interest for a car loan than a home loan? (1 point)
because you could crash the car
the car could be stolen during the loan
cars can be moved to annother location
all of the above
7. Secured debt allows you to refinance the loan to get money (equity) out in the event of an emergency. (1 point)
True
False
8. Credit cards are considered unsecured debt. (1 point)
True
False
9. If your credit score goes down significantly and you miss a car or home loan payment what could the bank do? (1 point)
foreclose on your home
require the car loan to be paid-in-full
increase interest rates
all of the above
none of the above
10. When you buy an off-lease used car, you can buy the same warranties you would get if you purchased the car new. (1 point)
True
False
Should I quit contributing to 401k and put the extra money I’ll get paid to pay off debt?
Monday, October 26th, 2009I owe 37k on a home equity line of credit, and another 22k on a car loan. The interest rates on those loans arent that bad (7% and 8%) but I am paying a lot in interest every month. I have been putting the max (15%) of my paycheck into 401k. Does it make sense to reduce my 401k contribution to 1% (so I get the company match) so I can pay off loans faster?
Related ‘interest rates’ sites :
| Interest.com - Mortgage Rates All the information and advice you'll need to find the best mortgage with the lowest interest rate even if you're a first-time buyer or have credit problems. www.interest.com | |
| Interest rate - Wikipedia, the free encyclopedia An interest rate is the price a borrower pays for the use of money ... Interest rates are normally expressed as a percentage rate over the period of one ... en.wikipedia.org/wiki/ | |
| Bankrate.com Provides rates for mortgages, consumer loans, savings accounts, and credit cards. ... Interest Rate Roundup. See rates from our survey of CDs, mortgages, home equity products, ... www.bankrate.com | |
| interest rate Definition An interest rate is often expressed as an annual percentage of the principal. ... Interest rates often change as a result of inflation and Federal Reserve policies. ... www.investorwords.com/2539/ | |
| Mortgages, student loans, car financing and CD rates at ... CNNMoney offers up to the minute information on car loans, mortgage rates, student loans, CDs and Money Markets, along with useful tips and information about getting ... money.cnn.com/pf/rates | |
| Bankrate.com: Mortgages Find mortgage rates and compare ARM and fixed loan rate mortgages from Bankrate.com ... Interest Rate Roundup. See rates from our survey of CDs, mortgages, home equity products, ... www.bankrate.com/mortgage.aspx | |
| Rates Please be aware that not all applicants will qualify for every loan product or the lowest interest rate ... Our lowest rates and higher loan products are reserved for customers ... www.cashcall.com/General/ | |
| benchmark interest rate www.bloomberg.com/apps/quote? | |
| interest: West's Encyclopedia of American Law (Full Article ... interest ( ) n. A state of curiosity or concern about or attention to something: an interest in sports ... The interest rate reflects the risk of lending and is higher for ... www.answers.com/topic/interest | |
| interest rate: Definition from Answers.com Interest Rate 1. The percentage of a sum of money charged for its use. 2. The Rate of Return on an investment www.answers.com/topic/ | |